Dec 15, 2021
Today I have the privilege of sharing with you, Mary Powell. The reason I'm bringing Mary on is because she's having some wonderful success in her trading, and we want to share that and she has a lot of lessons. And also she wants to share. But Mary, you might not know this, you are, you have the privilege of being the first female trader that we're interviewing on the podcast. So I haven't interviewed too many people on the podcast, most of the episodes have just been me. But we have been starting to interview, you know, people that are going through our programs and having success and different different traders, and our listeners seem to like it. So I said, Alright, let's bring some more on. But I did want to get it from a female perspective, because I do know that and studies have shown this that females are better at trading than men.
Mary: There is that? And let's hope I'm not the last.
Allen: No, no, you won't be.
Mary: Start a new trend.
Allen: Yeah. Yep. So I'm trying to line up a couple more. So hopefully, we'll have a lot more. Okay. And I am seeing that we are seeing more females in the program. So before, when we started, it was almost 100% All men, now it's become maybe 80-20. I think that with people like you coming on and sharing and saying, Hey, look, you know, women can do this as well, it's, there's nothing, there's no magic or anything to it. I think you'll be a role model for others who are trying it, but they haven't maybe stepped forward or they haven't put their hands up and said, hey, you know, I'm interested or something. So I think definitely, that will help. Because a lot of times, you know, when we're doing some type of like a case study with someone, it might be like, Oh, maybe it's a grandfather that lives or they used to work as a firefighter, you know, and he's talking about his story and this and that, then we'll notice that all of a sudden, we get a big influx of people who are grandfathers who used to be firefighters, or other firefighters. So whoever the case study is we seem to attract people like that. So I'm hoping that we can attract more women into the group. So I think that you're a trailblazer for that. So thank you
Mary: Hoping for that as well. We can all support each other.
Allen: Cool. So Mary, how long have you been trading options?
Mary: I have been trading options for more than 20 years, I will date myself and tell you that I did participate back in the late 90s when the option Industry Council to still a marvelous group of free education on options. But at that time, they were trying to solicit more business in the options. And they would go to various big metropolitan cities, rent hotel banquet rooms, and give two or three day training sessions for free about options. And so that's how long I've known about options. I would say I was probably a dabbler for a long time trying to master the various concepts about the Greeks and different option strategies. And my career probably took the front seat at that time, and I just didn't dedicate the time needed to really focus on it. Until probably in the last five years, many people in my family or friends have retired. And when I went to the financial planner and start working the numbers, and I didn't like those numbers. Wanna see, you got to work for 10 or 15 more years, I'm very fortunate that I do enjoy my job. But I don't want to have to have that pain over me that I'm a slave to it. So that's when I really got serious and started really honing my attention and my education efforts on options.
Allen: So about five years ago, you got serious?
Allen: And I want to ask you like back in the day when you first when you when you first start, would you remember how much the commission's were back then?
Mary: They were probably in the range of 14 to $16 and each, each side, so you know, $30 a round trip and that was back in the day when the naming nomenclature was alphabetical. They didn't go by month in week. They didn't even have weeklies back then. Yeah. So you had to learn all of that. Yeah, it's been fun to watch the evolution and with electronic trade.
Allen: Yeah I mean it's so so much simpler now and easier. And I remember, like, I didn't get started. I don't know. It's been a while. I think it's like maybe 15-16 coming close to 20 years for me, but when I started Thinkorswim was already there. And, you know, everybody was blown away. They're like, Oh my god. This is so amazing. So I'm like, okay, but this is cool. It's good. I mean, it's good to have these nice features and stuff, but I don't get but they're like, now you don't understand. You don't understand what we've been through. You know, to get a quote, you have to call your broker on the phone. And then he has to go look it up for you. And it takes like, 10 minutes to get a quote. Oh, wow. Okay, yeah, this is all real time. This is cool. This is better. So yeah, people starting now. I mean, the tools available education is available. It's a lot simpler than back in the day. So was it just because of the money aspect that got you involved in Options? Or was there something else?
Mary: It was primarily the money aspect. And, you know, I was working a full time job, but I wanted to get into more multiple streams of income in different ways. But my job requires probably 50 plus hours a week. So that did limit me from what I can go out and get a second job. I just totally burnout so and I didn't have the time to focus to open my own business or do something like that. So what could I do that could generate cash flow that didn't require a lot of time? That's where Options fit into the scenario.
