I’m going to make a confession. I’m not an expert when it comes to stock options. In fact, I have a lot of trouble understanding the ins and outs of stock options. Luckily there is some stock option software that can help me.

How confident are you with stock options? Puts, calls, strike price, in the money, and at the money are just a few of those words that you have to not only understand but also master. Stock options can be very dangerous. They can also be very safe but before you think of investing your money in to these derivatives, you need to feel very confident.

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Luckily, you can get help. Stock option software is available to help. Let’s take a look at couple of programs.

First, take a look at Wizetrade. Wizetrade has software that is available to help you find options strategies that will work for you. They also have an online video course as well as a trading community to help you make wise choices.

Another option is Voptions. Looking at their stock option software, it has a large amount of features including 3D charts, built in options strategies, and automatic download of outside data from from the CBOE (Chicago Board Options Exchange), AMEX (American Stock Exchange), PHLX (Philadelphia Stock Exchange), PCX or PSE (Pacific Stock Exchange), and ISE (International Securities Exchange).

There aren’t many software packages dedicated to options but often, the online brokers have a feature on their platform that will assist you in making choices as well.

Before I offer a word of advice, allow me to give you an example. Many people don’t know this but flying a commercial aircraft is largely automated. With very little knowledge, it’s possible to put these large jets in the air. Still, though, if you don’t know how to fly an aircraft without the help of automation, you’re guaranteed not to be getting your pilot’s license.

My advice to you is this: until you are more than confident with your knowledge of options, don’t invest any of your money. Until you have made some virtual trades, (trades where no money was invested) and you have been successful, don’t invest any of your money.

Stock option software can be a very effective tools in the options trader’s tool box but in the end, if you are trusting a software package to make your decisions, it’s only a matter of time before you lose big. Your money is much too important to you and your family to do this.

I have spoken to many people who have heard that the big investors, the advanced and more intelligent investors trade options. While that is true, the foolish investors are trading options right along side of the intelligent ones. The goal is to make money. It doesn’t matter which legal method you choose as long as your good at it. Stock option software won’t make you any more successful than your ability to evaluate the good strategies from the bad. Lean first, use software second.

By far, my favorite software for managing your finances is Quicken.  I have used it for years. Click on the box above to order your copy.