I think your statement above reveals your true understanding of risk. Good traders are, first and foremost, good risk managers. That you have made 10% a month consistently for the past X years does not make you a good trader. If you have managed to make that sort of return (and I have no reason to doubt you) without any understanding of risk management then you have been extremely lucky indeed. Long may it continue.
Monthly Income Generated
- Thread starter nycderivtrader
- Start date
Thank you...actually a bit refreshing from the current diatribe..actually did a bit of skydiving in my youth
no offense to Mr day7793 BUT your (day7793) verbal diarrhea is getting tiresome...there is usually a 15 post per day limit so you might want to condense all your thoughts into one succinct post...much appreciated thank you.
Quote from RichardRimes:
Thank you...actually a bit refreshing from the current diatribe..actually did a bit of skydiving in my youth
no offense to Mr day7793 BUT your (day7793) verbal diarrhea is getting tiresome...there is usually a 15 post per day limit so you might want to condense all your thoughts into one succinct post...much appreciated thank you.
for a brief moment, i liked day... now i make a formal retraction of that point. maybe just another instigator who has been banned before.
i was "fizzled" yesterday, no question.
wayne, i also lean toward more calls also. my return over the years has been good for various reason; and my account is not in the millions because i wire out money monthly, then spend it quickly.
Very tough to build those trading accounts. At least for me. I have a good job, but it usually seems like profits from the trading account are a nice source "play money" to throw away. Memo to self: Keep the friggin money and get that account UP!
The call credit spread game has been tedious the last few months. Steady upward market and scary buyouts. Hopefully get better for a few months.
Good trades.
Thanks, I see there are lot of jerks here, I am new to this place. I am getting this " unfriendly" and " hostile" vibes all over.
People are simply jealous of ther people, specially successful people.
Luck has nothing to do what I do. Why do you assume I don't understand risk?
Today was a 200 drop in the markets right near the close. All my positions were under threats by a market moving down step by step in the morning. Was I lucky to re-arrange my positions and beforehand and stay on top of it?
I took some losses and made some gains. The losses were limited to $500-600 range. Something that I plan to make up next week. That was risk management, shrewed and simple avoidance of major losses had it not been attended to in a timely manner.
You take a deliberately created small loss in anticipation of a major debacle and walk away, that is pure risk management.
Actually luck does play a roll. Everyone is susceptible to luck, both good luck and bad luck, but over time it balances out. So in the short term any ignorant muppet could do well trading options, but in the long run they wonât. Rather like poker players, every year you see the latest hot shots at the world finals, here today and gone tomorrow, but the real talent is there every year. So I agree with your point regarding luck, albeit for different reasons.
I assumed you donât understand risk because of the following comment from you;
The above was in response to an observation from another poster regarding the effect of a 3 sigma event. If you donât understand what a 3 sigma event is then you donât understand risk.
Itâs good to see that you have no qualms about taking a hit, as that is a lot more than most traders can do. Without wishing to be patronizing, well done ! But again, without wishing to be patronizing, there is a lot more to managing risk than being brave enough to take a loss.
And youâd do well not to mock those that merely try to point this out to you !
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"I assumed you donât understand risk because of the following comment from you;
The above was in response to an observation from another poster regarding the effect of a 3 sigma event. If you donât understand what a 3 sigma event is then you donât understand risk."[/QUOTE]
I deal with sigma everyday, all my positions, are based on standard deviations and probability via computerized Black Sholes models.
Just because this guy was acting up with trading lingo I put him in his place, not that I was ignorant. Stop underestimating others at every step, somehow you think everyone is at your level ? I play straight, try shooting me down, you will see the fireworks come out.
"I assumed you donât understand risk because of the following comment from you;
The above was in response to an observation from another poster regarding the effect of a 3 sigma event. If you donât understand what a 3 sigma event is then you donât understand risk."[/QUOTE]
I deal with sigma everyday, all my positions, are based on standard deviations and probability via computerized Black Sholes models.
Just because this guy was acting up with trading lingo I put him in his place, not that I was ignorant. Stop underestimating others at every step, somehow you think everyone is at your level ? I play straight, try shooting me down, you will see the fireworks come out.