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I have the direct number to their Active Trader Desk since the normal staff are tuned into mutual funds and even the traders seem to be fixated on just standard equities. They have a smaller active traders office in Salt Lake where the real traders hang out and can talk turkey about options. Its...

SPX headed down a little finally today (about 1375)- trying to pick up some more put side to my 1335/1325 condor at a good premium but my broker held my order before submitting to market and it ticked up!! Anyone else having problems with brokers having a man in the loop to manually approve...

Just my two cents - but I think you are 100% on correct. The single thing that concerns me about the IC play with NOV exp that I am playing is bucking this Bull stampede to the upside. The market has been like on a perfect track upward for about 3 months with amazing strength. I am trying like...

OK all you guys - thanks a BUNCH. I think I finally GOT IT! 1) Premium on IC is peanuts and NOT generally worth defending. 2) Adjustment mechanisms tend to increase risk with with a disproportionate return on risk-reward. 3) Take smaller losses as early as possible and rejoice that you did...

Ok you guys are picking on the newbie on the boards. haha - That's OK and normal group dynamics. I am very philosophically in agreement with "Coach" on risk management being the primary consideration for the long haul. In fact I am looking to find the top 4-5 best strategies for adjusting...

Thanks Yip - I am learning a lot of things here. This has to be the single best IC and options forum I have ever seen. Participants and principals that you mention seem very seasoned and at the 2-3 sigma level of superior intelligence as well. Very refreshing and enlightening - and humbling...

Thanks Yip and Dagyt/Mark for your comments. My idea was not to keep doubling down but rather to try to accelerate back and get back to "even" then taper back to something closer to a Kelly Formula allocation with smaller regular contracts. Having learned a lesson I'd then hold that position...

Yip - thanks for your reply. This is the meat of what I wanted to get to. I also agree that the trading size is the key and that one must NOT play too large an initial position and lose early and be unable to continue and have a net profit in the future. Pragmatically, without running the proof...

Hey some of us tend toward pessimism and cover our shorts rather than go naked shorts and assume we might lose 1, 2 or even 3 in a row. If I bet 5x or 10x on attempt number 2 that would probably take my cash down so low I could not recover this year and be able to come back and try a 3rd or 4th...

Yes I do know that the single option probability remains unchanged in a random system Mark - thanks. But also note the price volatility changes each and every option period. This complicates the probabilities even further. So I just use averages. Observe that a very unlucky person in theory...

Yeah tell me about it - this is why I am at this forum to learn better adjustment strategies since this is the exact same period I lost about $65K on a large OCT SPX 1365/1375 Credit spread. The upside volatility has been extreme with the S&P just about riding straight up at a 10-20 point/week...

I really did not want to distract from this wonderful journal discussion. But since you asked me a direct question I will respond briefly. The Black and Scholes Option Pricing Model has expectation of stock price built right into it (examine the SN(d1) term of expected benefit from...

I don't know what the social protocol is on this board. I don't want to "hijack" a very very good topic with off-topic or tangential discussion. But I'd like to make one more comment/observation on this: A large percentage of options traders are chartists. This is precisely where resistance...

Thanks MoM. I am actually well versed with probability and statistics from my prior scientific/engineering background. The thing that helped me form this unorthodox "attitude" or perspective about the double down approach is based on something I read at another options advisory site. Admittedly...

Hey guys. I just wanted to introduce myself. I am new here and have been busy reading as fast as I can to catching up on about a year of your journal. After reading the opening entries and about 6 months of work I had to rush ahead and join this forum. OMG this is GOOD stuff!! Coach you are the...