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Sheridan Options Mentoring

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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Options Trading Is Hard Work
I have been a member of the Sheridan Options Community for two years. I started as an experienced stock, covered call and cash secured put...
orvil
 
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Fun, exciting classes-material great but extremely risky.
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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.

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This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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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!

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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Options Trading is Hard Work
I have been a member of the Sheridan Options Community for two years. I started as an experienced stock, covered call and cash secured put trader. I had no experience with anything more complicated. As a member of a local options club, I had the opportunity to attend a meeting where Dan Sheridan was the featured speaker.

Dan Sheridan is one of the finest gentlemen that I have had the honor to know. While not everyone is suited to trading options, you will give yourself the greatest opportunity for success by associating with SOM. Not only will you receive a structured educational program along with persoalized mentoring, you will become a member of the Sheridan Community.

Dan was a specialist and market maker at the CBOE for over twenty years. He was well known as a master of risk management. Currently, he is a featured educator and lecturer at the CBOE. Now, he imparts this knowledge to the Sheridan Community. Not only do you get one-on-one mentoring with Dan, as a member of the community you will make trading friends from all over the world. The community is comprised of wonderful experienced people with generous spirits.

If you are willing to put in the time and effort, Dan will provide you with the tools you will need to succeed.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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Wonderful for learning options trading for income.
I have been enrolled as a student in the Sheridan Options Mentoring program for almost 1 year. Due to personal and family problems, I have only been paper trading. I’m almost ready to begin live trading.

In my opinion, this is a very high value program. The cost is high, but not nearly as high as several competitive programs (whose value was judged inferior by students currently enrolled in Sheridan’s program and who had previously enrolled in competitive programs). I myself have not enrolled in any other programs.

As Dan often states, trading options for income is a craft. In my opinion, it requires a lot of practice, diligence and hard work to learn. An important advantage of this program over others is that a student is enrolled for life, not 1 or 2 years. Abundant excellent resources are available at the website. These include approximately 12 private student mentoring sessions with Dan and other veteran mentors over a period of about 9 months, many regular and special event programs, discussion forums and many trading groups with regularly scheduled sessions guided by veteran students. All these activities take place via live interactive webcasts which are recorded and archived for downloading and playing at one’s convenience.

I’m constantly amazed by the gracious sharing of valuable hard-won information by the veteran students. I’ve never experienced anything like it. Of course, occasionally the veterans themselves gain further insight from probing by less experienced students.

Dan deeply wants his students to be profitable. When I and a few other new students were perceived to be initially floundering, he arranged to have us attend special group mentoring sessions to bring us up to speed at no cost to us.

In my opinion, a new student will get the most value for his money if he is already moderately familiar with options, and has read “Option Volatility and Pricing Strategies” 1994 by Sheldon Natenberg, and “Options As A Strategic Investment Third Edition Third Edition” 1993 by Lawrence McMillan. Updated versions of these books are available.

This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
2 of 2 people have found this review helpful.
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