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Bless your soul. Thank you, any other response, coming from you, I would have cried.

If I may ask a question. As a curiosity based on another convo in another thread, and one to which I may never recover from. When you say risk premium are you defining that as realized vol vs implied vol.? That all skew is risk premium? And all that premium is above what would normally/should...

Yes, I know. Oddly, it appears I am one of the only people that has it. Everyone else seems to want the other side. Maybe the utility function is therefore convex???? :D:D:D:D

Took a few decades for that to get built in, but yes... 'generally,' 'small,' and 'constantly changing,' are the keywords, particularly the 'constantly changing.' I'd also add in 'by questionable accounting.' But thinking in pure game theory, of a game where most outcomes are neutral. When you...

Both you and the following post are asking me to answer a question that I can not, as both are based on a faulty premise. That there is some advantage to selling extrinsic value. Having acknowledged that I would be entering a zero expected value transaction based on all available information at...

SunTrader from post #15 of this thread. His quote was included in my post. Eons ago, he rode a stock down aprox $30 to take a $3 gain. Made me wonder where he got in.

Curious, do you remember where you got in on Tellabs?

By eight I was fascinated with gambling, the racing forms and deciphering all the numbers, the numbers moving on the tote board kept me fascinated for hours. Then football and comparing rush defenses to rush offenses, the statistics when I didn't even know what statistics were. Then I saw...

https://www.nbc.com/saturday-night-live/video/first-citywide-change-bank/n9701 Why I loved to say... 'Guys, it's tight girls and wide markets. Not the other way around.' :D

Funny, I remember the boss guy at the first place I worked saying "statistically it is wrong to hedge, with that said, I hedge everything" OK. I gotta ask. WTF did you do when someone walked in and said 'hey, I want to sell a 70 delta put and buy a 70 delta call against it?' ... ignore the...

Begin with a coherent question.

It didn't matter how incredible I knew a trader was. I never entered into someone else's trade because i then felt I needed them to tell me what to do with it.

Now think of keeping that all together when a market moves limit, there is no underlying, you now are the underlying, vol was 30 last night, but now maybe 50 or 100, you are the largest maker and everyone is asking you to make the first market and provide a stradle run for the next 18 months to...

The funny thing is you pick the one parameter (Delta) That however peculiar it sounds, I never considered a risk, as it is not created by optionality. Delta is a choice. Risk-free outcome. Not a chance. You are left with a whole smorgasbord of residual shit --> theta, vega, gamma, 2nd + 3rd...

I think that has more to do with your personal hygiene. ;)

I was there very briefly. Me: take 'em Specialist: wait, what traded? Everyone else: (raises hand) Me: WTF!!! I get 5 lots??? Me: Fuck this, I'm going back to the futures options pits. Just hated it. Never even got an elbow to the face, spit on, or so much as a bruise. What's the fun in that? :D

Very briefly. Trading equity options in a specialist market felt like someone crippled me. It was by magnitudes, the least productive time of my entire career. But yes, I was referencing a handful of people I met there, who were reasonably decent options traders, and from what I understood...

I'm happy to concede Ron is the brightest guy that has ever executed an option trade. Fine with me. I bow before the master. BUT Ten hours is not even one days work. The OP would laugh in my face if I asked if in ten hours I could walk into a poker game vs. Bryn Kenney, Justin Bonomo, Daniel...

10 hours won't scratch the surface. They'll teach you just enough to come here and say things that get you yelled at, and the guy teaching you, probably wont know shit.

I'll give you credit. You are a good sport. Try... sold the 30 delta (strike)-(strike) put spd for $.50 selling the put spd, and providing the strikes, implies credit, vertical, and collecting.