Changewave Option Trader Review Now Big Money Options

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First a little history on how this option newsletter evolved into Big Money Options. The option newsletter service was first called Changewave Option Trader. Tobin Smith is a familiar face to those that watch Fox Business News.  He is a contributing financial market analyst for Fox, a panel member of Fox's Bulls and Bears, and editor of Changewave Investing.  Changewave offers a variety of stock picking and option picking services. 

Option Trader is their popular option picking service and one that I had began subscribing to in 2005. This service was headed by Jon Najarian of Optionmonster fame. In 2008 they offered a second option picking service, dubbed Big Money Options headed by Nick Atkeson and Andrew Houghton.

I suspected that this service would eventually replace Najarian in some form.  As of late 2008,  Jon Najarian was no longer involved with Changewave's Option Trader.

On April 17, 2009, Changewave Option Trader changed it's name to Big Money Options. To subscribe to this service you can't access it through Changewave.com, you must go to bigmoneyoptions.investorplace.com.  Changewave is slowing removing Option Trader from their line up. If you go to Changewave's site, old recommendations are listed from the Option Trader service for non-subscribers to see, although I am not sure how much longer that information will stay up.

From the beginning I was very impressed with this Changewave product.  They offered an easy 90 day money back trial of their product which was the hook.  I was familiar with Jon Najarian from his videos at the Chicago Board Options Exchange and First Business television show (www.firstbusinessx.com) -- it is broadcast in select markets and usually very early in the morning. This was my entry into using option picking services and figured I could even dump the service for any reason.  I didn't drop the service because it was a big winner.

The alerts arrive by email during market hours and you can log on to their site and view past option alerts and current pricing. Certainly it is the trader's duty to decide their own exit point. This service does send out  email alerts on when to sell, but there are times when I have exited the position when their alerts come.  When Najarian was leading the service and there were some really big winners, the sell suggestion might be to sell most of your position and keep a few as a lottery ticket.

The alert was nice and easy with a bold recommendation of what to buy, the option symbol, and the current price.  It was followed by information on why this pick hit their radar.  Including the symbol was a big help since you didn't have to look it up which can take time which is important. There were a couple of times where they mixed up the symbol, but the mistake was easy to catch since the price mentioned in the email was far off from the quoted price with the brokers. Then all you would do is see which one had the volume spike and grab that one. They would also come out with an alert shortly after and notify subscribers of the valid ticker symbol.  

During the time Najarian was heading the service: This service had a big following because if you weren't by your computer when the stock option alert was released, then you would easily miss out on a 10-15% appreciation in the option price. Now with Nick and Andrew's lead there isn't that immediate price appreciation.

During the time Najarian was heading the service: I did a Time and Sales on the specific option after I got my option order filled and you could see the big lots of options being picked up in the first 15 minutes and the number would stay strong for at least the first hour. Please note that now with Nick and Andrew the buying is steady and strong for a prolonged period of time. If the alert comes in the afternoon, you will still see continued buying the following morning.

One of the discount brokers I used provides me with the number of options trading on the bid and ask and I would usually just pay the ask since it was near impossible to get the bid price after a Changewave Option Trader/Big Money Options Alert was released (during the Najarian days).  (continued)

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