#1 Learn the Craft
This stage takes a while and possibly much longer depending on how you learn the craft. Most folk pick a directional approach to finding trades, and that is a very difficult proposition.
We pick trades based on 3 Things: Probabilities, Time decay, and a good plan for each trade. As you learn the craft, a good understanding of the Greeks and the ins and outs of the different strategies is essential.
#2 Practice the Craft
This stage in my opinion means trading a plan and 30-50 live trades proving and practicing the plan under the tutelage of someone very experienced at Risk Management. That is what we do here at Sheridan Mentoring.
I don’t know another mentoring company or coaching service in the Options Trading business that teaches you the business in this manner. This is crucial. Most folks who do 30-50 live trades on their own will usually end up in a heap of trouble!
#3 Discipline in the Craft
This is where most people “bite the dust”. Our mentors have there hands full with students who come in with many bad habits, including being directional on every trade and not used to following a plan.
Our coaching on a trading plan and 30-40 live trades usually takes 6-12 months. Our aim is to develop good risk management habits in the students so when they are done, they can be capable of some independence on their own and know how to run an Option Trading Business.
Good luck Trading!