Allen: Okay. And you you're working from home right now?
Allen: Okay. What do you do? If you don't mind?
Mary: I'm an auditor.
Allen: Okay. For like, the for the IRS or something or?
Mary: No, for a retail company - food retailer, I audit financial statements. Okay, like Sarbanes Oxley.
Allen: So okay, so about 50 hours a week you spend on the job? How much time do you spend trading?
Mary: So overall, all of my trading, I probably spend, I'll say, a half an hour a day.
Mary: When I started with your group, I first started with the blank check program. So in that trading, if I'm not making a trade that day, I probably spend five minutes a check - twice a day, which more out of curiosity than necessity. I could check it once a day. If I'm making a trade, I might spend 10 to 15 minutes analyzing what I'm going to do, and then I make the trade for the month. Okay.
Allen: And so what have your results been so far?
Mary: So far? So I started trading live, blank check program in February of this year. And in that eight months, I've averaged 7% return per month.
Mary: Very nice. And so far, I've made 16,500. I started just with the minimum amount to open an account on TD Ameritrade, 10,000. Okay, and I have added some more money, so I could expand the number of contracts I trade in.
Allen: Awesome. So what's your goal? Is it to put it aside for retirement or double your income, supplement the income, so you can try early?
Mary: Put it aside for retirement, and then in the hope of retiring early, in the next three to five years?
Allen: So basically, you're gonna, you're gonna you're gonna leave the money in and just keep growing that account?
Allen: Okay. How long do you think it'll take?
Mary: So, with the blank check trading in conjunction with my equities trading, which I was just starting before getting introduced to your podcast, and we can talk about that, but I was just starting to kind of glean in on the selling puts strategy and your paths of trading - the wheel strategy, right before I started listening to your podcast. So between the two accounts, I hope to be able to retire in three to five years.
Allen: That's awesome. That's awesome. So about five to seven years early.
Allen: Okay. And do you have any children?
Mary: No, I do not.
Allen: Okay. All right.
Mary: So that makes it easier.
Allen: Yeah. Yeah, definitely. You know, she, she, she enjoys learning about the trading. And I've taught her in the past, but eventually, and then she started her own business. And so she's busy with there, and then she's busy with the kids. And she's like, Yeah, I don't want to deal with the trading. You know, she's like, you're doing fine. You do it. I don't want to deal with it. But we do have somebody else on our staff. And she is, unfortunately her husband passed away. I think it's been about a year and a half or two years from cancer. And so she's raising her four boys alone. And, you know, at the company here, I make it a requirement that everybody that works here, they have to know how to trade whether they do it We're not, you know, that's up to them. But they have to know what our customers are going through. They have to know the lingo, they have to know how to articulate. And so she's been, she's been killing it since she started. She said, she's learning and she's like, Oh, my god, you know, I've been working with you for two years. Now, why didn't I do this before? So..
Mary: Oh that's excellent!
Allen: Yeah, it's, it's really, it's really cool. And the fact that, you know, you mentioned it only takes a few minutes a day, you can still work, you can still handle other responsibilities. It's not that it's not that time consuming. So that's one of the things I get, we got to get the word out, you know, we got to get the word out.
Mary: I know but my heart goes out when I see older, retired individuals in the workforce. And I just say to myself, I hope they're doing it for social reasons and not economic, that they made the choice that they want to be out here working, because this is that easy at that age, and I give them all the credit in the world.
Allen: Yeah, I mean, you know, you go to Walmart, and they have the greeters. And you know, they're standing there, and they can't, it's tough to see, it really is. But you said that you had started trading options about five years ago? Or was that Equities and Options or?
Mary: That was just the equities?
Allen: How are you doing with that?
Mary: Very well, very well. That account is much larger. And, again, you know, I have to employ passive trading, because I just don't have the time. But I'm averaging 6% a month on that. So just to your principles may not seem like a lot, and I'm not going to be a millionaire overnight. But the compounding principle, in action, will.
Allen: Yeah, no, 6% a month is nothing to..
