SPX Credit Spread Trader

My book is there for people to review and I wrote an intro. But I do not push my book here at all and most people have not even seen the book there. Sorry you are digging a bigger hole. I never pushed my book consistently in this thread. Moreover, my book does not cover this strategy at all so the success of this thread does nothing for my book.

Sorry


HERE this will make you happy: NO ONE BUY MY BOOK JUST BECAUSE YOU ARE READING THIS THREAD. IT DOES NOT COVER CREDIT SPREADS ON SPX.

DO NOT BUY MY BOOK!

There..... happy now?

Quote from jackbyrd:

Clearly this is not the case sir. In fact, it appears the OptionCoach made this his first task upon arriving at EliteTrader. In the book review section, you will find this post:

"My name is Philip Budwick and I am one of the author's of the Option Trading Handbook. I am also online here on in the forums under the handle "optioncoach" and I am available if you have any questions regarding the book in addition to my participation on the boards under Options and Journals.
My book is not intended for the pure beginner in option trading although the first chapter is an excellent overview of risk and trade management for any level trader. Although the book asssumes you have a basic knowlegde of option strategies, it does review the key elements of option trading (time decay, volatility, synthetic positions) and many basic and advanced strategies).

The main purpose of the book is to provide a detailed resource of adjustment strategies to make to stock or option positions using calls and/or puts to lock in a profit, limit your risk or hedge your returns. Most books teach option strategies but hardly cover follow-up steps when the positions either moves against you or as expected. This book is intended to provide that added detail and covers long stock, short stock, calls, puts, spreads, combinations and many more positions and details different trade adjustments that can be made using options.

The goal is show how options can be used as risk management tools in order to better manage your investments. I hope you find the book useful and I wanted to make myself available for any questions or comments regarding the book or option trading in general.

Regards,

Phil "
More...
 
If Mav wants to lay out a contra thread to OC's long theta, short vega, mean reverting naturally negative edged strategy thread ....... then let it be.

Just don’t do it here.

….something about not everyone is looking for a saviour….

:cool:
 
Optionscoach

Do you offer mentoring or training beyond your book?

I am not being condescending but it sure looks like you put a lot of effort into your posts here and in your yahoo group (all of which I deeply appreciate) but you must admit it's a lot of work and people do get suspicious.
 
Option Coach,

The way the con works is, you plant the seeds in the thread to get others to PM you privately. If you ever dared to push your book or anything else you wish to sell on a thread without paying, Baron would ban you in a New York minute. The key is to be subtle about it to get the fish to come to you privately over PM. The fact that you have not publicly pushed anything proves nothing.

Same goes for your Yahoo group and other boards you post on. Get them interested and they will come to you. It's how every con works. That's why it's called a confidence game.
 
Quote from Samson77:

Optionscoach

Do you offer mentoring or training beyond your book?

I am not being condescending but it sure looks like you put a lot of effort into your posts here and in your yahoo group (all of which I deeply appreciate) but you must admit it's a lot of work and people do get suspicious.
More...

Samson:

Does not the man's chosen alias tell you everything you need to know?
 
Hi Coach,

For the record, you have helped me become a very successful spread investor. AND your coaching was FREE. Thank you very much.

Regarding hedging...I have found (thanks to you) that buying puts/calls when the underlying hits my "trigger", I have a way to finance adjustments if I need to. Otherwise, I treat it as insurance.

What percentage of the overall credit collected do you recommend using for hedging? Since I am prone to leg into IC's, I have been using 25% of the total credit collected for partial hedges. So far, so good.

You told me in a prior post to be wary of eating up credit for hedging, but I am tempted to make it part of my regular plan. Your thoughts?

Thanks, modegolf.
 
Quote from modegolf:

Hi Coach,

For the record, you have helped me become a very successful spread investor. AND your coaching was FREE. Thank you very much.

Regarding hedging...I have found (thanks to you) that buying puts/calls when the underlying hits my "trigger", I have a way to finance adjustments if I need to. Otherwise, I treat it as insurance.

What percentage of the overall credit collected do you recommend using for hedging? Since I am prone to leg into IC's, I have been using 25% of the total credit collected for partial hedges. So far, so good.

You told me in a prior post to be wary of eating up credit for hedging, but I am tempted to make it part of my regular plan. Your thoughts?

Thanks, modegolf.
More...

That is some amazing improvement you have shown, good sir. Not less than two weeks ago, you seemed to be in the most dire straights.

modegolf


Registered: Aug 2005
Posts: 15


10-11-05 04:44 PM

Hi Coach,

Thanks for your selfless postings!

Will you please share your philosophy on hedging vs adjusting credit spreads when the underlying moves against you?

From your comments, it looks like you:

1. Identify a "mental trigger" for the underlying,
2. Hedge sometimes when the underlying hits the trigger, and
3. Adjust if the underlying breaks down through your trigger toward your short.

I just got KILLED in this down trend and need help improving my risk management approach.

Thanks,

modegolf
 
For the record, I have PMed Coach Phil several times. He has never, ever solicited any type of "service" or "mentorship" in any way. He does not push his book on this thread.

So what's really going on here? Sounds like Maverick and Jackbird are tag-teaming this thread. Who loses from the disruption? All the regulars on this thread.

Phil is awesome. You two rascals are pickpockets so you just can't believe your eyes when someone does something good. Maverick, the PM/mentoring thing, I read that you and Riskarb are into it bigtime, no? Should I post a link to the ET thread?
 
Quote from andysmith:

For the record, I have PMed Coach Phil several times. He has never, ever solicited any type of "service" or "mentorship" in any way. He does not push his book on this thread.

So what's really going on here? Sounds like a Maverick and Jackbird are tag-teaming this thread. Who loses from the disruption? All the regulars on this thread.

Phil is awesome. You two rascals are pickpockets so you just can't believe your eyes when someone does something good. Maverick, the PM/mentoring thing, I read that you and Riskarb are into it bigtime, no? Should I post a link to the ET thread?
More...

I won't speak for riskarb, but I haven't mentored a soul in my life. Sure, point me to a thread where I mention any mentoring. This should be fun. I'm not tag teaming with anybody. I simply stated some simple facts about coach's strategy and then stated my belief that he is hocking his services on ET. I was kind of half kidding that he wrote a book and had a fund and coached people. I damn near hit the floor laughing when he actually posted that he indeed does have a book out, a fund he is running and that he does coaching. LOL. Talk about irony. Wow. :D
 
I don't know how I got involved in this thread, but I'll add my $.02 since I've been maligned. I don't currently mentor anyone from this board... one individual reached me through an ET member on an IRC chat that had virtually nothing to do with trading. He contacted me on IRC, called me, and I accepted his $ offer which was mid-4-figures. I've [for free] "mentored" half a dozen traders from ET and never asked for nor received a dime from them. Andysmith, you're a complete dildo for the inference, "big time" Feel free to post thread URLs, Sherlock.

Mav is a bud, and I don't believe he has the time to mentor anyone -- considering Mav handles duties as a trader and a manager of an option prop firm -- I think his plate is full.

My thoughts regarding OC's journal are simply that the strategy is terrible, absolutely terrible... 10 or 20:1 risk/reward and this talk about rolling-vertically and hedging with flies is the equivalent of Russian Roulette. I could go on, but I will simply state we'll have to agree to disagree on methods... beyond the position-concerns I have zero issues with Phil. I don't think he's trying to sell anything. If he's marketing his book he's doing a poor-job of it here. I believe he'd pimp the book at every turn if that were his motivation.

I like to see open discussions on the topic at-hand, so good luck to all.
 
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