Introduction and backround. I think I have a good backround to have success

[vanzandt]

Mr. Zzzz1,

Why are you always such a negative cynical bitter asshole?

 

[Zzzz1]

Just gotta speak the truth. Sorry.

 

[O(1)]

If you "must" give "trading" a try, then open up a futures account with 10K to trade ES and amuse us with how fast you lose it. It will take longer to learn to trade than it did to count cards.

this is solid... It's happens! Person does well in one market and then, "Hey, I must be a genius. So, I can do well in another.. "

“Gold slips away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.”

 

[vanzandt]

Just gotta speak the truth. Sorry.

Do you perhaps think Nero did too?
One can convey their message in a variety of manners no?
You're a smart guy.... work on it. You'll live longer bro.

 

[Illini Trader]

Of course it's as easy as that (not). Stupid investment banks, stupid hedge funds, stupid analysts, stupid hft firms. How could they miss such obvious strategy approach. Life can be so easy, but seems those market professionals like to make their life particularly difficult.

Hey Zzzz1, Just stop and think about it. Most OTM options do expire worthless, that is a fact. An option seller just sells to the lottery ticket buyers who buy OTM options. As far as the hedge funds, etc --- well, they are much too large to venture into such a small market.

 

[smallStops]

I have been reading these forums for about a week now. I wanted to introduce myself and let people know my backround. I was a financial advisor dealing with retail clients for about 5 years. In that process I watched a documentary on card counting in blackjack.

I thought you had to be a super smart guy to do it and no normal human can do it. These people in the video did not look super smart. I got my hands on everything I can read, Like 10 books and went through ever professional blackjack forum out there and basically read every post. I sat home and practiced everyday on the kitchen table for about 2 hours a day for around 8 months so I can get the skill it took and find out how the swings look even with a small edge. I looked 500 hours and then took a home equlity line of credit out of my house to start it (it was ballsy but I wanted to win bad). I started with 25k in cash and 50k loan paid off the loan and won about 1.7 million in 4.5 years. I got barred from every big casino that takes major bets in the united states. And I am radio active in OSN and Biometrica which is the casino national database on advantage players and cheats.

I have about 1.2 million left after taxes and buying some shit. I know it is retarted to just deposit that in a trading account and start. I want to do what I did with blackjack to learn trading. Read everything I can and I felt the passion burn in my belly. I am starting to feel that again with trading. I wont accept failure as an option cause there is no way im going back to working for a boss. I know I need to find an edge and then make Kelly bets accordingly. Im reading threw all the stuff and will read every thread on this forum as I am in fulltime study mode. Can anyone pointment in the direction of different stratigies out there. Right now I only know about Pair trading cause I read on a blackjack forum that don bright went on the blackjack forum years ago and he was a card counter who found an edge in the markets. Any feedback pointing me in the right way would be helpful, but im not looking to be spoonfed. Im excited to be here.

Sorry good professional gambler : didn't read your thread till now, as I assumed it would be a poser or a hopeful full of greed.

First, you are feeling the burning passion of trading ( ) : well you are going to be amply served.
Second, you want to be consumed while learning trading : trading is really the place to be.

In my views : start by doing the round of different prop shops, and be on some trading floors.
And opening a trading journal is very helpful, as some traders might pick your main mistakes and suggest to you how to correct these. You could actually start one with a demo account. The key is to update your journal regularly, so that when you re-read it, you can find your strengths and weaknesses.

Welcome to the trading world.
If you can win well at baccarat, actually trading has some similarities with a closed systems
like forex. Once you are done with stocks, try to move to forex.

 

[smallcapgrowth]

Rising above the "ET Family Fights" and back to the original request for guidance, here is mine. Since you leave the casino with 1.2M you understand their edge and you can acquire that "casino edge" in the market by selling option premium. Learn to sell iron condors between 1 and 2 standard deviations of the expected option move to its expiration and you will make a fine living and not ever have to go back to work.

Selling option premium has been given a bad rap by some because on any one individual trade it does have a poor risk reward relationship but your risk is known and can be mitigated by adding a debit spread on the side of the position that might get into trouble. This could even enhance the profit on the trade if the underlying stabilizes as you could still get full profit on the vertical spread that you sold and a profit on the debit spread.

Of course you can also close the leg that might get into trouble at any time. You do not have to take a max loss on a trade. In any regard the vast majority of your trades will expire worthless thus rendering full profit to you for your sale.

If you really do not need the excitement of the casino or trading, and do just want to avoid having a regular job with a boss so you can stay put and begin to think about a wife and family, then this will do it for you.

If you "must" give "trading" a try, then open up a futures account with 10K to trade ES and amuse us with how fast you lose it. It will take longer to learn to trade than it did to count cards.

Thanks dude this is great I will def look into it. How much is a good living? I'm stuck with having moderate expenses for 2 years so I might have to supplement my learning with like 10 bj trips a year . Hopefully I can log 50 hours on those trips so I can get to the long run to realize a profit. I'd be good with 250k a year

 

[Zzzz1]

Disagree on most counts. But maybe that is something you need to figure out yourself.

Hey Zzzz1, Just stop and think about it. Most OTM options do expire worthless, that is a fact. An option seller just sells to the lottery ticket buyers who buy OTM options. As far as the hedge funds, etc --- well, they are much too large to venture into such a small market.

 

[O(1)]

Hey Zzzz1, Just stop and think about it. Most OTM options do expire worthless, that is a fact. An option seller just sells to the lottery ticket buyers who buy OTM options. As far as the hedge funds, etc --- well, they are much too large to venture into such a small market.

"Yes, because housing prices never decline and put options never actually get exercised, right?"
http://www.zerohedge.com/news/2016-...etch-yield-strategy-truly-2006-all-over-again

 

[FX xtc]

you can acquire that "casino edge" in the market by selling option premium. Learn to sell iron condors between 1 and 2 standard deviations of the expected option move to its expiration and you will make a fine living and not ever have to go back to work.

The beach ! you forgot the beach part ! trading is easy !