Mary: No yeah so I'm beating the gentlemen over at a brokerage to remain nameless that other smaller accounts I have. So I'm very happy with the return.
Allen: Cool. So how do you balance? Like, how do you decide how much to have in each? Because I mean, you said you're doing better in the oil. So however you decided, which is which you want to focus more time on?
Mary: That's kind of a crossroads that I'm at, at this point, because I am doing so well, that I mentioned to you, the financial advisor, when I went last month for my tax checkup said, you have stopped trading for the year, or you're going to throw yourself into the next tax bracket, you do not want that. Focus has become the task, tax aspects of it all. So again, kudos to your podcast, because you address those types of things, all the section 1256 types of trades. And so that's where I'm at right now is evaluating. Okay, do I move more of my money into the oil trading? And I just signed up for the weekly trader, which is good deal more in the index funds - yes. So that would give me a better tax advantage.
Allen: Okay. All right. Yeah. I mean, you, you know, I've never I know you can buy SPY. I don't know if you can buy SPX I've never actually tried to, that'd be interesting to know, cuz I know, the SPX. You know, the SPX does give you the tax advantage, the 1256. But I've never actually tried to buy a share of that. I don't know if you can, I know, you could buy call options, or, but I don't know if that'll be interesting to know. Yeah.
Mary: Check it out. It's a first world problem. And I'm kind of on the water as well as like, do I keep working? or Now I, you have given me the freedom of time choice and choice do I mean, I could make what I make at my job trading? Do I do that full time? Or do I, you know, stick with the job as I can, then knowing that I do have the freedom of choice that if it gets to be too much, or I don't want to do it anymore, and I walk away from it.
Allen: So you can you do that now? Or you could have to wait another three years? Five years?
Mary: I could do that now. I think I'm just sticking with it. Because of the health insurance. And those sides thing? Yeah, I could still manage the job and the trading...
Allen: Right. Right. So why not? Right. And you said there's, you know, there's a social aspect. So, you know, you've known these people for so long that it's like, kinda like family now.
Mary: They are. That's very true. Yes, I have a great team that I work with.
Allen: Cool, cool. So how does your husband feel about you trading?
Mary: He has no interest in it whatsoever. He just lets me do my thing. I mean, I'm not used to getting his money or the mortgage money. So he just saw that's her little hobby. He's retired. So he spends most of his day either on a motorcycle or a mountain bike or doing the hobbies he enjoys. So..
Allen: Wow very nice. So he's never told you to be like, Hey, can you take care of my money too?
Mary: Oh, he wanted me to do that with his 401k. And like no. Not gonna enable you, I'd be happy to teach you what I do.
Allen: Well that was fun.
Mary: He went out and got a money manager and..
Allen: Ahh that was funny.. you guys can do it together you know, swap stories, discuss different ideas, argue about which ticker symbols to buy.
Mary: Yeah, I don't think you can handle the... honestly.
Allen: It's not for everybody. No. Now the funny thing is, I do remember when you first called us so you got on the phone with us to learn about the program, and to get in. I actually talked to you, which I haven't I don't really talk to most people, but I don't know what it was. I was listening to you talking and you know, with Cory, you're going back and forth. And I hopped on the call, and you're like, Yeah, I'm gonna do it, but I'm gonna think about it. And then I was like, okay, you know, and then later on, you actually came back. And you actually, you actually came back and did it. In hindsight, would you still have waited?
Mary: Well, no, it was active waiting. You know, it was the trust, but verify. So what I did after that call was based on what I knew, and kind of figured you were doing with these options I pay a portrayed is for three months. And it was all positive. So I said, Okay, I'm gonna take the leap of faith and go for it.
Allen: Cool, good. So that means, yeah, so you've had like, instead of just eight months, you've had like, 11 months of gains?
Mary: Yeah. I mean, I think one of the things that you talked about on one of the podcasts is, you mentioned compared to individuals, one person took the program and went and did really well with it. And the other person just over analyzed and questioned and said, you know, it's too simple. This can't work again, if you had to ask me what was my biggest challenge in implementing it was just grasping the simplicity of it. I was like, Okay. And granted, I, you know, I did come in knowing the fundamentals of Options Trading, but I went through the, there's only six lessons. And so I was like, Well, I must be really tired. Maybe they're on a more on a different page or get it again, tomorrow. Nope, I came back. And I went through the six lessons again. And I went, Okay, let's do it took a deep breath and placed the trade and been good ever since.
