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People sweat setups way too much, like the setup itself is the Holy Grail...

Before buying a copy I suggest leasing it. It's a powerful program, but *extremely* difficult to learn how to use and has a steep learning curve (I know; I've been using it since 2006).

I'm going to respond to what you've written here, in the hopes that you walk away with what I say a with a little bit more knowledge than you had before. This is a spurious argument. We are not discussing how many algorithms exist, or how many traders exist. We haven't even discussed...

You know... You made some pretty silly statements earlier, and this just compounds it. Now, "I" am the asshole. You said you weren't trading the day the inventory #'s came out. Fine. When you returned to your terminal the following day to trade, did it dawn on you to go back and...

Interesting. I'm always drawn to words like "never", "always", "forever", etc. Do share with us exactly why you made the statements you made. After all, my algorithms (there are more than one) didn't invent themselves. In fact, they were created to take advantage of specific human...

When I *first* started developing algorithmic trading strategies, I thought just like you did. Why, if you were losing on 70% of your trades, couldn't you just reverse the system? In fact, how many traders have said, "Man, I should just do what I normally do, except OPPOSITE?" It just...

Seriously - This might be the dumbest question in the room, but what the F are you doing trading this security if you don't know why things work the way they do?

So, after a trader has figured his sh*t out...after he did his work by making contacts, writing "bots", creating algorithms, etc...after he has determined his edge in the market and figured out a way to capitalize on it... What you're asking is, "Let's take all that away, give him Ninja...

This tells me you've never seen the inside of a firm like that - at least not the inside that's separate from the lobby...

Obviously a troll.

You have to understand that much of the value of an option is derived from the level of volatility priced into that option. If an option is priced correctly at inception, "technically" it should expire worthless (this is the case with all insurance). Volatility is a key component to this...

Ha, good question. I've asked myself the same. In that sense I wouldn't mind not passing the first time and just taking level 1 again in June, giving me a year for level 2. I've been in the business for several years and I had already been taught much of what was on level 1 - which was...

I took the Level 1 in December...chance of passing 50-50. I'll take the Level 1 again in June if I did not pass (should be easy to buff up on what I neglected), or crash-course study for Level 2.

As a CFA candidate and a successful trader, I can assure you in advance that there's absolutely nothing in the CFA curriculum that will help you "trading". The closest you will come is to become a buy-side (or sell side I suppose) analyst and use what you've learned to make longer-term...

Carefully?

Perhaps what you meant to was that "Fundamental analysis, *as you practice it*, does not work." That way, you don't lump in the success others have had in it with the failures you have observed personally.

I can tell right off the bat from your post that: -You are probably passionate about following "the market". -You have a highly developed opinion about that market -That opinion is (probably) "This rally is bullsh*t, the markets should correct." -You have traded that opinion...

The key to what?

To rephrase what you've said, I agree - keeping track of companies to whom irrationally high values have been assigned by the market, and taking short positions is an excellent way to make money. Going long long-dated, out of the money puts is one strategy I've used that has provided great...

Of all the trading books I've read, Ross's two books (TNT/Gorilla trading) have been the most influential on my trading style. I don't follow any specifics per se (other posters have mentioned that a lot of it is psychological) - but the concepts are priceless.