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b'Is options trading legit? Is it a viable side hustle?\\nIn this episode, we\\u2019re tackling trading options -- a topic that\\u2019s been frequently requested by listeners, but is somewhat foreign to me.\\nTo help school me on this, I\\u2019m excited to welcome my friend Kirk DuPlessis to the show. Kirk runs the super popular site OptionAlpha.com, where you can get all sorts of free options trading training. He\\u2019s been at this for over 10 years and the site has over 150,000 members.\\nOptions trading (when done right) is a high probability form of investing, but as with all investments it\\u2019s based on risk.\\nKirk explained options contracts are like insurance. As a trader, you can either be a buyer of insurance or a seller of that insurance.\\nOn the buying side, it\\u2019s a way to kind of amplify your trading power through leverage. Instead of buying 100 shares of a certain stock and hoping it goes up, for example, you could buy contracts for a fraction of the share price that give you the option to buy the stock at today\\u2019s price should it go up by a defined amount in a certain amount of time -- the contract term.\\nIf it does, you exercise your option and make a big gain on a small initial investment. If it doesn\\u2019t, you just lose your initial option contract purchase price, kind of like your car insurance premium if you don\\u2019t get into a wreck.\\nOn the seller side, you\\u2019re the person selling that insurance. You collect the cash upfront, and as long as the trigger event doesn\\u2019t happen, you keep it. Kirk argues that just like insurance companies are some of the most profitable in the world, option sellers are most often the winners in the options trading game.\\nIn this post and podcast episode, Kirk explains in more detail about how this all works in practice and shares his 8 rules for success in options trading.\\nFull Show Notes: Options Trading 101: 8 Rules for Success for Total Newbies\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'