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Sheridan Options Mentoring

www.sheridanmentorin..
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Have you tried to learn how to trade from books or seminars? That's not the best way to learn a complex skill. Trading is a craft like any other profession! Did your doctor read books on surgery and start operating on patients? Did your airline pilot read a few books, get good at a computer flight simulator and then fly 200 people across the ocean? Of course not. They had instructors. Mentors. You can learn trading with the school of hard knocks, but that takes a long time and normally a lot of capital and stress.
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Better alternatives at lower cost else where
When I started learning options many years ago, I found sheridan options mentoring (SOM) a good way to get started. It was the best available learning resource I could find then.

In my opinion, what used to be great about isn't really Dan's teaching but the community. There were a dozen very dedicated veteran traders and mentors who contributed selflessly in the community forum. They continuously innovate and improve techniques as well as develop a really deep understanding of how options work in live trading. The community continuously sharpened the sword, turning basic butterflies, condors and calendars into more refine strategies that can be consistently profitable in changing market environment. All those knowledge is recorded and shared in the community at no extra cost.

Unfortunately, most of the great veterans and mentors in my personal opinion are gone. For one reason or another, they left the community. For example - John Locke, Mark Sebastian, Dan Harvey, Jim Riggio and Seth Freudberg, just to name a few. Now, the community is far less active than before and the quality of the sharing has dropped tremendously.

Seth Freudberg went on to set up the options education in SMB called OptionsTribe http://optionstribe.com/

Mark Sebastian set up OptionPit http://www.optionpit.com/blog

John Locke started his own mentoring program (http://www.lockeinyoursuccess.com/) and created a popular M3 butterfly strategy which he shows on OptionTribe and on Youtube every week for free.

Jim Riggio set up http://capitaldiscussions.com/ A popular community among advanced options traders. Many of the ex-SOM veterans are now members of Capital Discussions. The sharing there is very similar to the previous SOM forum and it is very active. Membership is free.

All the resources above are either free or significantly less expensive than SOM. Therefore, in my personal opinion, they present better ROI. Beside those listed above, TastyTrade founded by Tom Sosnoff, the ex-founder of ThinkorSwim is another excellent free resource - www.tastytrade.com The amount of content there is mind boggling and the quality of the content is better than many paid resources.

Obviously, some will find SOM most suitable for them. My point is do your research before spending your limited options education budget.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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Best Year EVER!!!
I just wanted to write to this to say thanks to Dan for all the advice during my mentoring and afterwards. This year was my best year ever. I still have a lot of work to do as I only made ~16%. I didn't manage the early part of the year very well, but I stuck to the plan and fought my way back. My first year after mentoring was my worst as I was doing a lot of trading jujitsu, constantly changing my strategy. I tried to trade like a 5th grader in 2014: put on a butterfly when the vols were high and put on a double diagonal when the vols were low. Stuck with RUT and SPX. I really like those two trades, especially with the little tweaks I am adding after backtesting 2014 again. I feel confident to increase my size a little now and will be adding a couple no touch trades. Thanks again for all you guys do. This stuff makes grad school a lot more interesting (and its already pretty interesting)...

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Dependable education that delivers.
I was driving across northern Arizona on the interstate, going 80 miles and hour, very frustrated with a trade that hadn’t worked out for me. I was thinking about Dan and all of his classes, giving out his cell phone number saying, call him when you want to. It was a late Friday afternoon, and I decided to give it a shot. Not only did Dan answer the phone, he went through the trade, he built it on his own computer, because I was driving I couldn’t give him all the details. We talked through the details, we talked about what I might have done, what I could have done, what I should have done, maybe. He truly helped me with the long term by giving me those ideas and just being accessible. I love the support you get from this group and I think it’s the best thing going.

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Traderbill2080 Zanesville, OH

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Fantastic options Education with personal support.
I ran into Dan a couple years ago. I was stuck at home with an injury that prohibited me from working physical, not mentally. Ran across options trading and looked at my various offering out there and saw that Dan was highly recommended. When I talked to him personally and my experience in the program found that those recommendations were, if anything of short of what the program is. I was really excited to see that he didn’t promise a million percent return in the first year. It’s hard work but it’s also not impossible. So my experience with Dan and Jay in particular has been fantastic. Also with the software that allows us to investigate these ONE, it’s been great and I continue to use that daily.

