Welcome to my Trick Trades B.O.S.S Assassin DVD review!
If you are looking for a simple options trading strategy or just to learn the basics – you might want to consider Trick Trades B.O.S.S Assassin DVD.
The DVD is primarily for new traders in my opinion. I struggled to learn anything useful from it (although I did learn a few golden nuggets).
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Buy THIS Instead of Trick Trades BOSS DVD
If you are interested in learning options trading, I suggest that instead of buying the Trick Trades BOSS DVD that you should buy Bullseye Trade Alerts (with a better options trading course included!).
Bullseye Trades is LOWER COST than Trick Trades and you get better education AND trade alerts with Bullseye Trades. Here is my full REAL SUBSCRIBER user review here.
Also, here is a FREE options trading course, which in my opinion is BETTER than Trick Trades Assassin DVD! It is written by a 20 year veteran of stocks and options – Jeff Bishop.
Who is Trick Trades?
His real name is Pat Mitchell. Pat has been mainly trading stocks for several years. However, options trading is relatively new to him! He has back tested the B.O.S.S strategy though and it works well.
Pat Mitchell was a contract welder and had his own business for years. He is a Canadian living in Alberta, really good money welding!
He went full-time because he got fed up with welding.
Pat Mitchell has a pretty useful YouTube channel that probably gives you all the information in the BOSS Assassin DVD for free.
Just because you can get the information for free, doesn’t mean that you should though. Investing in your education can help keep you focused on the material as people like to get the most for their money.
Trick Trades B.O.S.S Assassin DVD Review: Strategy
It is a very simple strategy. No iron condors. He is a technical trader.
B.O.S.S stands for:
Underlying Stock Trading Strategy
If you want to be able to trade options, you have to be proficient at stock trading. This is because the options prices are tied to the underlying assets – the stock price.
He uses the VWAP as a line of support or resistance that provides more evidence or confirmation to him that a trade is likely to go in a particular direction. In a similar way that he uses a simple moving average.
There is no doubt in my mind that Pat Mitchell knows his technical analysis well. He seems like a meticulous trader that pays attention to a lot of details on the charts.
He just trades very basic calls and very basic puts. If he thinks a stock will go up he buys a call. If he thinks that it will drop then he buys a put.
Pat Mitchell seems to mainly day trade options.
That’s it! No crazy complicated strategies. The only ‘Greek’ he uses is Delta. It tells you how much the option premium will move. E.g. a Delta of $0.53 means that a if a stock goes up $1 per share you will make $0.53.
He does look at the Delta and will pick one with higher Delta if possible but it is not the main focus of his strategy. He would rather have a stock that makes a huge move upwards.
Trick Traders B.O.S.S Assassin DVD Review: Content
The DVD goes over the following information.
- Terminology. So important because the terminology can put people off from learning options. He goes through the basics of options.
- The stock patterns that Trick Trades uses to predict the price direction of the underlying stock. He emphasizes that charts are based on human emotions.
- Why he likes to trade options on large cap stocks because they are ‘cleaner’.
- Lots of chart examples where he goes over why he likes the stocks for an options play the next day. He really goes into details and shows everything on every chart. Very detailed analysis and a great insight into how a great trader works.
- His favorite charting software and why.
- How he figures out what option to buy with the right strike price. He emphasizes being realistic with the target (strike) price. He stresses that you don’t want to get hit by time decay (he calls it ‘option meltdown’). He has a great explanation about why time decay will cause bigger losses for you as expiration approaches (usually Thursday or Friday). This is why it matters what the strike price is.
- My favorite part was him explaining his tactics for holding options with different underlying stock patterns. For example he shows you why you don’t want to hold a call option when the stock is consolidating when your option is out-of-the-money but you do want to hold if you are in-the-money. Lots of cool stuff like this make the DVD worth it.
- He shows you how to watch for unusual options activity and how to benefit from it.
- He shows you how he peels off profits and manages his trades. He explains why he has a 10% – 15% stop loss on the option position.
- He shows how he sets his orders – he doesn’t do anything fancy…
- He shows why you have to look at the daily chart as well as intra-day.
- Finally, he gives a bunch of warnings for new traders. Interesting for sure and probably will save many new traders blowing up!
Golden Nuggets: What I Found Useful
As an experienced stock trader, the first half of the course did not help me much. However, I did learn about something called a Voodoo line so that was something new. Useful for me? Probably not!
My favorite part was him explaining his tactics for holding options with different underlying stock patterns.
I like how he shows you why you don’t want to hold a call option when the stock is consolidating when your option is out-of-the-money, but you do want to hold if you are in-the-money. He has a good explanation about how time decay will effect the value of your options depending on their ‘moneyness’.
But, that was about it for me.
Trick Trades B.O.S.S Assassin DVD Review: Conclusions
If you are an experienced trader – I don’t recommend buying Assassin DVD.
You will get a better options trading education AND stock alerts as well. I found that the Boss Assassin DVD is so basic that only novices will benefit from it.
Come and join my Facebook group called How To Make Money With Stock Alerts Services and see what other traders are joining, buying and profiting from!
Was my Trick Trades B.O.S.S Assassin DVD review helpful? Let me know if you have any questions in the comments below.