Allen: That's awesome. That's great to hear. Yeah. You know, I mean, I always tried to keep it as simple as possible. And sometimes like, as options traders, you know, if you come in learning about options, and like you said, you know, you go to the council, and they tell you, Oh, you got to know the Greeks. And you got to know the gammas and the Vegas and, and all this stuff. And people come in and they're like, what about this? What about that? And I'm like, you don't need to worry about it. It's like,
Mary: There's so many strategies and strangle... there's iron condor, and people just get overwhelmed. Yo, I don't know where to start or how to do it. And when you look at your system, you're just like, Nope, just follow the straight path that I've already blazed for you. And it'll all be good.
Allen: Yep. The biggest problem I have some time is like, you know, like, I knew that you had been doing it, you had been trading for a while. So in my mind, it was like, okay, you know, my hardest part with you is going to be to get you to maybe suspend disbelief a little bit, and to kind of stop doing all the stuff you're already doing. You know, and be like, this is the path just follow these steps. You don't need to do anything else. Just, you know, don't overcomplicate it, because we have people in the program in the group. They come in and they're like, Yeah, you know, you told me to do this but you I'm gonna do this double Condor butterfly thingy. And I'm like all right, let me know how it turns out.
Mary: Yeah, it's like bumper bowling just head down the middle keep aiming the head bin?
Allen: Yeah, that's why sometimes..
Mary: ..you're out to do I mean, no, it has I get myself in trouble is if I go against the rules, and they a towel, and then my tracking sheet of what rule did I violate and what lessons did I learn from it? And so I only have myself to blame. It's not the program.
Allen: Cool. Cool. So what was besides the simplicity, what was the hardest thing to implement? Or like this could be for your equity trading or for your options trading, to go from, you know, learning and not doing as well, to making that switch to being okay, now I'm becoming consistently profitable. What did it take to make that switch for you?
Mary: I think in your mind, you're always trying to hit that home run that you talk about. But if you just get your consistency down with the base hits and small amounts, just keep compounding and keep compounding, you know, all of a sudden, you look at the balance, and you're like, wow, alright, I'm getting some traction, and I'm making progress. And I can do this, I can do this.
Allen: Awesome. So what was the biggest challenge in implementing?
Mary: Again, I think it's just trying to keep myself from over analyzing it all the time trying to make it more difficult than it is because it's like, well, if it's this easy, and why isn't everyone doing it? Right? So your brain is going, Well, maybe if I add this, or I start looking at this number, analyzing this graph, or this chart, I'll get the edge and it's like, no, just, you know, take a little cream off the top and minimize your stress. And, you know, keep compounding and you'll get there.
Allen: So how was it? How did you overcome that in your own mind?
Mary: Just trying to be grateful and satisfied with the results that I have, and not be greedy? Yep. Yeah, keep reminding myself, it's gonna be okay. You know, no matter what happens, now, I have the knowledge and the tools to always be able to financially provide for myself. And that freedom, we can't put a price on it. And I can't thank you enough. I owe you immensely.
Allen: No, you're the one that did all the work so...
Mary: But you shared it, and you don't give up on me. Yeah, I'm just a stubborn Irish girl, you let it settle. And I'll come back around.
Allen: Yeah, we nobody has accused us of not sending enough emails.
Mary: I love your email.
Allen: Like one of my mentors years ago, when somebody that I learned from, you know, he kept drilling it into everybody's head, anybody that listened that, you know, get a good education, because that is the one thing that nobody can take away from you, you know, they can take away everything else. They could take away your status, your money or your, you know, physical belongings they can. And he was talking to people from different countries. So he's like, you know, they could expel you out of your country, and kick you out and take everything that you have, but they can never take your education, you will take that with you everywhere you go for the rest of your life. And I think you hit it on the on your head, you know, when you when you mentioned that you're like, now I have a skill that no matter what happens, I'm going to be able to just, you know, go into the market and just extract money. And..
Mary: Yeah, even if all I need is, you know, if I retired and I just need the money to pay the property taxes. I can do that and spend the rest of my time I may be on the beach, but yeah..
