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I ripped a butterfly out of a caterpillar!

Hey Ama, thanks for the post. I agree yes market returns do not resemble a normal curve, I don't think anyone has thought that since the days of Bachelier lol but I think it was Osbourne who first discovered this phenomena with the Cauchy distribution. I agree with you, it makes sense...

what’s flip mean

It's good to see the spooz up 80 for a change.

Also about legging into flies. I'm not too sure to go about this. For example, if I'm thinking of setting up an iron butterfly, and plan to leg in would I sell the ATM straddle first? Then buy the OTM strangle? Does it depend on current IV of the strikes in choosing which leg in to order entry...

@Sekiyo every time you post I read it.. I enjoy your thoughts. idk how you guys trade 1 minute intervals tho.. must take extreme control and skill. cheers!

@expiated is a technical legend within these ET forums.. Keep up the good work X!

theres absolutely no emotion when trading paper... at least for me. I could never “act” as if it was real and not a simulation. skin in the game is true risk.

@BeautifulStranger are you scalping option premium that you sold? Just curious?

Not too sure but Anek is a ET legend

Hey Blue! Nice seeing you posting! How is TradeStation by the way? Could I open an account and use their trading platform for free like TOS offers? I want to branch out from TOS just to see what else is out there, I haven't tried much else, TOS has been flawless, but I'd like to see other stuff.

Wow, you've seen many different market environments! I'm not a scalper, but any suggestions for a 30 year old who's been trading since he was 20? Where were you around 30 in terms of your trading journey?

Current Open Positions: I will update later tonight on potential flies I'll be entering this week. I'll also update when I close these current flies and provide more colour on these.

Last Tuesday I entered a 121 put fly in $VXX. I plotted the VVA on my chart, structured the fly 10-width. Profit of $2.66.

What do you mean "when everything is somewhat correlated"? Many markets are negatively correlated.. Also I don't see putting $100k in many flies a bad idea at all. If you know what you're doing and size it right you can make a ton of money. It all depends.

Did not seem to play nice together? I'm not sure what you mean by this? Did something unexpecting occur? It might've not been scaling up but more so bad timing and once you scaled up you took a hit quick (which can happen easily), but I'm not sure why you'd be surprised? You should always...

If increasing size means you're worried about larger losses you might need to wait on scaling up. Your betting size should grow geometrically proportional with your net liq. Use a % of Kelly and devise a position sizing system if you don't have one implemented already. Also, scaling up you'll...

I think most 60/40 porftolios really need to focus on what you're talking about. For example in my portfolio the risk is to the right tail, not left. So it depends personally, thanks for responding though!

I know your cookin up a master-plan! I admire that! Just reveal hints in cryptic ways like dest, or just speak on trades you don't mind sharing. Honestly your posts are one of the reasons I partake in his forum. So please TBS, trilogy!!!