Amen to that! I'd be inclined to ask my "friend" for a copy of his 12 most recent brokerage statements to verify that his representations are accurate. Trust, but verify.
Option chain tells you everything?
- Thread starter trexrade
- Start date
Amen to that! I'd be inclined to ask my "friend" for a copy of his 12 most recent brokerage statements to verify that his representations are accurate. Trust, but verify.
Those that know do, those that don't, tell.
Tell your friend that you want to see his brokerage statements for the past 12 months. Not that I am suggesting that you should not trust his admonitions but I am always firm believer in the Trust But Verify theory of life. Hell if you can make a million+ a year trading oil then it would behoove you to fly to his location and watch him in action for a few days. Take notes.
I couldn't stop laughing, are you kidding? Anyone who has designed a vey decent system or way to trade is not going to give out brokerage statements so others can break the system? Do you actually think CL trader cares whether you believe him or not? He not selling anything as an educator, software, videos or indicators, and you can't get 99% who sell services to even do this. Took me 34 years to discover by error a pattern that seldoms loses, and I won't discuss it or provide statements.
I once had an acquaintance find out my home address which is in guarded community, scaled mountains behind my property and knock on my front door, WTF? I don't care he is on vacation, he have that strong desires.....police took him away.
It is far better to be Casper the Unfriendly, Un-telling, don't care Ghost. Only the real dumb share the Money Tree.
IMO ....... This thread and How Do I Let this Big Win Sink In are bogus threads started with the intention of generating replies. They both should be moved to Chit Chat.
Plz post something more valuable than this. My friend's profit is all legit. He posted them.
I met him over the internet thru a chat. he posted all of this gains thru chat with screenshot. So I suppose those are legit. He started trading oil 2 years ago. He has already made 1 mil + trading stocks before turning to oil.
well this chat is turning to a different direction that I wanted.
all I want to know is if there is such a methodology of relying on option chain to trade oil.
Trex.... Learn to do research.... In all seriousness. good skills are pricesless. The most undervalued of all assets is skill... Develop your own skill in quantitative research.. Otherwise you will be trading someone elses black box.. Do you know any programming? learn a programming language like matlab or R programming.. pick up a few statistics books, take a class on khan academy.. learn how to extract out the realities of options volume and open interest and there price correlations from the data yourself... most likely you will find there is no price correlation.. Your friend is probably discretionary trading with multiple factors not just options volume... point is your not going to hit gold first time you throw the shovel in the ground.. Take it serious.. No one in their right mind is going to hand over their trading strategy. It takes to much work to develop a profitable strategy to hand it out to a friend met in a chat room... It's is pure common sense.. people that trade for a living own intellectual property that they will not hand over.. Plus like i've said before.. Even if you knew the factors in the trading model you still most likely will not be able to implement it..
thanks for the advice. I didnt say he uses option chain solely. like I said in the original post, he uses volume (of CL), price movement, momentum of trend, together with option chain. option chain is just a main part of it all.
I had been pretty good following some of his trades myself too but not very consistent. my best trade was 10k in a single day trade. but my losses was almost half of that amount too. thats why i want to be better at it. but this guys is just very consistent especially when right now oil is in the weak.
His strategy is: (for now since oil trending down, and shorting it would be prefereable)
the overall trend for oil is down right now. he would go naked short cl futures. if its not trending much (in consolidation), he would sell covered CL calls for that specific time of consolidation to add on to his position or he would buy CL call in case oil spikes up to hedge it. it just amazes how he relies so much on option chain and it seems to be working really well for him.