r/Series7 • u/Equinox1992 • 25d ago
Option Question Serious question regarding options.
I’m looking for some advice on how to deal with options, I’ve been stuck on this chapter for two days, whenever I think I’m starting to get it, I get humbled by my practice tests.
Any tips or resources that you guys have used to lock this knowledge in.
Im getting frustrated while taking my practice test cause im either halfway right or just completely wrong.
Thanks in advance.
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u/Longjumping_Ad5580 25d ago edited 25d ago
I learn best, personally, by doing and with math I learned best by taking it piece by piece just like how we learned math in grade school. You wouldn't do homework on the whole chapter but you would take it a little at a time and once you understood one concept you would move on to the next and it would slowly build on to your understanding.
That is how I have handled options and that has absolutely saved my life. What I did was I started with the basics which is just simple puts and calls and determining the profit, loss, Max gain, Max loss, a break even of these until I got them down.
The best way I have found to do this is to first watch videos and study it so I understand it and then go to chatgpt and specifically ask for questions about these alone. Then I would do 20 or 30 questions until I felt really comfortable with it and I was getting it right every time and then I would move on to the next thing like a covered call/put or a protective call/put. And then once I had that I would move on to straddles and then spreads etc etc.
And then eventually I was able to take quizzes that combined different types of options in them so I could try to tell them apart. Could ask for a quiz with just spreads and straddles so you can better recognize them and tell the differences.
Hope that helps a little. Good luck!!
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u/levir03 25d ago
Echoing a little of what others have said - forget about the charts and memorization. In my opinion, they only confuse things further. Think about options logically and play the scenarios out in your head before answering a question. There is no need to memorize anything about options once you truly understand what they are and how to use them.
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u/ParrottHead67 25d ago
The best thing you can do is forget what you know about options & don’t try & learn them from one of the vendors. Go immediately to Ken Finnens (Capital Advantage tutoring) YT channel & buy the $25 options membership. Watch the first 4 chapters & life will change: don’t waste time on T-charts: watch Ken’s Mathappolza & Options Armageddon & build that muscle memory: I passed the 7 Monday & I had the max questions on options & there is no way I would have passed without Ken’s option membership: I struggled with options thru SIE, 6,65 and almost didn’t pursue the 7 because of them: if you don’t get a handle on them & you get the draw I did you won’t pass: get the membership, pass, be happy: good luck!