Anybody trades options without any greek letter?

[Buy1Sell2]

Quote from erol:

I don't think he was serious....

i think he was providing just as useful a reply as another member here...

unless you're joking too, in which case that would make me a dolt.

edit: while i'm at it... wrt to the original question... I just don't see how you could, w/out a graphical view.

i'm doing it with td waterhouse... and I have to rely on greeks since they don't have those fancy charts.

I was very serious. So, I'll say it again. ------Pay attention to the underlying and you can easily see the attractiveness. Thank you for your time--Izzy

 

[Kicking]

From a non option trader : you need to know what they are, after that I found the only thing that you need to understand is delta and how it changes (gamma) and be aware that you own an ice cube (theta) and that vol can destroy you when it collapses (vega).

Options outright on the long side are for suckers, you need almost perfect timing like market moves straight away your way (the very week you put the position on) . And big ! To sell naked you need good TA and risk mgmt. As you start other strategies you need more advanced knowledge , more time and more tools.

 

[Johno]

Quote from Kicking:

From a non option trader : you need to know what they are, after that I found the only thing that you need to understand is delta and how it changes (gamma) and be aware that you own an ice cube (theta) and that vol can destroy you when it collapses (vega).

Options outright on the long side are for suckers, you need almost perfect timing like market moves straight away your way (the very week you put the position on) . And big ! To sell naked you need good TA and risk mgmt. As you start other strategies you need more advanced knowledge , more time and more tools.

For every leveraged vechicle you need "almost perfect timing" otherwise if you trade with stops you will simply get chopped to pieces. The advantage with options is that they provide the opportunity to tailor your position to market conditions.

"To sell naked you need good TA and risk mgmt."
To be honest I'm not to keen on naked option writing having been privliged with a first hand experience of what can happen when things go awry.

Regards

Johno
Regards

Johno

 

[Buy1Sell2]

Quote from Johno:


To be honest I'm not to keen on naked option writing having been priveledged with a first hand experience of what can happen when things go awry.

Option writing is way to consistent profits. Buying options is mostly a fool's game

 

[Johno]

Quote from Buy1Sell2:

Option writing is way to consistent profits. Buying options is mostly a fool's game

Thank you for sharing your thoughts. The beauty of ET is that people get to share, whatever their level of knowledge.

Regards

Johno

 

[OddTrader]

"Purely Mechanical Option Trading"

http://www.elitetrader.com/vb/showthread.php?s=&postid=1883857

Quote from jeffalvinson:

Seriously though (to anyone else reading this), if a trading system can predict short term market direction and you are trading directionally, you don't have to know the option greeks to make money. You can actually throw a dart at an option chain (on the side of the option chain that represents the direction your system is indicating) and make money.

Quote from dipper17:
As far as the Greeks go, nowhere did I mention you need to have mastered them to use options to simply leverage your directional guesses in the market place via buying options. Then again history has proven time and again that buying options to leverage one’s directional speculations in the market is a big time losing game. It’s also compounded when you don’t know why or how an option gets its price or why and how that price changes.

 

[u21c3f6]

Quote from Buy1Sell2:

Option writing is way to consistent profits. Buying options is mostly a fool's game

Buying options is only a fool's game if you treat it as such.

There is no inherent advantage to either buying or selling options. However you can develop strategies for both and one's that combine the two if you find an edge for doing so.

Joe.

 

[Buy1Sell2]

Quote from u21c3f6:

Buying options is only a fool's game if you treat it as such.

There is no inherent advantage to either buying or selling options. However you can develop strategies for both and one's that combine the two if you find an edge for doing so.

Joe.

Option selling has a tremendous advantage over option buying. This is a proven fact and is simply common sense.

 

[Buy1Sell2]

Quote from Johno:

Thank you for sharing your thoughts. The beauty of ET is that people get to share, whatever their level of knowledge.

Regards

Johno

Yes, one must constantly wade through the newbie posts in order to obtain fruitful discussion.

 

[MTE]

Quote from Buy1Sell2:

Option selling has a tremendous advantage over option buying. This is a proven fact and is simply common sense.

Here we go again....

What's the advantage of selling over buying?