Optionsellers.com out of business?

They talked a good game, their minimum account size is 500k. A strategy works until it doesn't. Can't trade successfully with 1 strategy. Obviously they didn't have a mitigation plan in place. Put selling works best in a bull and slightly bear market. However, highly leverage, uncovered in a bear market, you will end up like these guys.
 
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That is an interesting video. Not much ego left in this guy but take note of how he blames the result on a "rogue wave". This is why so many people fail (not just in trading). They are unable to be self critical of themselves (one of Buffett's rules).
 
lylec305 said:
They talked a good game, their minimum account size is 500k. A strategy works until it doesn't. Can't trade successfully with 1 strategy. Obviously they didn't have a mitigation plan in place. Put selling works best in a bull and slightly bear market. However, highly leverage, uncovered in a bear market, you will end up like these guys.
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I think it was short calls that got them. Same principle tho.
 
jys78 said:
I think it was short calls that got them. Same principle tho.
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Don't most brokers have margin requirements to enter a naked position? IB has pretty high margin requirements to sell calls or puts for example. Ie cash on hand to be able to sell a call or put. Even with a strong move, wouldn't they be forced to close the position and still have some cash on hand? How does a position blow up this bad when the broker requires the trader to have cash on hand before entering the position? Or did optionsellers have different margin requirements? Eg portfolio margin or something else...

Thanks
 
i worked for the largest naked option seller in the world some here know him and if done right you just about can never lose in the end. it takes a shit ton of real cash setting to back your play and you do it successfully. you almost need to not need any money to be good at it.

they said of my boss he would put up his house to gain a bicycle. standing in front of the train is another saying and ice water in his veins. etc.
 
MarkBrown said:
i worked for the largest naked option seller in the world some here know him and if done right you just about can never lose in the end. it takes a shit ton of real cash setting to back your play and you do it successfully. you almost need to not need any money to be good at it.

they said of my boss he would put up his house to gain a bicycle. standing in front of the train is another saying and ice water in his veins. etc.
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Do tell more. Who is it?
 
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