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Thank you both. Leverage in my case is an opportunity not a risk. Those are very high conviction bets. That opportunity is now gone on the other hand. I am now aiming for a third of that performance over the next 12 months. A major correction will change that plan of course. P.s. my return for...

Not to contradict anything that you are saying, but you need to account for boredom in your equation, for anyone retiring at a young age. I know I am suffering from this.

Do you use it? how does it compare to something like TWS in terms of commission and functionality?

This post sums up what Reddit is all about. OP learn to walk before you run and do not listen to any of the non-sense posted here.

What is DITM?

What were your own returns for the last 12 months if you don't mind me asking?

Deffo 55% :) Here is a reality check: 90% of UK day traders lose money (a fact, not an opinion). So much so that large parts of day trading are tax free here and classified as gambling. Now try to square this fat circle when setting target returns. I would start by hopping not to lose money, you...

You can become a CBOE TPH if you paid $3000 it seems: https://cdn.cboe.com/resources/membership/Cboe_FeeSchedule.pdf

a long shot really, but say there are put options for strikes $100, $101 and $102. Arm chair investor cares to buy puts at $103 but those are not available. Is it possible for said investor to ask her broker to simply add a bid of X for puts $103 on an exchange in the hope of someone lifting it?

Can someone give tradier a hand with this one perhaps? This post seems to have attracted a number of experienced options traders now...

That's interesting.

I do both but event driven stuff amplifies returns. I obsess about all fillings looking for nuances. But the starting point is the balance sheet th n followed by the special situation or even drive.

I certainly appreciate that there is nothing new in my approach. Do others do anything better besides less leverage? What can I learn from them to improve? Leverage ratio is for me opportunity driven and not risk driven. There are less opportunities now. I approach this matter more like a hedge...

I am not sure this is correct. If I want to go long, I buy the underlying. Selling puts is a bet on stagnation in my view (neither long nor short).

I agree. What would you do if you were in my shoes for the next 12 months? Net liq. Value is 13.6m today.

Keep in mind that the 3.3x is spread over different maturities, but I would close options if I was facing assignment in excess of what I have. iBKR's algo would do that for you if you don't.

That's right, my thinking is that my TCSPs are backed by paper (shares) I would inherit below intrinsic value, hence why I use leverage. It is a global sell off that worries me on the other hand.

today is 3.3x - but it has hit 7x at the peak.

What is the rough cost of hedging a given portfolio with 20% OTM SPX puts on a monthly basis?

That's what my father said 12 months ago! Market timing (calling the top) is a one off speculative and discrete event. I have no interest in that. Edit: I am, nonetheless, concerned from the impact of a wide sell off (black swan tail risk). I have not done anything about that yet but it is on...