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HowardCohodas Index Options Credit Spread Trading Journal
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Without addressing Howards personal website or alleged teachings, i did not look into that, I have sadly quit reading around page 60 to make the following comments.
I've yet to see anyone with the Holy Grail of trading plans. People start journals for self discipline and constructive input. Its obvious Howards is ahead of most in terms of his organization and analytical approach. A new trader is not a bad thing, often people prefer them as they come without bias or wounds.
Let the guy post without injecting all your personal experience or option wizardry. You have nothing to lose by listening. I am sure you all have experience, and not always good ones, to derail people with less experience. No thread could survive if people could not resist this opportunity.
As it stands, this guy is using no directional bias in his trading. The results of which are always worth learning from. Yes, he is basically just selling baby puts and calls, returns are compounded by rolling them i.e doubling down, and no he has not planned for all scenarios nor does he have a circuit breaker for when to STOP. Which is inherently the talent that separates the good from bad in this business.
But for the love of GOD, he is trying to learn in an open environment, so do yourselves a favor, do not disrespect the trading gods by assuming you have to tell this guy every little detail you've learnt yourself the hardway, because someone can always pull rank on you.
i say this having traded zilions of options more than all of you combined. On and off the floor.
I've yet to see anyone with the Holy Grail of trading plans. People start journals for self discipline and constructive input. Its obvious Howards is ahead of most in terms of his organization and analytical approach. A new trader is not a bad thing, often people prefer them as they come without bias or wounds.
Let the guy post without injecting all your personal experience or option wizardry. You have nothing to lose by listening. I am sure you all have experience, and not always good ones, to derail people with less experience. No thread could survive if people could not resist this opportunity.
As it stands, this guy is using no directional bias in his trading. The results of which are always worth learning from. Yes, he is basically just selling baby puts and calls, returns are compounded by rolling them i.e doubling down, and no he has not planned for all scenarios nor does he have a circuit breaker for when to STOP. Which is inherently the talent that separates the good from bad in this business.
But for the love of GOD, he is trying to learn in an open environment, so do yourselves a favor, do not disrespect the trading gods by assuming you have to tell this guy every little detail you've learnt yourself the hardway, because someone can always pull rank on you.
i say this having traded zilions of options more than all of you combined. On and off the floor.
But you should understand the intent of the critics here. At the forefront is the suspicion that the "free-journal-just-trying-to-learn-and-help-etc..." retoric, will soon turn into a subscription based service of some kind. Any with experience here knows that HoCo has absolutely nothing new to offer. These same techniques have been used (over used) for years and years. When used with too much leverage, they will undoubtedly cause account destruction and tears.Quote from tds551:
Without addressing Howards personal website or alleged teachings, i did not look into that, I have sadly quit reading around page 60 to make the following comments.
I've yet to see anyone with the Holy Grail of trading plans. People start journals for self discipline and constructive input. Its obvious Howards is ahead of most in terms of his organization and analytical approach. A new trader is not a bad thing, often people prefer them as they come without bias or wounds.
Let the guy post without injecting all your personal experience or option wizardry. You have nothing to lose by listening. I am sure you all have experience, and not always good ones, to derail people with less experience. No thread could survive if people could not resist this opportunity.
As it stands, this guy is using no directional bias in his trading. The results of which are always worth learning from. Yes, he is basically just selling baby puts and calls, returns are compounded by rolling them i.e doubling down, and no he has not planned for all scenarios nor does he have a circuit breaker for when to STOP. Which is inherently the talent that separates the good from bad in this business.
But for the love of GOD, he is trying to learn in an open environment, so do yourselves a favor, do not disrespect the trading gods by assuming you have to tell this guy every little detail you've learnt yourself the hardway, because someone can always pull rank on you.
i say this having traded zilions of options more than all of you combined. On and off the floor.
Is HoCo being "picked on" undeservedly? No. Sometimes you need tough love to wake you up.