Allen: Yep. And you I mean, you compare that to, you know, like the financial planners, you know, they go to school, they get degrees, they follow the news, and this and that, and they do all this research every day, and they're supposed to know everything that's going on in the economy in the market and everything. And hands down. You're beating them. It's like, why are you guys doing that hard, it's tough. If you could do this instead?
Mary: So to bring it back here point about being a woman. I mean, we know they are better traders statistically, but just we know in the workforce, you get discriminated against and your pay. And as a petite woman Oh, even more so everybody treats me like a child. You see me at car dealership? Oh, oh, no. Yeah, no. They just only talked to my husband. And he's like, don't talk to me, she's the one buying the car. You know, for you to be honoring to women to give that gift. And it's that freedom of choice that you don't have to be locked into a situation or stay with an individual or with a company if you don't want to only for financial reasons that you can have the freedom to choose the life you want.
Allen: Wow, that's amazing. Yeah. I haven't like as a man. I've never even thought about that. You know, I've never had to think about that. Yeah, that you can if you're in a situation that it's not healthy, that a lot of women like you said they feel trapped. They can't leave because they're dependent on one thing or another and they don't have the resources to handle it now especially..
Mary: When you're behind the screen. There's no discrimination. They don't know who you are. You're just out there trading with everybody else. So it's a level playing field. You can make it happen.
Allen: Yeah, and you're actually going It's not even level you have the advantage. For, whatever reason, you know, I guess they say that the female mind doesn't take as much risk. It's, you know, it's more about staying calm and collected. And like you said this the small games and watching out for security more than, hey, I want to hit the Grand Slam, maybe that that's what it is but yeah..
Mary: Put your ego aside a little bit and, and in for people that I know a lot of people I'm not good at math. That's not it either, you know, I think if you're like you say if you're wise, big enough, you can learn this. And it's a B, if you're in a store, and they raise the prices on everything by 50%, you're gonna get out of the store, right? If you're in the store, and they lower the price by 50%, you're gonna buy everything. So it's same kind of concept.
Allen: Yep. So all you need is a calculator. Or if not, then you could just use a spreadsheet and this spreadsheet. Cool, awesome. So what do you think the future holds for you? No
Mary: Choice. And that's a good feeling that I'm not locked in. If the job gets to be too much, I can walk away and trade full time, and I'll be alright. And if the job holds out, and I retire in three to five years, then I can enjoy more time in retirement doing things I want to do and giving back. Because that's what it's about. It's a human.
Allen: Mm hmm. That's amazing. Yeah, that's great. Because I know, you know, I don't know how or when this COVID thing is gonna completely go away, or if it's ever gonna go away, but there's been a lot of people who had to quit their jobs. And they couldn't, they didn't go back to work for one reason or another. And taking early retirement. And now, it's become a lot tougher, you know, people with pre existing conditions, and then you get older and then you have to go in and it's like, yeah, I don't want to expose myself, I don't want to expose my my loved ones. And if you have something like this, where you can sit at home in a few minutes and use your intelligence and use your common sense and push some buttons, and the money, you know, it's it's, it takes a while, you know, it's not overnight, that you start making money. But I think in the long run, it's better off. And based on that, I wanted to ask you, how long did it take you to get your you know, your mind around the whole concept and start making money?
Mary: In the blank check? Well, both both. I think so because I kind of started out as a dabbler and learning like everybody else and tried the strategies of buying options first. And you know, that's so hit or miss and get frustrated. And this and that. And so when I finally started going on the other side and selling options and having success, and it's like, Okay, God encouraged and, okay, now I see how this is working. Okay, let me look at every strategy and the pros and cons. And so, you know, with selling options, okay, what's the worst that can happen? I have to buy the stock. So I stick to, you know, high dividend stocks that I don't wouldn't mind owning otherwise. So that limits the risk on that. So I would say it probably took me two years..
Mary: And then it was consistent in my return.
Allen: Okay,so two years of learning, making mistakes, coming2 back having some winners and some losers. And then how about with the oil program?
Mary: That was successful right off the bat. The only, you know, last month was my only negative month that I had. And again, that was my own fault. I didn't follow the rules. But but, you know, I could say I had, you know, I had the laws and still far ahead. So it's not one of these, you know, your program is not one thing. Oh, I'm gonna guarantee you, you know, million percent return.
