Imagine you are trying to learn a skill. Better yet, think about a certain skill you’ve been trying to develop lately. Now consider the following two methods for learning this skill. First, you learn from an automated software sending you cues about what to do. Or you can learn one-on-one from a coach so you can see and hear from another person on how to improve.
Which would you choose?
Because you’ve got to make this exact decision when it comes to learning more advanced Options strategies. The kind that bring in the real money.
What is a signal software?
In the context of trading Options, a signal software sends you cues about which plays you should make. Depending on your skill level, you may either fully rely on these tips. Or if you have the skill, supplement it with your own judgement. There are some caveats of relying on signal software which we will discuss shortly.
What are the different options for coaching?
You have lots of options when it comes to finding an Options coach. Consider these:
A personal mentor
An online coach or guru
An online course
Which one is the best depends on your preference. Some people prefer direct interaction, while others can learn through recorded lessons.
Which one is better?
To decide which option is better for you, we’ll need to take a look at the benefits and drawbacks of each. We’ll want to consider things like personalization, reliability, longevity and more.
The benefits of using a signal software
The major benefit of signal software, granted you find a reliable one, is it will allow you to shorten the learning curve to making profitable Options trades.
The caveats of signal software
When it comes to signal software, you must rely on the developer to maintain and update the program. Otherwise, there’s the risk of using outdated tips based on outdated software.
Not to say that you can’t use signal software tips your whole life, but be prepared that you may have to search for new software as your current ones become outdated.
The benefits of a coach, mentor or online course
On the other hand, learning through a mentor or a coached course can be considered the ‘slow and steady’ way. However, this one will position you best in the long run.
This is based on the fact that you will be able to adapt your skills as the market changes. Whereas with the signals software, you are at the mercy of the developer to keep tweaking and updating the software with new market trends and regulations.
The drawbacks of hiring a coach
Depending on which of the three options you choose here, it can become quite costly. Of course, a personal mentor is likely free. Though, coaches that offer 1-on-1 face time can become quite costly. Online courses too can range anywhere from just a couple hundred of dollars to over a couple of thousand dollars.
It comes down to this. If you are looking to learn the skill for the long-run and have the money to invest in proper training, we suggest you go with the coaching option. It also helps if you have and are willing to commit the time to learning how to trade Options.
However, if you’re looking just to make some quick money on the side without having to learn too much other than how to use the dashboard, then you may want to consider a signal program. Just keep in mind that we did not suggest this as the long-term solution for a reason.
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