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The biggest risk Steve took was being the recipient of "special information"..

So we are in agreement that managing risk on Stock positions,no derivatives is a relatively simple task that doesnt require much more than simple math and iron clad discipline".. LOL@ blowing up accounts and showcasing the periods of success... Thats flat out NAUGHTY.. I know where you are...

Think about what you just said and let's ignore mean reversion.. If implied vol jumps to the 99th one year percentile,who/what is driving that?? And as you stated ,90 % of traders lose money,so what would that tell you about vol being in the 99th percentile??

I find in the land of directional bets,risk management is the easiest part..Are you talking derivatives?? Let's forget about the Kullamagi as I agree he's a momo unicorn in the perfect unicorn enviorment. Before I disagree with "making it" and being wired, we should define making it...

I was a market maker on the exchange for over 5 years,and was an upstairs market maker at 2 major IB's..Without 2 sided flow, the edge is not what you think it is, and 99 percent of the time market makers immediately delta hedge.. You and several other posters need to get off the market maker...

Its very easy to ballpark..no need for advanced math..

Smarter than the market makers??? What does market making and smarts have to do with trading??

Agree 100%..Most of the pikers on this board are more interested in "being right" than making money And if you are looking for the grail,good luck on your journey...

Dont quite get where you are coming from or where you are going.. Its proven in the Zadeh trading championships that you can emulate success.. The fact that several of the winners "trained" under former champs would illustrate that you are off in you "beliefs".. Perhaps no one will share them...

Im talking about his Diagnol trade. Having a stop in place presents a much "nicer" graph,but I still don't like the trade given his wildly bullish outlook. Have no problem going long the 65 call outright or being short a higher strike against it..

Looks like he said," cut loss and let go"...

Have you read Momentum Masters??

You settle for a position that "doesnt lose money" if you are dead right?? What do you do if you are wrong?

Heres your "dilemna".. You are wildly bullish on BABA,but if you are dead right and the stock rips and goes up 30 points in the next 30 days,how much will you make??

What does "own it" mean You own the Stock as well ?? That diagonal is not a great trade if you ae as bullish as you state,but what do I know :)

Selling the 1 month 80 calls against the longer dated is an awful idea...You are a raging Bull and want to be in a 15 point diagonal for 15 + and get short if you are dead right??

Then Ill say it...Stock drops hard,Implied goes up and gets smashed on the rally... And you do realise with market .01 to .10 wide,Market makers are not a factor.. Ild be more concerned with what Vol I am paying

How on Earth did Des survive the cut??

Must be a dam big bird feeder :)

I have no idea who this Darc guy is..