Allen: Yeah, and I mean, losses are part of the game. So, you know, you gotta learn to handle them..One time or another, it's gonna happen. So you might as well be ready for it. But, but the The important part is to know how to manage it, you know, and so yeah, I oil has been, has been interesting this year. You know, last year was interesting this year has been interesting, and who knows what the future holds. But I think one of the things that you mentioned you alluded to earlier is that when you're doing it and if you have like a community of other people that are doing it with you that you can bounce ideas off, it gets it gets so much easier, and it's not lonely. You know, one of the things that we see that people are like, "Oh yeah, I'm gonna try to learn it on my own", you really are kind of on your own. And there's nobody there helping you and supporting you along the way. So it takes, it takes much, much longer than it should, and, or that he needs to.
Allen: Yeah, and I mean, losses are part of the game. So, you know.
Allen: You got to learn to handle them it around it. Yeah, one one time or another, it's gonna happen. So you might be ready for it. But the The important part is to know how to manage it, you know? And so yeah, I oil has been, has been interesting this year, you know, last year was interesting this year has been interesting, and who knows what the future holds. But I think one of the things that you mentioned you're alluded to earlier is that when you're doing it, and if you have, like a community of other people that are doing it with you that you can bounce ideas off, it gets, it gets so much easier, and it's not lonely. You know, one of the things that we see that people are like, oh, yeah, I'm going to try to learn it on my own, you really are kind of on your own. And there's nobody there helping you and supporting you along the way. So it takes it takes much, much longer than it should and, or that it needs to.
Mary: And when you get older, you know, time is money. And it's worth the cost of the program to gain that knowledge and have it all laid out for you. versus spending so much time trying to dabble on your own and figure it out. And with your program I mean, the Facebook group is all very supportive and sharing their ideas. And as well as the weekly calls. It's a great community. They're very welcoming and open to everyone's ideas and learning new things.
Allen: Yep. Hopefully, you know, we won't have any of that discrimination in there. I don't think we have..
Mary: No, I'm not sensitive at all. I mean, I know for when I first started calling in, I was the only woman on but nobody ever made any comments or said anything. They were very welcoming.
Allen: Yeah, and the culture is pretty clearly. It's not like an all boys club, you know, they're very clean. No dirty jokes really like that. But um, so what would be some of the takeaways that if you know, somebody came up to you and said, Hey, I'm thinking about learning to train and joining Options? What are some of the tips that you would give them?
Mary: Well, going back to how I even came upon your podcast. So during COVID, I've only been familiar with your program for about a year and a half. So with COVID, I was doing more walking, so started to listening to podcasts while I walk. So I searched for options, and yours came up. And when I saw how much how many episodes there were in content, I thought, Oh, this will take me three years worth of get through..so this would be great. And I got through all those podcasts in about two or three months. That's how good they were. And every one it was like, yes, that's exactly what happened. Oh, he's given such great advice, and it is down to earth. This is the real world advice. You're not sugarcoating it, you're not making promises that you can't keep. And if I had to tell people what I learned from my 20 years of trading, it would be just what you're telling people on their podcast, you know, from the ups and the downs to how to diversify. How to protect yourself from various risks. So I can't speak to the podcast strong enough..
Allen: Thank you..
Mary: That they cover the gamut of what you're going to deal with and when you become a trader.
Allen: Okay, so Okay. Okay, so listen to the podcast, but what else? What else, give you some, some behind, you know, some, some, like stuff that you learned in the trenches kind of stuff?
Mary: Stuff that I learned, I'll tell you that one of the best things I learned was making mistakes, how much I learned from it. Okay, so when I was first starting to sell options, and I realized that I kinda oversold and the position went against me. And so I was going to have divided the stock. Well, it was very expensive stack and I was like, oh, no, how's this gonna work out? What's gonna happen on Monday morning, so sweating it all weekend, figuring out how I could take a home back to cover my.. this and that and then just through going through it, then I realized, well, Monday morning, it opened up higher so they came out ahead, you know, they signed it to me, and then I resold it. So it was like, oh, okay, that's how that works. No problem. I know. No, I can handle it. That was my story.
