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Forex, I don't know if you are not really reading the questions but your answers are wrong. If a Call is not exercised then nothing happens. A contract that expires without exercise does not result in any stock changing hands.

Stock options that expire in the money by 5 cents are automatically exercised. They do this so there is no "forgetting".

You're kidding right? Of course it is not legal. You are acting an unlicensed broker, not to mention the fact that brokers cannot take a percentage of gains. If you want to compare it to a prop shop where traders use the firm's capital, then you need to be registered with an exchange, set up...

gg12, Do you understand the extreme risk you are taking by selling naked calls on the VIX? I realize it is unlikely, but the risk is there nonetheless. Your stop order is completely meaningless if something like 9-11 happens and the market gaps down. If you are naked short the 16 calls and...

Some useless statistics for those who care: While you are correct with regard to the last few years, 2 out of 3 of the last 24 expirations have been up, this statistic is usually only applicable in a bull market. Markets in an uptrend tend to have more up expirations, and markets in downtrends...

You guys are going to make me pull out what little hair I have left. Can ICs make you money, does it seems like you have a great chance if you sell them far enough away, does it look like a great idea to just sell them every month and make high % returns? The answers are yes. That is why...

It's a beautiful thing to watch a master at work. Thanks for everything you post here.

It's not about a free ride, the cutoff time is simply up to the clearing firm. If you are on the floor you don't have time to go upstairs and fill out the forms by 4:30. From the CBOE's site: "Different firms may have different cut-off times for accepting exercise instructions from customers...

You are correct. Actually, option writers have risk until later than 30 minutes after the close. It varies by clearing firm but market makers can exercise later than that. The only solution is to cover any short option that you think might be in danger. Your risk/reward is not very good in...

You sound like you are exaggerating, but with Bill and Alan you are probably not far off. I remember when Greenspan gave his irrational exuberance speech. I was a floor trader and my boss freaked out thinking we were going to crash because of it. Well we did go down a little, and then the...

Yes, you can just make it up with volume. I will buy them, how many do you want to sell?

Any specifics on what the "modifications" are?

Actually he would more than double his money if it trades 31 before expiration; little thing called extrinsic value. Where do you live that a $45k profit makes you a "zillionaire"?

Well, I have a question. On your thread you said that you are buying September 13 VIX calls. This may seem like a strange question, but how exactly are you buying Sept. options?

I am not sure if the gentleman actually bought these Calls, based on his cavalier attitude, but I hope this was a paper trade. Anyone who is not a serious option trader should first think twice about trading options at all, and second at least post the trade you want to do and ask opinions, you...

If you are referring to the VIX there is nothing extraordinary about today's action. The way the VIX is measured it is always lower than it should be on Fridays and then looks like it moves up on Mondays. This is due to the simple fact that option market makers are running Monday's...

It bounced right at the old channel. Would you think the next test of this bull market is what happens when we close below that line?

It seems like there is confusion between investment returns on non margined assets and daytrading highly leveraged futures? "1% a month is a good first goal" "1/4% per day average" These quotes seem to be saying he can't do it, but in fact the thread asks if you can make far less than those...

IB has good rates, and there are people here that are happy with them, but my experience with their customer service level was not exemplary. I like www.thinkorswim.com and they have a 96% approval rating on this site, so it seems others like them too. You can download and test their...

Because the SPX and OEX are singly listed the spreads are wide and the market makers are greedy. The weeklies are the worst, unless you hit the bid or take the offer you may never get filled.