Destriero - Butterfly Trades

easymon1 · Feb 14, 2021

Day Trading Options

Longislander said:
only day trade them, buying both puts and calls on options that expire in a week or two. I did extremely well last week, and was wondering what you more experienced option traders think.

" . . . was wondering what you more experienced option traders think."
Wondering in Winnetka
https://elitetrader.com/et/threads/day-trading-options.356059/

.sigma · Feb 14, 2021

ironchef said:
I like your idea.

However, been there done that. Both my SPY and GILD flies are profitable.

I should try GME next.

2 iterations doesnt mean much my friend

.sigma · Feb 14, 2021

deltaf0rce said:
That’s a bear of a book. Read about half and tapped out for the short while. Will be back but doing some more fundamental reading prior
Best piece I got from the book, limits when buying gamma and blast the market when selling.

Its one of the best books written on optionality ever. But it isn't for the layman.

In my experience, the more you read the material, the clearer the material will become. It took me YEARS to understand the simplest of concepts.. but I just kept at it. Not saying I understand it now, but the veil has definitely been lifted a bit!

deltaf0rce · Feb 15, 2021

.sigma said:
Its one of the best books written on optionality ever. But it isn't for the layman.

In my experience, the more you read the material, the clearer the material will become. It took me YEARS to understand the simplest of concepts.. but I just kept at it. Not saying I understand it now, but the veil has definitely been lifted a bit!

Livermore said it best... a piker will struggle to profit on a million, and one day you’ll have more success trading a small account and the money will simply come to you... heavily paraphrased

ironchef · Feb 15, 2021

.sigma said:
2 iterations doesnt mean much my friend

So true. Confirmation bias.

Thank you for bringing me back to reality. I need to trade at least a statistically significant # of names before I can make my claim.

ironchef · Feb 15, 2021

.sigma said:
Its one of the best books written on optionality ever. But it isn't for the layman.

In my experience, the more you read the material, the clearer the material will become. It took me YEARS to understand the simplest of concepts.. but I just kept at it. Not saying I understand it now, but the veil has definitely been lifted a bit!

How many times do I have to read, before I understand? For this book, the answer my friend is blowing in the wind, the answer is blowing in the wind.

I gave up after n times as n --> infinity.

.sigma · Feb 16, 2021

ironchef said:
How many times do I have to read, before I understand? For this book, the answer my friend is blowing in the wind, the answer is blowing in the wind.

I gave up after n times as n --> infinity.

I started understanding after my 666th try

ironchef · Feb 16, 2021

.sigma said:
2 iterations doesnt mean much my friend

I now added NVDA and ABBV into the mix. NVDA is great so far but ABBV is a loser. :banghead:

destriero · Feb 16, 2021

GOOGL APR16 1700/2100/2500P fly from 222. One of my kids got filled a few minutes ago at 222. I told him to trade the synthetic, but he prefers quoting the natural.

ironchef · Feb 16, 2021

destriero said:
GOOGL APR16 1700/2100/2500P fly from 222. One of my kids got filled a few minutes ago at 222. I told him to trade the synthetic, but he prefers quoting the natural.

I was thinking 2160 and narrow instead of 2100 and wide.

Your kid