Allen: Yeah, yeah. Nobody showed up to my house. You know, want to break my kneecaps or anything? Yeah, a lot of a lot of on that point, there's a lot of things that we are afraid of that "oh, this is going to happen and that's going to happen" and we're not we haven't gone through it yet. And we just have these fears and when we actually go through it, it's like, oh, that's not what I was expecting at all.
Mary: Yeah that's not so bad, I can handle that. So exactly, put a lot of that fear to rest in my head.
Allen: Okay, so what are the worst things about trading for you?
Mary: The worst thing? That there's so many things to choose from, from so many equities you can choose to dabble in and so many different strategies, just trying to find what your niche is. And you know, what works for you and what you're comfortable with. Well, I think finally, after all this time, I've been trading, I kind of have a cadence know, the stocks I like, which ones you get a feel for them, and you get a sense of how they move. And so that was kind of a switch for me, I guess, in the equities tend to trade a lot of high volatility stocks. Went to oil, in my mind, commodities, because I didn't have any frame of reference, except the old movie from the 80s. You know, one minute, you're up half a million and soybeans, the next they breach, your kids aren't going to college presents your... So I was worried that it would be even higher volatility than what I was used to. But it turned out to be the opposite. It wasn't as volatile. So I would make correcting move (inaudible) was gonna be a lot more volatile. And it was, so I've had to adapt in a good way.
Allen: Okay. Yeah, most people told me the opposite. They're like, Yeah, this is, it moves a lot more than I'm expecting, because of the leverage that's involved. Okay. So what was it that that attracted you to oil in the first place?
Mary: It was the diversity from the equities, being able, again, like your multiple streams of income, I can do the same thing, but in different avenues. So that if something happens on the stock side, so I have the oil, and it was the tech draw of it. Okay, the benefits on the tech side? Okay.
Allen: All right. Do you, now looking forward? Is there anything else that you're going to be trying? Or are you happy with what you got going on right now? Cuz I mean, you know, 6%, on one side, 7% average on the other side per month? That's really good. You know, you could easily turn that into a few million dollars the next few years, just compounding every month, over and over again. Do you think you need something else itching or are you just content?
Mary: I just because, I get itchy and you know, there's a bird chirping in my ear about the whole crypto, you know, so, you know, I was looking into different started watching some videos or informational stuff on trading crypto in a Roth IRA.
Allen: Really, inside a Roth?
Mary: Yeah. So that if it goes big and you get the home run, then, you know, you don't have to get hit so hard with the tax.
Allen: Right, right.
Mary: You know and being closer to retirement. Okay. For me, it's a different if you were 20 years or something.
Allen: So would you have to have a like a self directed IRA this year, that special broker? Okay, all right. Okay.
Mary: So but.. you know..
Allen: Interesting. Yeah. I mean, I have some, you know, I've been buying a little bit for the past several years now, just holding it and be like, Yeah, I'm not gonna trade it because I don't know where it's going up. And when it's going down, just been just invited a little bit here and there and just sticking in leaving it in the wallet and it's just, you know, just going up and up and up. It's crazy time do we live in? You know, like you said, 20 years ago, 14, 18, $20 a commission, you had to call your broker up to place a trade. Now, it's like, you know, press a few buttons 15-20 minutes a day, like you said, I don't know, man, we're living in great times.
Mary: There's so many choices. You know, I do listen to some podcasts from CME Group is different ones. And just that team, they're expanding their offerings, you know, getting more into micros and the minis on all the indexes, because that's what people want. And they're starting to get into smaller units on the crypto currency and they don't have options on those futures yet, but you can tell there's enough audience questions about it that there's interest and I'm sure it'll come to be.
Allen: Yeah. I think part of it is just they just want to make more money, you know.
Mary: Their commissions are getting smaller and smaller. So they have to find ways to diversify as well.
Allen: Yeah, the more stuff they have that people can trade, the more fees they can charge on their features. but cool. Okay, well, I appreciate your time. Is there anything else that you want to share with our audience?
