convexx's "hitting bids and lifting offers" ETF options

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convexx

convexx

I posted trades in RT on my stfu journal. I posted screenshots of fairval (mid) as it's a single figure and convenient. In products like GOOG it was achievable. In index products I paid $0.30 over mid on average.

I will again be completely transparent with my timing in my ETF signals taken in vola. I will post all trades in RT. All trades will be expressed as "worst-case" fills. Lifting offers on the buy, hitting bids on the sell. Screenshots in RT that will reflect the COB NBBO.

I will be starting on Monday. I will report cumulative performance at the close of each trade. No fills inside NBBO.

30-60 day journal.
 
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tatsimon said:
hey convexx howz abouts some basic long n short trades as well for those good folks who don't do options??
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Sure. I can usually do better in vola than in futures, but I will try to post some delta1. Those trades will be accounted for separately.
 
I am of course delighted that you have started another journal. Doing it in response to a dismissive statement from someone who is ignorant and has displayed no integrity here is futile, so please be motivated by the positives here.

I started off as a directional trader. I spent a year learning options before I could think myself comfortable putting on a position. For a vanilla, I happily pay the Ask; when the quote is 1.68/1.70, what difference does it make? For a spread where the Bid-Ask spread is 10% or more, I have never paid the ask. I'd rather miss the trade than do that.

Typically I get a fill somewhere between Mid and Ask. That's over 5% gone right off. I MTM at the last Bid (not last done, which may be a long time ago, ie stale), so with some effort I became used to ending day 1 at -10% or more. That took effort, because 8%-10% was the typical stop trading D1. Putting on a fly 21-24 days to expiration, I use a stop loss of 30% and expect to make 60% or better; I look on a fly as buying pin strike risk, and the biggest bang for my buck comes from taking it to expiration day.

Do you for even one moment think that ignoramus understands any of this?
 
lucysparabola said:
If "real" billionaire HF guys can't understand it, there's no hope for any of us.
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The guy is unemployed and quoting his billionaire alter-ego who can't MTM an option. Worse, he's betting on the impossible "VIX under nine". The only thing better than rubbing a 174% return in their noses is to do it with market orders.
 
justrading said:
I am of course delighted that you have started another journal. Doing it in response to a dismissive statement from someone who is ignorant and has displayed no integrity here is futile, so please be motivated by the positives here.

I started off as a directional trader. I spent a year learning options before I could think myself comfortable putting on a position. For a vanilla, I happily pay the Ask; when the quote is 1.68/1.70, what difference does it make? For a spread where the Bid-Ask spread is 10% or more, I have never paid the ask. I'd rather miss the trade than do that.

Typically I get a fill somewhere between Mid and Ask. That's over 5% gone right off. I MTM at the last Bid (not last done, which may be a long time ago, ie stale), so with some effort I became used to ending day 1 at -10% or more. That took effort, because 8%-10% was the typical stop trading D1. Putting on a fly 21-24 days to expiration, I use a stop loss of 30% and expect to make 60% or better; I look on a fly as buying pin strike risk, and the biggest bang for my buck comes from taking it to expiration day.

Do you for even one moment think that ignoramus understands any of this?
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No, of course not. But I don't trade any strategy that can't survive using mkt orders. Of course I use limits inside NBBO when I trade, but it's not a problem for me. Win or lose; it won't be due to lifting offers.

He and his aliases were banned for the same shit. Stating that a call isn't a call unless it's "in advance" by some measure of time. He used the same vernacular on the TA thread that got him banned and is using it again, stating he is quoting some HF friend of his. Nobody would run their trading operation by predicting the close by hours/days. No competent individual thinks this way. Nor would anyone entertain a 102 Red Eurodollar or a 9 VIX.

I react to mkt movement and changes in the vol-line. That's it. Yeah, I can do it with SN, index, FX, goats, etc. And I will do it again with mkt orders.
 
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