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Mkomar Brookfield, MO

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Sheridan Mentoring is about getting results from trading.
I’m holding in my hand an article that Dan wrote in 2007 in Stocks & Commodities magazine. It starts with, “Options seminars go together like baseball and hotdogs.” Dan’s consistent, because he still talks about Portillo’s hotdogs in every one of his classes. But the point of this is to explain what I think differentiates Dan and the great Sheridan team from other competitors, who seem promise the world and probably present good material, but don’t seem to deliver or to get people motivated for results. Dan consistently reiterates that trading options is a craft, it’s about doing. Somehow I think he gets the class motivated into actually doing trades. You have to understand, Dan will say things like, “Put on this trade thirteen weeks in a row, and don’t stop until you figure it out.” And his point is, you have to put on the trade, you have to be in the trade, you have to know what it’s like when things start to go against you and how you’re going to adjust, or what your going to do in these trades. [You need] to understand some of the challenges of the trade and work through that craft. He will use a lot of examples like cooking pasta. You can be instructed on how to cook pasta, but until you cook pasta 100 times you wont’ understand the subtleties of the craft and cooking pasta. You won’t understand what spices to put in…It’s important you learn to consistently put on a trade and Dan and the crew seem to do that. They give good examples, they give good examples of results and how they’re traded it.

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Dave1492 Montgomery , TX

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It's All About The Theta!
Sheridan Options Mentoring (SOM) is all about theta. And not just the kind you get to keep as money in your trading account either! It’s also about the theta you get to keep from sharing ideas with other members of the SOM communities, using those ideas to adjust your trades and even design new trades to manage risk and make more theta. Dan Sheridan said it best during one of his many multi-weekly webinars and mentoring sessions, ‘we’re basically a worldwide lab for options trading.’

Frankly, it’s just the greatest resource for options traders. One fee gets lifetime access - although there are additional fees for annual access to the website and optional real-time trade modeling software. But the countless webinars and trading groups are available in real time all week long and archived for reviewing anytime, and as many times as you want. The mentoring gets you started in focusing on trading for income – trading for theta by understanding the option “greeks’ and how to read them to adjust your theta-based trades. I’m a member of SOM and I highly recommend it!

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Cklvdino Wauconda, IL

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Best investing move I ever made
I joined Sheridan Options Mentoring in late 2008 with the goal of trading options for a living.

Prior to that I had been trading options in my spare time with mediocre results, not knowing what I was really doing. Sheridan’s mentoring jumpstarted my trading, and gave me the knowledge and experience to build my trading ability. Together with your mentor you put on and manage trades in each of several strategies so as to gain experience as you learn. A big advantage of the Sheridan program over others is the mentoring spans a period of about 6 months, so you have time to watch and manage your trades. The ONE software they use lets you backtest any strategy using real historical prices, and it is modern software and less expensive (compared to the other options analytical package out there).

Another factor that sets the Sheridan program apart is it has an intense focus on how to manage and adjust your trades once you are in them. I have seen other programs that simply teach (in 2 or 3 days) what the strategy is and how to enter it. The real skill comes from knowing how to manage the trade while you are in it, and when to exit.

Dan Sheridan has built a community of members who are trading options and you have access to literally thousands of recorded (and live) Webexes of how they trade, and you can contact them directly. Most explain in detail how they trade and will show you their actual results. Dan makes 5-10 new webexes each week. There is no other program available that works like this, and once your mentoring is done this is the most valuable part. My mentoring got me started, the community catapulted me forward in my trading ability. Many are good friends.

Your membership gives you access to the “trading groups”, which are a group of the community members who meet online about once a week to discuss their trades, work on new trading ideas and help each other out. Again no other program has this.

As with any area of knowledge you get out what you put into it. If you are willing to work at it, and study the craft this program gives you what you need to become a successful options trader.

This program has allowed me to realize the dream of being a full time trader and leave my professional career for good. It is the best investing decision I ever made.

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The best "Real World" approach I have seen yet...!
Dan Sheridan is a salt-of-the-earth kinda guy! His personality and charisma is what drew me in from the others. I have spent plenty of money over the last decade+ trying to find an educator that got me, so far, Dan is the only one that has! I am also a Forex and Futures Trader and would like to see his Community expand to these and other areas, but in the Options World he is Tops!

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Fun, exciting classes-material great but extremely risky.
More at ProActInvest.net

Dan Sheridan is very entertaining, especially in the world of trading mentoring. He reminds me of Charlie Sheen from Two and a Half Men, (he even looks a bit like Charlie Sheen), sometimes leading his nephew Jake (read mentoring students), down the road of temptation inadvertently while maintaining a rough and direct edge that is characteristic of experienced former pit traders. As an experienced trader/investor (not to mention that I’ve taken quite a few courses on trading during my career), I was willing to try out Dan’s ideas – which I did during the course – while keeping these trade ideas very small – maintaining a healthy mix of experimentation and skepticism.

I enjoyed every one of Dan’s classes much like every trader likes to hang with experienced and successful traders, hearing their carefully chosen words of wisdom. The course itself is is well thought out and it is hands on. Students get to try out Dan’s new options analytic software called OptionNet Explorer during the six weeks of the course at no additional cost. This software has the look and feel of OptionVue – indeed, Dan was a veteran user of OptionVue for many years – which is a powerful options analytic program. You can create and back-test all the options strategies under the sun, with first rate visual graphics.