Good trading to all.
I have yet to see a bullet proof trading plan that was not under lock and key. Probably including mine and yours. The "threat" of him selling his inexperience compared to what? Everyone else peddling some hogwash? The only thing to be gained on this board is discipline, routine etc..of which this guy has showed alot. Also the first thing a new trader should take from this guy. Also kudos for aiming at a non directional or gamma whoring approach.
I think he had a pretty good showing for his experience, and I d be interested in seeing what adjustments etc he makes in his trading plan. Rolling his spreads I thought was pretty unique. Obviously, it compounded his returns but hurt him recently, id like to see some long term numbers on that. He had plenty to give back. He is legging into these pairs which is also a risk that adds to his returns. In short, he is taking the right approach, mostly non directional, scientific etc..but needs more experience to develop spread selection and risk management. You cannot always be selling vol, but it sure as hell beats always buying it.
I think he had a pretty good showing for his experience, and I d be interested in seeing what adjustments etc he makes in his trading plan. Rolling his spreads I thought was pretty unique. Obviously, it compounded his returns but hurt him recently, id like to see some long term numbers on that. He had plenty to give back. He is legging into these pairs which is also a risk that adds to his returns. In short, he is taking the right approach, mostly non directional, scientific etc..but needs more experience to develop spread selection and risk management. You cannot always be selling vol, but it sure as hell beats always buying it.
Quote from tds551:
I have yet to see a bullet proof trading plan that was not under lock and key. Probably including mine and yours. The "threat" of him selling his inexperience compared to what? Everyone else peddling some hogwash? The only thing to be gained on this board is discipline, routine etc..of which this guy has showed alot. Also the first thing a new trader should take from this guy. Also kudos for aiming at a non directional or gamma whoring approach.
I think he had a pretty good showing for his experience, and I d be interested in seeing what adjustments etc he makes in his trading plan. Rolling his spreads I thought was pretty unique. Obviously, it compounded his returns but hurt him recently, id like to see some long term numbers on that. He had plenty to give back. He is legging into these pairs which is also a risk that adds to his returns. In short, he is taking the right approach, mostly non directional, scientific etc..but needs more experience to develop spread selection and risk management. You cannot always be selling vol, but it sure as hell beats always buying it.
You're a former local that finds rolling down and out unique? What exactly is scientific about selling cheap gamma and praying? I'd like to hear the conversation between you and your backer (back in the day) when you tell him you're going to sell 5,000 of the NDX 1900/1925 put spreads at $1.75 a month out.
I'd also like to hear your response when your boss asks you how you intend to hedge it. Or you can tell us here, hypothetically-speaking.
Anyone can sell some shit 3 deviations out and ignore it. A spreadsheet, selective backtest and 10:1 risk is not unique, innovative or sensible.
Yes well, being a customer is different. And there is no edge these days in doing anything delta neutral unless you know something no one else does, especially as a customer. As an investor like this guy, you have to trade from a cash point of view like he was. Not concentrating on greeks as much as credits and debits. I know billion dollar buy write funds that roll front month calls regardless of implieds and people call them geniuses! I am not hear to debate that or certainly give this guy credit for knowing jack shit after Ive spent 20 yrs doing something. But i do think this guy is pretty methodical in his approach, disciplined in his practice and entitled to some slack when hes willing to try something in public.
"i told you so" bs or giving people a hardtime for losing money is never cool.
"i told you so" bs or giving people a hardtime for losing money is never cool.
tds551
FINALLY! Some sanity in the comments. I agree, let Howard do his thing. I know his idea of selling his experience is also an old one, and another snake oil operation joining hundreds on the internet, rubs the old timers the wrong way. Still, let the buyer beware! It´s part of the education process we all go through.
I especially like the 4% dip described as minor and a duck, not a SWAN. I laughed hard about that. Though I agree, as such events don´t bother me, which is why I picked options. Up, down, sideways - who cares? So long as you have volatility things are trading well.
