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Or at that most critical moment, they stand there paralyzed like a deer in the headlights, while everything in their intestines liquefies. ...ah, the best-laid plans of mice and men.

I see what you did there. Yeast joke. :rolleyes:

See post #2. That was my answer. That is exactly how I would manage it. That is exactly how I learned it should be managed. I'd fire my ass just for putting it on. But that's theoretical, as I never would have traded in the first place if I didn't know not to put it on. Was that answer clear...

I made no analogies. You need to look up the definition of tautology. Beyond that, everything else I said is correct. One is expressing next instantaneous move on a Delta basis. That both maintain a 1 to 1 risk reward ratio. And you have less risk because you have equivalently less reward...

Depends on what you see, and how dominant are the opposing forces. Very difficult question to answer as a generalization.

You will never get me to disagree that understanding economics is not enormously important. Unfortunately it is presently in the hands of fools, who are heavily invested in making people believe otherwise.

ROFLMAO... That's awesome. Essentially a tautology of +50 is always less risky than +100, until the moment of expiration where the two can become identical. (so much for the word always) Hmmm... Wow, that's better than pointing out differences in bilateral symmetry you neglect in your initial...

Nor will they ever, they lack the skill set. Soros started an institute of Economic research specifically because he thinks Economics in its present form is a disaster.

I lived by my rules. When I walked away, I had a book of 217 Rule #1's. First rule I ever wrote down, was the first day I ever traded - Always leg the weak side of a spread first. Most important rule I ever wrote down - Never assume catastrophic risk. NEVER broke either. Rules are good.

It's his step-mom, and if there is one thing I have learned from the internet, it's that it's good to have a step-mom and step-sister.

You keep saying that, like it was a good thing. Also remember, many products move price without money being used, they trade on the margin. Gold is a perfect example. You show me an offer $1 above last price for Feb gold, I say buy'em. We post the print. Golds up a dollar, and no money...

I make my broker go on FaceTime and use hand signals.

Yesterday, I came to the determination, they are somehow impervious to blunt objects.

I never looked at anything he does, but from your description the difference is enormous. He's simultaneously looking at the surface, and focusing on expected change in vol to price, theta, and his risk; and I'd bet will do different things dependent on the vol level. The other is just sitting...

I would have fired myself. :D

Neither. See last paragraph of post 68. Follow it back. There I explained what/why skew is, which also justifies why IV and realized SHOULDN'T match. With that said. This thread is like going down the rabbit hole while a group of people wearing helmets screams 'franks and beans' at you. Time to...

Once again, thank you for incisively illustrating my shortcoming. I only wish I had known this sooner, and could therefore have entered into a different field.

...and my apologies. I have no reason to assume you were trolling, and including you with Bobby and Draft in my above comment, was inappropriate.

Yep, you just keep stickin' to those academic papers. :thumbsup: Like you once said, I'm just an angry failed vol trader. Ignore me.

Nice to see you, hope all is well. I still owe you a book about the Fed :D. Hopefully 6-9 more months. I also like the quotations around the word ‘properly.’ I always use that word with a sense of hesitation. I am going to steal that from you. Feels more appropriate. On a superficial but...