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What I was trying to say was that I tried quite a variety of strategies and none seem to work like many people say: meaning options are a game of probabilities and if you play right chances are you'll be fine. This is basically the school of thought promoted by Tom Sosnoff, and others too...

El OchoCinco, sorry to do this here, but don't know how to grab your attention. I PMed you few days ago and beg for an answer. Thank you, Corto

For the less educated who don't speak Greek :confused:here, could you please elaborate? An example would be great. Thanks!

ironchef, I appreciate you're trying to help, but please be more explicit. I can see the ingredients, can't follow the recipe. :confused:

Good to know indexes work for you. Care to give details? For me managing (rolling, repairing) iron condors in SPX were almost killed by commissions. Doing three repairs in a row would barely put me in the plus after commissions. And I use Interactive Brokers, cost can't get much lower I guess.

My trading journal is a spreadsheet. I keep it to hopefully see what works after a while. It currently shows 226 trades since April this year when I revamped the spreadsheet. Selling slightly OTM puts looks the best in terms of number of winners/losers, but assignments are killers. I manage them...

I was chasing stocks I had a slight bullish bias for. Now we got into this sideways action where everything is all over the place, so obviously predicting trend is as good as a guess. Tastytrade doesn't care about trend, all that matters to them is volatility and they seem to like the recent...

I think I'm good enough at reading charts and I choose my candidates based on retracements, oversold stochastic, MACD histogram divergences, etc. Problem is when market goes down, almost everything goes down.

Got into options few years ago only because I wanted to learn how to protect long stock positions using puts. Got this advice: forget about it, read Alan Ellman books about covered calls. Those looked promising, so I tried for few months, but it didn’t work great. You need to be able to guess...

Tommcginnis, you're right, I try to close the trade when the loss gets too high, but Tom Sosnoff keeps saying that you don't need to do that with limited risk strategies. In his own words "you need to let the probabilities to play out". Sometimes I did nothing and waited and it worked, sometimes...

Hi everybody, I joined a while ago, but this is my first thread. The probability of profit numbers shown on tastytrade look nice, but here is how I look a typical trade. The numbers are real, from a real option chain. SPY options for coming January: 252 / 250 puts have delta = 0.16/0.14...