Destriero - Butterfly Trades

[ironchef]

LOL...."What the fook" is this amateur retail classification???

We don't work for IB, HF, MF, Banks, brokerages, we do not have an MBA from Harvard or Wharton, we are plumbers, electricians, factory workers, waiters, farmers, engineers, work for a paycheck at main street companies, saved for our retirement in our IRA.... You and @destriero are like gods to us and we aspired to be like you, in our dream.

 

[destriero]

Which would you rather own by FebEx, terminally?

View attachment 248841

Skew edge on index, but obviously it's not much of a notional edge. Outright puts on single names.

What distinguishes "fuck it" money from piker freedom is not choosing index verts over singles. It's structuring the best position for your outlook over time and covering when the juice is squeezed or you're wrong. In index vol it requires some understanding of smile dynamics and stickiness which bleeds into SN-vol as well.

Knowing when to hedge in D1 over vol and vice versa. When to add duration (vega) over gamma.

Any good swing (low-freq) speculator can/will do better in vol if they can get to the aforementioned experience/knowledge.

 

[taowave]

Speaking on my behalf,you have some really low standards

Not even a tiny hint?

We don't work for IB, HF, MF, Banks, brokerages, we do not have an MBA from Harvard or Wharton, we are plumbers, electricians, factory workers, waiters, farmers, engineers, work for a paycheck at main street companies, saved for our retirement in our IRA.... You and @destriero are like gods to us and we aspired to be like you, in our dream.

 

[taowave]

Thats some really good shit right there..Fear not,if you devote yourself to this craft,you should reach this enlightened state of trading in no less than 10 years...OMMMMMMMMM

What distinguishes "fuck it" money from piker freedom is not choosing index verts over singles. It's structuring the best position for your outlook over time and covering when the juice is squeezed or you're wrong. In index vol it requires some understanding of smile dynamics and stickiness which bleeds into SN-vol as well.

Knowing when to hedge in D1 over vol and vice versa. When to add duration (vega) over gamma.

Any good swing (low-freq) speculator can/will do better in vol if they can get to the aforementioned experience/knowledge.

 

[BlueWaterSailor]

I don't use any TA, not even Moving Averages. Just raw price/volume, with bars. Bars because the fellow who taught me how to read (MrScalper in the thread "why is the obvious not so obvious") used bars.

Price/volume is actually one of the few directional things that makes sense to me. I haven't yet found an edge in it, but at least it seems like something more than apophenia. I've caught enough reversals in trading micros straight from the chart - ones that I knew were going to happen - to tell me there's something in it. I just haven't managed to jump aboard the train yet.

But thanks for the confirmation: I'll check out that thread and keep trying.

(Frankly, if the edge was in the other bits of TA - indicators, etc. - I'd be screwed. I just can't bring myself to believe in that juju. Shit, I could throw together a script that would trade an indicator in 5 minutes; if it worked, the big boys would have done it ages ago and stomped it flat via arbitrage.)

Individual equities each has their own signatures/patterns (X-Ray, CT) and if you look at one of them long enough you can usually recognize their behavior, especially thinly traded equities. And when I said FA, it is not PE, PEG... but specific events like new products, new drugs, M&A.... etc.

Ah, now I get you. I'll freely admit that I don't have any skill or practice in reading those tea leaves. I think of it as part of market psychology, which is on my to-learn list, but I haven't gotten there yet.

Spread is a completely different animal than single leg. Single leg follows the underlying direction closely whereas spreads are also affected by second order effects which are difficult for us amateur retails to analyze. So, I stayed away from spreads.

Best regards and stay safe.

Thanks, @ironchef! I know a number of people who do pretty well with spreads, and they're all enthusiastic about them. If figuring out the greeks for them was a major factor, I'd be doing a lot better than I am now... it just seems to be something in their entry or trade mechanics that screws with me. I plan to keep fighting this battle till I figure it out, though.

 

[BlueWaterSailor]

Thats some really good shit right there..Fear not,if you devote yourself to this craft,you should reach this enlightened state of trading in no less than 10 years...OMMMMMMMMM

That's all? Sign me the fuck up. I'm here for the long haul.

 

[.sigma]

LOL...."What the fook" is this amateur retail classification???
If you make money,you are overly qualified..If you lose alot,you can teach us what not to do

I got “what the fook” from Conor Mcgregor lol

 

[Marcelino]

My diagnostics equipment must be down, then. I think I've tried damn near every TA method out there, and not a single one of them has been better than a random pick.

Then this may comfort you.

 

[temnik]

Euan's books are great options books. Love them, they make me think. However, my understanding is that his own strategies went under last year. So, in a totally unfair hindsight, he might have benefited from a moving average indicator or Bollinger bands or something.

 

[taowave]

Nothing gets by you For the record,I am a Kabhib guy!!!

I got “what the fook” from Conor Mcgregor lol