Steps for getting started in options trading?
Step 1 : Be clear on motivation behind learning options trading. Options trading will need time and effort and you need to have strong enough motivation to do that. Without enough motivation, you will not see it through.
Step 2 : If you are sure you want to do it long term and willing to put in effort, next comes the education part. There are many free resources on web/YouTube about options trading. Though you’ll need to sift through them, arrange them in order so you can learn to first take a step, then walk and then run. Doing it in reverse way will be frustrating. I had gone through some of these frustrations and that’s why I created this series to help newcomers. All for free !!
You should become familiar with at least all the beginner module before you start trading
Step 3 : Become familiar with your trading platform. Some of the platforms provide paper trading capability, so use it. It is important to get this stuff out of way before you start trading lest you end up fat-fingering a trade
Step 4 : Start trading. Start small with simple strategies like cash secured put (for the stocks that you want to own) or covered call (for the stock that you own already and want to sell). Next start doing spread trades. Then eventually graduate to other option trading strategies.