Professional Trader - Ask your questions here for the next few days...
- Thread starter DisciplinedHedg
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Final question. Did you have the common courtesy to offer a reach around when you banged Timmay?
This is by far the best question asked on this site that I have seen so far and having held over 250 ES long call options I can relate to what is being asked.
I have also held other short index options when the market has gone against me (up to 68 short put contracts in one instrument) and I can tell you with all honesty it is not a very nice situation to be in - in fact it was one the worst trading situations that I was ever in, but I managed to get out with a small loss.
It is a pity that the OP does not focus on the real trading questions posted as that is the only way he will gain the respect of most traders here.
I have no down on any man, but a self professed professional trader, which btw I consider to be nothing more than a full time trader, can not just ignore the very important questions, especially if he is saying that a big part of his trading involves the topic of the questions asked, such as the question on options.
With that, I might start asking O77 and other options traders some questions myself, as I have not yet mastered the effective hedging of short options using futures, even though I know exactly at what futures price level to start the hedging process. Some options traders do it from the start of the trade and adjust the deltas as the market moves, but it is not an easy task and requires a good bit of work.
In relation to the questions by O77, as of now I would not use the indicators but use the lmt order on the futures when it gets close to the level where It has eaten into a certain % of my premium. I will take this discussion to the relevant forum section as I think they are very important questions in relation to effective options trading and I need to see if anyone here can answer some of my own questions, as there is always someone out there that knows a bit more than I know, that I do know too well.
"Know Thyself"
He who looks for answers without will continue to look and never find them.
He who looks for answers within will find exactly what it is he is looking for.
It has been mentioned that a mentor can cut short the route to trading success.
A mentor can also inhibit a trader from discovering what he really needs to know (and see) about the markets.
Someone asked me what is the one thing that an ordinary Joe Soap trader needs to know in order to make better trading decisions.
It is very very simple.
There are no so called experts or gurus in the world of trading. It is all in the mind. Paper never refuses ink but the truth will always prevail and no matter what happens to anyone else the only thing that matters to a trader is what happens to himself.
Many here are saying that people are obnoxious and foolish, but to some it is very clear who the foolish are and why they will remain foolish.
The only true friend is one who answers all questions truthfully and to the best of his ability. Any deviation from this and the person can rightly be considered a fake, or in ordinary Joe Soap trader talk, a person who thinks they know it all, which is really a very silly way to live through life.
The questions being asked demonstrate the quality and experience of the audience.
To some of us this is just a repeat of the same old comedy show with some of the usual clowns joining in with their funny jokes.
He who looks for answers without will continue to look and never find them.
He who looks for answers within will find exactly what it is he is looking for.
It has been mentioned that a mentor can cut short the route to trading success.
A mentor can also inhibit a trader from discovering what he really needs to know (and see) about the markets.
Someone asked me what is the one thing that an ordinary Joe Soap trader needs to know in order to make better trading decisions.
It is very very simple.
There are no so called experts or gurus in the world of trading. It is all in the mind. Paper never refuses ink but the truth will always prevail and no matter what happens to anyone else the only thing that matters to a trader is what happens to himself.
Many here are saying that people are obnoxious and foolish, but to some it is very clear who the foolish are and why they will remain foolish.
The only true friend is one who answers all questions truthfully and to the best of his ability. Any deviation from this and the person can rightly be considered a fake, or in ordinary Joe Soap trader talk, a person who thinks they know it all, which is really a very silly way to live through life.
The questions being asked demonstrate the quality and experience of the audience.
To some of us this is just a repeat of the same old comedy show with some of the usual clowns joining in with their funny jokes.
The lost keep coming back. No wonder there is so much money in education. Really sad.
Indeed, I have many more questions to ask the one sitting on a chair in a darkened room. Only a sillouette of a slicked hair man smoking a cigarette as he answers questions from the hoard of ET pikers sitting Indian style on the floor around him. The hot burning ember of his cigarette clearly visible as he casts his wisdom to those hanging on every word...
Rennick out
One would imagine that with all the money they put into education the herd would at least grasp the basics of truth.
But then again, education today is not based on teaching about truths, it is based on the whims and ideas of previous generations who lost all sight of truth and honesty.
Hence the herd mentality where words are accepted just because they are written with no consideration given to the basics of truth and honestly among people.
Madoff is a typical example. He even conned the con artists themselves, but as with all ill gained endeavors, the perpetrators eventually get back exactly what they give as it can be no other way.
Quote from MandelbrotSet:
Are you jealous?
Do you feel envy?
It seems that you have a problem with people having a conversation on a free trading Chat Board.
If you want attention, it's suggested that you start your own thread, this way you can attract positive responses instead of the negative or dismissve reaction that you are getting.
Yeah, I know ... jealousy must suck! :eek:
I had to step in on this post.
MandelbrotSet, you always have a problem with people having conversations in this forum. You are constantly doing the same thing as Mike but do it a must more rude and ignorant manner. You are a hypocrite and the best person in this forum to answer your own statement, "jealousy must suck! You are the king of multi-alias cyberstalkers and are constantly misdirecting the focus away from you by accusing other people of the EXACT SAME offenses you are flagrantly guilty of. You are mentally ill and need to utilize some of the free services available to you there in New York City.
Good luck in Caruso's new musical. You need the work.
I dislike bad months just as much as anyone but I don't really focus on P/L all that much. When a month closes, I have an idea of what I did right or wrong, and that's more what I focus on.
I've already answered the question.
I usually hedge the options position with the underlying when they go ITM.
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