If all these options concepts sound Greek to you, then I don’t think you’re ready for any of Dan’s courses. He is much more suited to intermediate and advanced options traders. (For beginner options courses I would recommend the folks over at OptionVue who run a rigorous curriculum called DiscoverOptions designed for beginners to advanced options trading mentoring). (There are a number of options courses out there, and perhaps someday I’ll get around to reviewing them).

I have not taken any of Dan’s advanced mentoring programs (which are one-on-one personal coaching courses where he supposedly helps you get your whole trading game plan together and then makes sure you follow it), so I can’t comment on just how successful students are that graduate from it. But I have heard good things about both Dan’s advanced programs as well as DiscoverOptions personal coaching and mentoring programs. One of the key differences between the folks at DiscoverOptions vs. Sheridan Mentoring is that the former is comprised of a group of successful traders, whereas with the latter, it’s essentially Dan. For those who want a bit more diversity (being able to contrast, compare and multiple trading styles), it’s better to go with DiscoverOptions. Also, keep in mind that these are the guys (Len Yates and Steve Lentz) who designed and developed OptionVue – one of the premier, if not the best options analytical software programs around.

My best guess as to why Sheridan has chosen the tutorial path instead of continue to trade for Najarian may be that Sheridan and Najarian have always hedged their bets with commission or slippage via the brokerage community in some way. This is what truly gave them an edge – along with the occasional explosive spec trade (e.g. time bomb butterflies or otm calls/puts during earnings season – strategies that have very little if anything to do with option income trading and more with direction). Both Sheridan and Najarian trade for their own personal accounts – so they put their money where their mouth is – however, both are affiliated with brokerage firms either directly or indirectly (TradeMonster, ThinkOrSwim or TOS as the latter brokerage firm is referred to as). In fact, Sheridan’s brother at one point was one of the directors at TOS – I don’t know whether he still is after TD Bank bought out Tom Sosnoff’s options brokerage firm.

The point is that the benefits of running a diverse portfolio of options income spread trades appear to me to be more in line with brokerage firm’s bottom lines than with those of individual investors. That’s because options spread trades are multi-legged and span a wide range of strikes and expiration months – which brokers absolutely love because it means a higher number of trades, meatier bid-ask spreads at the wings, and greater liquidity for all. While it is certainly possible to make money with Dan’s option income trading approach – only a select few of his students will be successful over the long haul. My best guess is that around 5-10% of his students actually average 4-6% per month after at least one year of breaking even, 50% of his students break-even after a year of trading and then give up, and the remaining 45% or so lose money consistently and then give up. (While this data is not readily available, it is based on the feedback that I get from other students taking the course, their skill level and experience trading, as well as my own experience trading and back-testing the viability of these strategies).

Don’t let the lure of 4-6% monthly returns fool you. In reality, they are likely to be even lower not only due to the cost of slippage and commissions but also because of the fact that you can only commit 50-75% of your equity to options trades (due to the cash levels that you must have on hand in order to adjust positions as well as to the much higher risk of ruin due to the leverage effect of options). That’s perhaps the subject of another article sometime. For now, the message here is the same message that I give in my previous article on options income trading – caveat emptor – let the buyer beware.

More at at ProActInvest.net

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Basic Education, but does not lead to profits!
I too was a student of Sheridan. For the most part my experience was pretty disappointing. The website contains a ton of content, no doubt. But, most of it is extremely repetitive and totally and completely disorganized.

Prior to commencing mentoring,there are a series of very very basic and simple webex videos to watch. (And, be aware, Webex can be pretty unreliable and if your computer has a problem they tell you to call Webex!) But, if you know options on a basic level then this part is pretty boring and uninformative. Then you get mentored by one of Dan's former students. During this time you may go through some trades.

Dan used to do a couple of general classes a week. Lately this has tailed off dramatically. Even when he is going to do something an email usually goes out at the very last minute. To be honest, things seem VERY disorganized. (That said, Dan has a great knack of being a very pleasant man. He may do a class and ramble on and on for an hour without actually covering any new ground, and many of his students will then rave about how great it was! Clearly, despite lack of organization and very little teaching, he remains well liked.)

Occasionally on Friday Dan has an older more experienced trader on. These people discuss their trading. Unfortunately none of the trades or claims are verified, so it is a little sketchy to rely too much on this. Also, (and I do not know this for sure) but it appears many of the real traders have gravitated to Option Pit (a newer more trader focused mentoring service) so there is not as much here as there used to be (I have been told this by a few people.) Lastly, Dan has set up trading groups. These meet periodically. I used to enjoy mine. But, lately there are really only a few that meet very often. Disappointingly, only a low percentage of people in some groups are actually profitable.

In summary, lots of content, much of it low quality, disorganized and repetitive. Mentoring mainly by Dan's former students. (Dan does do a mentoring session once in a while.If he does one a day its a lot!) IF you are looking to make money best to skip this!

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LarryC Cambridge, MA

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