Depends on what you meant by teaching. If you want some ideas to help you improve, there are plenty of golden nuggets you can find.
What I learned about butterflies here I couldn't find in any books, or I doubt, from a paid mentor elsewhere.
How to join a professional trader hub?
- Thread starter coldplay_option
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What I learned about butterflies here I couldn't find in any books, or I doubt, from a paid mentor elsewhere.
You made me wondering.. Do you have any link?
This is necessarily a difficult to find. If you do, you don't tell others about it.
The best teacher is experience. Reduce your size in the beginning (i.e. less than 10 shares) until you get your confidence up then do 100 share lots. You need to stay liquid as you go through the learning curve (gaining experience). Focus on process... not profits.
I posted one above. IMHO, people are going about it a bit backwards ... If you are in minor leagues, you do not necessarily need to be coached by Joe Torre. Also there are batting coaches, pitching coaches, psychology coaches, etc. Depends where you are at and where you want to go. Just because someone is a good trader doesn't mean he/she is a good coach and vice versa.
Tasty Trade and OptionAlpha can be dangerous as they condition you to receive credits and systematically be short vol. You will see people on many forums who believe an Iron Fly is better than a butterfly because you receive a credit. My favourite is when I see TastyTraders comment "Selling premium is like being an insurance company."
Something I found to be a game changer is push your self to learn new skills (even if you don't like that skill). People usually only listen to things they understand. If you don't understand math, programming, accounting etc.., you will find yourself ignoring people/videos/papers that actually might be of much use.
Thanks for the replies and hints. I particularly relate to the last post. I was just selling premium with low POP (and as expected going well until few big losses).
And so true you need to get out of the bubble. I have started on Calendars, DNCS, flies, straddles at times, trading around earnings. But my P&L is not improving hence looking to trade alongside real pros (done a lot of paper trading, reading etc....). You cant replace real trading emotion/outcome with theories.
I just need a break where i end up in profit for 2 months.
And so true you need to get out of the bubble. I have started on Calendars, DNCS, flies, straddles at times, trading around earnings. But my P&L is not improving hence looking to trade alongside real pros (done a lot of paper trading, reading etc....). You cant replace real trading emotion/outcome with theories.
I just need a break where i end up in profit for 2 months.
Surprisingly enough, high POP trades are not actually as high as you might think. That's because your PnL fluctuates daily! You can not just put the position on and reassess at expiration. People usually have to sell more vomma/vanna and gamma than their account can handle to get a decent amount of premium. So any large vol spike or change in price will surely have you or your broker, close the position. This is what happened to our friend optionselling.com
Unfortunately, its unlikely real pros will want you to trade along side them. You either have to get a job in the industry or do most of the work yourself. We should all be thankful that there are professionals here who are willing to offer bits and pieces for free! Find out who the good ones are and start picking their brain.
That being said, the pros are not trading the same things you should be trading. They have more capital, stricter regulations etc.. Try and learn the thought process from some of them. Apply that to more capacity constraint ideas.
Lastly, your emotions start to leave once you: trade smaller, have a good plan and get used to your daily PnL fluctuations. This might not be the best advice, but it has helped me;trade long gamma 1 lots (ATM straddles/strangles). Real money. Have a really wide delta band. That way you wont blow up, you'll get used to your pnl fluctuations, you'll learn about order execution and you'll be motivated everyday to do research (most important). If your really lucky you might even get a big home run!!!
What's "POP"?
https://www.tastytrade.com/tt/shows/options-jive/episodes/strategies-for-increasing-pop-08-31-2017
I figured you to be a TastyTrader
. It's the Probability of Profit. How likely a strategy is to expire worthless. It's the sales hook.