Mary: No, I appreciate the invitation. And just I would say, if you're new to options, don't get overwhelmed. Because I'm still learning, I pick up books. And, you know, I just, it's a hobbies, interest. And I like reading different books about it. But if you just learn one new thing a day, in no time you'll have it so don't get overwhelmed. And anyone's thinking about going into these programs with Allen's team and just have faith in the process and the program. He and his team are there to support you. It's not some fly by night, answering service, you can get a hold of Allen, you can get a hold of his team. So you know, that kind of put substantiation behind it. So have a faith in Allen's programs and have faith in yourself. Because you can do it, just get past fear and go for it.
Allen: Well said, well said, Awesome. And thank you for this so well, the kind words, I really appreciate it. Nothing makes me happier when we have a success story or somebody saying, hey, you know what, I tried that. I just listened to you. And I did it. And it really worked. And I'm like YAY because like my wife. She knows trading, you know, she's she was interested in the beginning. And so I taught her some stuff, but I can't really go home and talk to her about it all day, cuz she'll like, she'll be like, stop. I don't really care. It's fun. It's fun when other people come back, and they like, Yeah, wow, it really worked. And I'm like, All right, Yay, we're actually making a difference in the world. So I appreciate that.
Mary: You told me so. And you were right.
Allen: Cool, cool. So for our listeners, I just wanted to sum up what Mary shared with us. So she's been doing oil options for about eight months now making consistent returns, she's also trading in a different account stocks, and you're doing some high volatility trades, right? And then you're also doing some low volatility stuff where you're doing like passive style with covered calls naked puts, and..
Mary: I'm mostly doing naked, puts on everything.
Allen: Okay. Yeah. Okay. Yeah, those have been working amazingly well, I've been doing those as well just gotta make sure that you're protected when the market turns around. Cool. And then it was interesting that you said that, you know, your, your financial adviser told you, hey, you need to stop making money. Because otherwise, can you stop trading please because you're gonna go into higher tax..
Mary: Oh, my goodness.
Allen: Like, okay, you know, give me some ideas, you know, how to, like, you know? Like, don't tell me to stop making money. You don't tell me, okay, give us give us a charity or something else? Or give you some ideas? Don't tell me to stop making it. Come on.
Allen: That was interesting. And then I love the fact that she said that, you know, if you wanted to, you could stop working right now. And you could just live off your trading income. And that gives you complete freedom. And that gives you, you know, the choice of, hey, do I want to keep doing this? Do I want to stay at work, or if things deteriorate, you know, who knows what's gonna happen with the future, what's going on? If anything goes different topsy turvy, you have the choice of staying, or leaving or moving, you know, you could go to another country and, and who knows what, anything's possible. So I love that fact that you've been able to get to that point. And, you know, kudos to you, you did the work, you put in the time you learned, you tried it, you practiced it, and then you just followed, you know, you didn't mess with it very much. You followded the rules, and it's working, and you're like, Okay, you know, I can do this. It's good. And it's been wonderful to have a female perspective. I mean, you enlighten me about, you know, having that freedom of not having to be in that bad situation. If you are in one, you know,
Mary: Yeah. Or, like, you know, the person on your team who not by choice, but is in a position of having to raise children with, you know, no partner and having to build a come up with that income to do that. Yeah, that's scary to be in that position. Yeah, I mean, for you're gonna do.
Allen: Four boys is not cheap, you know. So it's like, she could either be working 50-60 hours and try to pay for everything, because she's got, you know, all four of them are gonna be heading to college soon. So that's not going to be cheap, either. And you can either do that, or, you know, she's working less than 40 hours now, and she's supplementing that with the money that she makes from her trading. So it's amazing. The blessings We get from this stuff. But yeah, you know, kudos to you. Definitely you looked into it, you learned about it and you said hmm. Okay, let me try. Yeah. And that took you down. It took you down a road that you never knew what the outcome would be. But the outcome has been amazing so far. So I'm really proud of you did a great job.
Mary: I would not have explored that on my own. You know, if it wasn't for your program, I would have never looked into the oil.
Allen: Yeah. Well, we're here for you. We're here for you know, all the other students that we have. We do our best. And again, I appreciate you. Thank you so much. Those of you are listening. If you want to reach out to Mary. She is in our Facebook group. Thank you so much, Mary, and we'll talk to you soon.
Mary: You're welcome. Thank you for the invitation. Been a pleasure. Thank you
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