I have been involved with options trading since being hired as a runner on the Chicago Board Options Exchange (CBOE) in 1978. After five years as a runner, phone clerk and floor broker I began my career as a market maker. I primarily made markets in equity options at the CBOE but I also made markets on the Chicago Board of Trade (CBOT) in Treasury futures and options on soybean oil futures. My knowledge of options trading runs about as deep as anybody on the planet.
Knowing how to trade options and understanding how they can effectively be used as a hedge against an existing equity, ETF, futures or cash position is one thing. Teaching other people how to acquire that same expertise is another thing altogether. I probably first started teaching as a runner, dispensing my knowledge to runners who were hired two weeks after I was. That is actually true. As you progressed through the system you were always educating people with less knowledge than your own. I learned plenty from clerks as well as traders. My first formal teaching occurred after I became a market maker when I taught my clerks. When they were ready they went on to become market makers themselves, with my backing in some cases.
In 2008 I was one of the founders of the Chicago School of Trading. I became the Chief Options Mentor where I had the chance to develop my own formal training program that I still use today. This program consists of a 200+ page text complete with charts and graphs. I have the student cover the beginning part of the text and then meet online with them for a 90 minute, highly interactive session through gotomeeting. I then give the students exercises to complete that cover the same ground that we went over in our online session. In addition I send the student a recording of our gotomeeting session. It is recommended that the student listen to the recording at least twice before our next online meeting. I assign reading for the next session and the process repeats itself. This allows the student to gradually build up muscle memory so that they are prepared for taking on the next levels of knowledge. There are thirteen, total online sessions. This stretches out over a six month period of time. I have taught close to 200 people this way.
I am currently an Accredited Charter Person (ACP) for modrika.com, an online website for all kinds of trading. I have written many articles for Active Trader, Futures Magazine, Modern Trader and CBOE Options Hub. I have lectured in China in for 1,600 students for the Beijing Futures Association. I have also given presentations for the Money Show and The All-Stars of Options Trading in both New York and Chicago.
I also have other mentors working with me, all of them with at least 10,000 hours of trading on the various tradingexchanges in Chicago.