Albatross attracts me with his level headed approach. I like that. Maybe similar personalities attract? But I like his talk about very few trades being his style. Seeing that is my own approach as well. Whether it will succeed or not remains to be seen at the end of this year.
I also liked the comment some learned oldie mentioned about Atticus remark on Vol long and Vol short business. The confession they had to figure it out and will change an old time traders style, peaked my curiousity. Because I confess as an amateur I did not understand it at all. Just maybe vaguely, but no imagery in my mind. I certainly agree ATTICUS gives some very good technical stuff. Most of it WAY OVER MY HEAD. Unfortunately he talks professional to professionals in acronyms and other jargon orientated short hand, this amateur likens to African bush language when they talk in CLICKS or something. I simply do not understand the language sometimes. So the advice is missed as I do not understand what has been said. Mind you it is hard for a TV serviceman to explain to a customer, what he is doing with an oscilliscope to fix his TV, whereas all the customer wants to know, is when will it work. Which switch do you use? Not feeling it is necessary how or why, to change the circuit bypass in the RF oscillator as useful applicable knowledge. I perhaps havent said this right, but maybe something will come through.
I am now also curious on what and how Albatross is trading?
I would like to expess my appreciation to Howard for coming back on and diverting the venom some people spew, from my own more simplistic queries. Howard saved me, in that he has value in my book. ( grin ) The holier than though attitude, or in one or two cases embarrasses me for the sender. It reveals an inate lack of sense of decorum, language abilities, or perhaps a bloated sense of something?
Anyway, I´m more interested in what they trade as a discussion, why they trade that way, what the returns are to be expected and risks. When you get onto that, it becomes interesting to me.
FINALLY! Some sanity in the comments. I agree, let Howard do his thing. I know his idea of selling his experience is also an old one, and another snake oil operation joining hundreds on the internet, rubs the old timers the wrong way. Still, let the buyer beware! It´s part of the education process we all go through.
I especially like the 4% dip described as minor and a duck, not a SWAN. I laughed hard about that. Though I agree, as such events don´t bother me, which is why I picked options. Up, down, sideways - who cares? So long as you have volatility things are trading well.
Albatross attracts me with his level headed approach. I like that. Maybe similar personalities attract? But I like his talk about very few trades being his style. Seeing that is my own approach as well. Whether it will succeed or not remains to be seen at the end of this year.
I also liked the comment some learned oldie mentioned about Atticus remark on Vol long and Vol short business. The confession they had to figure it out and will change an old time traders style, peaked my curiousity. Because I confess as an amateur I did not understand it at all. Just maybe vaguely, but no imagery in my mind. I certainly agree ATTICUS gives some very good technical stuff. Most of it WAY OVER MY HEAD. Unfortunately he talks professional to professionals in acronyms and other jargon orientated short hand, this amateur likens to African bush language when they talk in CLICKS or something. I simply do not understand the language sometimes. So the advice is missed as I do not understand what has been said. Mind you it is hard for a TV serviceman to explain to a customer, what he is doing with an oscilliscope to fix his TV, whereas all the customer wants to know, is when will it work. Which switch do you use? Not feeling it is necessary how or why, to change the circuit bypass in the RF oscillator as useful applicable knowledge. I perhaps havent said this right, but maybe something will come through.
I am now also curious on what and how Albatross is trading?
I would like to expess my appreciation to Howard for coming back on and diverting the venom some people spew, from my own more simplistic queries. Howard saved me, in that he has value in my book. ( grin ) The holier than though attitude, or in one or two cases embarrasses me for the sender. It reveals an inate lack of sense of decorum, language abilities, or perhaps a bloated sense of something?
Anyway, I´m more interested in what they trade as a discussion, why they trade that way, what the returns are to be expected and risks. When you get onto that, it becomes interesting to me.
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