Wendy Kirkland lives, trades options, works, and writes in Asheville, NC. Locally, she participates in a women’s option trading group. Nationally, she mentors beginning traders through webinars, and provides coaching services to advanced option investors. Visit the author’s website at www.WomenOptionTraders.com. Virginia McCullough specializes in coauthoring, ghostwriting,and editing books for professionals of all kinds. She also coaches other writers interested in creating a writing fulltime writing business. She owes her interest in option trading to Wendy.
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Titles by this Contributor
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Title (or Working Title) of your book
Option Trading in Your Spare Time: A Guide to Financial Independence for Women
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What is your book about? Please provide a description.
Option Trading in Your Spare Time: A Guide to Financial Independence for Women demystifies the stock market and option trading. We present a new understanding, so the everyday woman can earn money trading stock options, and it is rocking the boat of professional traders, advisors and financial planners, the Big Boys Club on Wall Street, leaving them stuttering in their monogrammed socks. Stay-at-home-moms, retirees, and working women, who want to supplement their income or earn a full-time paycheck, can easily learn trading strategies that have long been thought of as too complicated for the average person to understand, including the buy and sell signals needed to trade stock options right along side those elite Wall Street club members. Women learn to handle their own investments and gain financial empowerment in the comfort of their own home.
How long have you been at work on this book?
How did the idea originate?
I took a 5-day class at a cost of $400 to learn the basics of option trading. By comparison, online and weekend seminars cost as much as $5000, so I thought I’d found a bargain. I quickly discovered the class gave me just enough understanding to get into trouble.
The class taught how to buy an option, and also how to sell it, whether I made money or lost some portion of my investment. It taught basic chart reading skills, but it did not explain whether an option was over-priced from the start. It did not explain or show the correlation between the stock’s price and the price of the option. If the stock went up a dollar, would my option also go up a dollar or only twenty cents? These are all variables that determine whether a trade will lose, breakeven or turn out to be a prize winning soufflé.
I really enjoyed the principles of trading, so before losing all of the funds in my trading account, I went on a mission to discover the ins and outs of being a successful trader. I read books each based on only one aspect of trading: option pricing, volatility, buy and sell signals, stock candidate qualifying. Once I understood these success controlling aspects, my trades became profitable. I developed my own trading plan and quickly realized it was a teachable system.
For years I’ve been an advocate and have participated in groups devoted to women helping women. By supporting each others’ goals, everyone benefits and is enriched by the interaction.
The excitement I felt to discover that this truly was something new, a unique and teachable method that could be used to supplement or earn an income, drove me to consolidate my thoughts, pare-down the technical aspects of trading into need-to-know portions and to put the system on paper so that it could be shared.
Trading options is not a remake of a home party-plan to sell products or a pyramid scheme or an internet money-making scam or a franchise. It offers the flexibility to work as many or as few hours as a woman wants, to work when she wants even if it is only a couple months a year, to work from anywhere, with no inventory to purchase, no rents, no utilities, no insurance, no employees, and no boss. The trading decisions are her own.
So putting fingers to the keyboard, fulfilling a personal goal, I defined an easy-to-use system of qualifying companies as potential stock option candidates and simplified the language of the stock market into digestible bits. I used terms and examples familiar to most women through our experiences as daughters, life-partners, wives, and mothers. Like a recipe, these easily understood ingredients come together and are then utilized to read and analyze the stock charts and option chains needed to make sound option trading decisions.
Did the book entail any unusual writing habits or places?
I was so excited and so driven to share this information that I wrote in-between customers at our retail shop. Summer through Christmas is our peak season, so I carried my laptop back and forth from home to work, placed it on the checkout counter, and every time I said thank you very much, come back and see us, I’d turn back to the computer and type a few more sentences and analysis and annotate another chart.