Options Bootcamp 10: Common Trading MistakesBasic Training: Your COs cover the most common options trading mistakes:

• Writing long-term options for income.
• Using market orders in illiquid options.
• Not closing options offered at a nickel.
• Buying worthless OTM "lottery ticket" options.
• Selling when implied volatility is high buying when it's low.
• Over-adjusting income trades.
• Believing that sell stops are better than wasting premium on buying downside puts for protection.

Mail Call: Answering your options questions

Via email from John S. - Which is the better method of portfolio protection, a put option or a stop order?Via email from Phil K. - I’m very interested in weekly options. They appear to be a very popular product right now. Can you do a show about weekly options for those of us who are thinking about diving into these products? Perhaps common mistakes, misconceptions, myths, errors, etc. Thanks a million. I just discovered the show and I've already learned a ton. Tell John I'm on the SogoTrade site right now and about to pull the trigger.Via Twitter from @Exxav: What do you mean by implied volatility? What is the difference between implied vol and historical vol?