Dittotrade.com, besides offering low cost rates for option traders, offers a great service for those not able to trade on their own.
JB here at Optionmillionaires.com has been a lead trader for quite a while at dittotrade. It is open to Diamond Plus members of optionmillionaires.com.
JB has taken $2k and turned it into over $200k in the past and his goal with the dittotrade account is to do it again, not just for himself, but for other traders.
Recently I had a dittotrade account set up with the goal of having others follow my trades. Currently I have a small following and this is what you can look forward to if you become a follower:
I will trade out of the money stock options with a total value of no more than $500 per position, although that figure will usually be between $300-$400.
I will trade into earnings reports with the anticipation of a sharp move in shares (and consequently the option I buy)
I will try to let profits ride and cut losses early.
I will trade a lot of dull, boring stocks that have options I feel are mis-priced for potentially sharp future moves.
I will make losing trades, but aim to have the profitable trades more than offset the losing trades.
How is the Dittotrade.com account doing so far?
BTH APR 2014 10.00 C Limit Buy 5 $0.80 Position still OPEN
X MAR 2014 27.00 P Limit Buy 20 $0.05 CLOSED
X MAR 2014 27.00 P Market Sell 20 $0.11 +$120 profit
X MAR D28 2014 27.00 P Limit Buy 8 $.45 CLOSED
X MAR D28 2014 27.00 P Market Sell 8 $0.40 -$40 loss
AAPL MAR D28 2014 542.50 C Market Buy 2 $2.12 CLOSED
AAPL MAR D28 2014 542.50 C Market Sell 2 $3.41 +$258 profit
FIVE APR 2014 40.00 C Limit Buy 3 $1.40 OPEN
Total profit $338
I sold the $AAPL calls too soon, but a profit is a profit. We have 3 $FIVE $40 calls cost $1.40 that should open much higher tomorrow and tack on at least $1,000 to the account. Not a bad start to the ditto account, rest assured there will be more losing positions as the account continues. Do not expect perfection. But do expect an outside the box trading style. When almost no one thought $NUS would fall a few months ago I bought the $130 puts at $.60 and alerted via private twitter. They hit over $60 a few days later. http://www.optionmillionaires.com/nus-trade-options-private-trade-tweet-50-x-60-hits-59-40/There were not many on twitter and stocktwits.com calling for $BIG or $FIVE to rally. That is what the aim of this account is. I may go days or even a week without a trade if I don't see one that I like.
If you have any questions you can email me at firstname.lastname@example.org.