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Definitely didn't take it that way. The more people showing some authenticity on these boards the better. Glad to see others taking it home for the team.

If you really shorted spot good on you man. Do you have at least one fill to show? What is your week looking like?

Agree 100% with the psychological considerations. Although I don't think $1200 is likely in the near-term. Such a large, rapid dislocation from previous valuations on no obvious paradigm shift has got to be driven by liquidity factors imo. And now that the whole world is watching closely I...

You hedge long calls to collect the gamma. If you have 100 deltas in OTM SPX calls and -1000 SPY.. market closes 2.5% in either direction [or whatever the vol is priced at] over the next week and you make money either way.

Haha, I started to pick up too many long deltas Friday and unloaded some right at ES 3222 (~1245 cst). Uncanny how that seems to happen more often that not. Nature of the beast I suppose.

That would be a cool game. Guess which side of the trade he's on. imo post periodic PnL summaries and the audience should build up. Probably people scroll through and don't realize how the whole run is going.

Can personally vouch for this one. Picked up a good number of something very similar after Doobs posted. Will probably keep this on the books until the shorts expire and then either close the back strike or scalp it's gamma; TBD. It's easy to put on winning vol trades but this was good...

I'd consider myself a moderately successful trader; I put in years of effort and I was never able to unearth any extraordinary speculative system. But I got familiar enough to comfortably double the risk adj. performance of most benchmarks. And learned how to manually control and adjust...

Good start! I def didn't expect that magnitude on a gap. gj with the decent -delta lean from inception

How would buying back a short call you have against long stock make you more delta neutral??? Margin usually comes from the broker stressing your book with whatever internal metrics they are comfortable with. Think of what the max loss figures on both sides are going to be with and without...

This particular order was a wide vert, slightly under-hedged. Vol is vol though. I usually have a variety of positions on and the exposures just blend together. This is doob's journal though; I'm sure he has some wisdom for us forthcoming :)

Sup Doobs! Hope the journal goes well. I shorted some Jan 31 vol too a few hours ago haha. Always an interesting day when the front of the curve gets shocked.

imo unless you have an opinion on vol, use the underlying instead. You made a delta bet and won; go ahead and collect your profits. Your long strike sunk into the skew so you're going to be paying more for your gamma now; which is only going to end up benefiting you if there's a decent drop in...

If you have to ask something like this; the right answer is to close the trade once you don't know what is going on anymore. Also the time horizon is so long and you are incredibly vague with any details or trade thesis. Why did you even put this on? You didn't even tell us if you're short...

Most simply Friday's close to Monday's open. If you end Friday long a hedged option and price moves at all you start Monday with some gamma gains, and vice-versa.

Can vol still occur over the weekend even though the market is closed? Yes... ergo there is going to be a cost for being long gamma. You can't just get free convexity every weekend because there aren't normal trading hours. OP you need to look at the chain and price this stuff out for the...

Imo vague confusion / concern or theories about how the government is controlling us don't add PnL dollars to the bottom line. We haven't seen anything extremely crazy yet to warrant concern. Rolling 20y market returns are pretty average. Debt to GDP isn't out of control. Things could get a...

It's an interesting question where the premium comes from, I've thought a decent bit about how to detect when it's there or where it's concentrated for the time being. One factor experience showed is very important, is how related the vol figure is to the gamma exposure. I'll take 12% vol at...

Mostly pft vol goes down, the skewness of your PnL distribution will decrease further, and it's going to be pretty much based on sequence of market returns whether you actually make more money. A month like Dec coming in when you're close to expiry is probably going to set you back a loong time...

Yeah, it's funny that beginners hear from almost everyone with experience some variant of, "get out while you still can". Over the years I went from a beginner brushing off that advice to a guy that pretty much says the same thing to the new incoming classes. There is a pot of gold at the end...