Can You Get Rich Trading Options

Can You Get Rich Trading Options?

10 min read

Can you get rich trading options? The short answer is yes. However, options are more involved than stocks. As a result, you have to put in time to develop a winning strategy. Once you do, you can make a lot of money trading options. Options trading is a great way to grow a small account safely.

33% of Americans participate in a 401(k) and have no other form of investment. That is a scary number because that means 33% of Americans have turned over their entire future to a stockbroker that they have never met.

Basically, they have turned over their future happiness and security to a stranger. A stranger who gets paid no matter how well he or she manages your retirement.

That is not safe investing, THAT is hoping, and hope is for the hopeless. There is a much better, more reliable and smarter way. Have you ever considered trading options?

Now, you’re probably wondering if can you get rich trading options? And my answer is, it depends. Keep reading to see what the most successful options traders have in common.

Make sure to take our basic options trading course to learn the foundation of options trading. As a result, you’ll have a better understanding on can you get rich trading options.

In a nutshell, an option contract gives you the right, but not the obligation, to buy or sell an underlying asset (i.e. 100 shares of Facebook) at a specific price before a specific date.

Options expire. Therefore, they’re wasting assets. However, the great thing about options trading is that you’re paying the premium to control 100 shares.

You don’t actually own the shares but you have the option to do so. If you do exercise your right to own the shares, you’ll get the at the price they were when you opened to options trade.

Stock trading is a bit different than options because options have more moving parts. It’s those parts you need to master in order to become a successful options trader.

Why You Should Trade Options

Are you new to trading? Can you get rich trading options? Do you think penny stocks are your only option? Think again and read below; if any of these questions pertain to you, I highly consider you explore options trading:

  • Do you want to trade the large-cap stocks like Apple and Facebook but don’t have enough money?
  • Is the PDT rule limiting you?
  • Do you want to minimize your risk and not put all your money on the line?
  • Are you more comfortable knowing the specific amount of money you may lose?
  • Do you want to spend a minimal amount for the potential of a significant return?
  • Are you short on the time, money and energy required to dedicate to day trading?
Can You Get Rich Trading Options?

This is an options chain. Here you can see the answer to the question can you get rich trading options. You save money trading this strategy. Read more on how to make money in the stock market for beginners.

Can You Get Rich Trading Options With Versatility

Options are one of the most versatile trading instruments out there. In the first place, their flexibility allows you to leverage your position to boost your returns.

This is especially important for those with small accounts as they don’t have the luxury nor ability to spend thousands of dollars per trade.

Secondly, options also allow the trader to manage risk by using them for hedging or, to make a profit from any market direction. A move to the upside, downside, and sideways.

For these reasons, as well as the fact that no other instrument allows you to profit from any market direction, options are the preferred choice of many.

Despite their many benefits, trading options carries with it a risk of loss. But this should come as no surprise as trading is speculative in nature.

Luckily, however, the risk of loss is minimal and limited to the amount spent on the option premium. By the same token, not everyone can be a successful options trader.

However, some can and do get quite rich trading options. Like any undertaking, becoming a successful options trader requires a specific skill set, personality type, and attitude.

All of which are not beyond your reach if you truly desire to learn.

Can You Lose Money Trading Options?

  • With options having many moving parts can you lose money trading options? Yes you can. In fact, most people start out trading options without taking time to learn things like implied volatility, the Greeks, time decay, etc. Each of those components affect profit as well as loss.

Why Most People Fail Miserably at Trading Options

For starters, I thought I’d give you a rundown of why most people fail miserably at trading options. However, take a look at our stock picks service for more information on trading.

These are things you need to consider as you’re wondering can you get rich trading options.

They Think Options Are Easy

Have you ever attended an options seminar where some stranger told you how “simple” it is to make bank from options trading?

Worse yet, you get home and try his same strategy only to find you’re losing month over month? This story is so common it deserves a place in the history books.

Sadly I must admit, I’ve been there and it’s not pretty. In light of this, and to spare you the money and anguish of it all, realize right now that trading options are NOT a “get rich quick” solution to your money woes. If it were, everyone would be doing it, right?

For the reasons mentioned above, it’s vital to realize options trading is like running a marathon. Sadly, if you’re a sprinter, you most likely will not have success. You need to put in the time and effort each and every day to learn stock market training and get better.

Have an Emotion Free Trading Plan

What do most people that make a lot of money trading options have in common? Specialization. They focus on one strategy, and they do it over and over and over until they achieve the result they are looking for.

In light of this, keep it Simple! Pick one strategy and go with it, see if works. Complicated systems lead to stressful, emotional trading, which is gambling.

Second. Start with a basic, profitable, safe strategy before charging at windmills. Many beginners start too quickly, expecting to make a fortune (I did!).

Statistics say that 90% lose their shirt (I was nearly such a statistic!). Call it “school fees” if you like, but education does not need to be so expensive.

I have found it better to start with a moderately profitable, simple strategy, and then expand to a variety of methods that require a bit more skill. Check out our options strategies for more in depth options trading.

Can You Get Rich Trading Options Without Knowledge

Of all the things we do in life, it’s always a lack of knowledge that’s our downfall. I always use my dad as an example; it goes a little something like this…

My dad is a mechanic and has been for many years – 40 years + to be exact. So it’s not a stretch when I say he knows how to tear down a car and rebuild it from scratch. Ask me to do the same, and I’d fall flat on my face; I don’t even know how to change a tire.

Does this mean that I am stupid or I can’t? The answer is no; I can if I know how to. I lack the knowledge because I never took the time to learn – shame on me, I really should learn how to change a tire (insert face cringing emoji). So the only real difference between my dad and me is his years of experience, training and specialized knowledge.

The same is true for those wanting to learn how to options trade. Can you succeed right away? No, the wheels of your trading bus will fall off quicker than your dwindling account balance. But, can you succeed in time? The answer is, absolutely yes!

How Much Do You Get for Trading Options?

  • The great thing about options trading is that you can grow a small account trading big stocks. Therefore, how much do you get for trading options? If you make a smart tactical plan you can get a lot for trading options. And take that small account and grow it into a much larger one.

There’s No Coach or Team Behind You

I mean more than reading an occasional article or email. I mean having the intimate regularly occurring contact that’s found in webinars, trading chat rooms and videos.

This type of coaching is far more pivotal to success than what you find in a book. You must have someone or a group of trusted people you can bounce ideas off of.

The reality is – it’s hard to see our flaws and where we need to improve objectively. But, having someone we trust and respect compassionately provide feedback will work wonders for your trading career.

It’s the same as trying to fix your golf swing (trading) without either 1. Videotaping it or 2. Having a coach with you. Unfortunately, without the feedback necessary, you will continue to make the same mistakes over and over again.

Mentoring removes that hurdle because you can’t fix what you can’t see.

As with most people who are wildly successful in life -trading options is not different; they continue to learn and grow each and every month. And why?

Because they put together a solid trading plan, follow sound risk management practices and have a supportive team behind them. Make sure to check out our live trading room to see us in action.

Conclusion: Can You Get Rich Trading Options?

Can you get rich trading options? I do believe you can make your dreams of making money trading options a reality.

The truth of the matter is: Options trading isn’t that difficult; it’s for anybody willing to take the time to learn. And it’s our mission at Bullish Bears to help you do just that!

If you want to master your one set up and find the best option strategy to make profits, join us today. We have a full options course available for you along with the best mentors and coaches out there. So don’t put it off. Act now. Put yourself on the path to a good life.

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