to destriero (and all others that can help)

JSOP said:
People are not reading my posts of course. I never said greeks do not matter but greeks are not definitive nor is it set in stone. It only reflects the risk, exposure and payout profile of the option position AT THE TIME. Once the underlying changes, everything goes out of the door. So yes it's great to have some idea of what the position is and could be doing from reading the greeks but there is no point insisting on them and treating greeks like the bible or something.

At the most, I think of greeks in options are like the readings on the dashboard on a car. It only shows how the car is what the car is doing at the moment but never what's exactly going to do in the future. So there is no point obsessing over them. The most important thing to do is to focus on the road. That's what determines how you will drive your car.
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Ive read your posts. You are out of your depth here. But it’s too much typing to correct you as others have already.
 
newwurldmn said:
Ive read your posts. You are out of your depth here. But it’s too much typing to correct you as others have already.
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. Ok whatever. If it makes your ego feels better. As long as I can make $$. I really don't give a f*** about the rest.
 
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You just figured out that spreads have limited upside and downside??

Flys are Expensive.?? Relative to what??

Numnuts,this thread is directed toward Des,and if you read one thread of his with an open mind you would have a clue to why I brought up butterflys ..

Far worse is you are way off on almost every point,yet instead of being open and learning, you act like a dick.....










JSOP said:
Still doesn't change the fact that IMO option strategies that try to limit direction and magnitude are 1) very limited in profitability and 2) expensive. Verticals might work better because it's 2 legs so the cost is not too much but depending on the strikes of the 2 legs, it's basically a trade-off between profitability and how much delta and gamma risk you can hedge away.

Why are you so obsessed with butterflies? LOL This is what you trade? If you split butterflies up, they can be split into so many different combos, verticals, calls and puts individually, strips/straps, straddles even depending on how you split them. But what does it matter? LOL They still limit profitability and expensive and imo are very ill-suited for small trading accounts.

You are dest!! Definitely!! Only dest can be this dense, stubborn and obsessive. LOL And you said you have insight into what he trades. Nobody is supposed to have insights into what he trades. LOL
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Yeah go obsessed with your "flies" and pretend to be some kind of option "gurus" just because you can show off some greek alphabets LOL. If you know all about options, you should be able to explain everything without using any technical jargons so everybody can understand. The only wannabes are the ones who know s*** and spew out some technical jargons to act big and play the victim when people call them out.

Dest, like many have said here, with his so called "strategy" if he has one, as how it was presented, is going to be eaten alive with commissions and would be barely profitable. People want to try his strategy out that's their choice. To me, he's just another pathetic mouthy troll. Looks like you are the same. Anyway he's not even entertaining and is more annoying than tone-deaf idiots in a karaoke bar so I have him blocked and looks like I will be blocking @taowave soon as well.

Anyway I answered OP's original question. I did my part.

JSOP said:
And to come back to OP's very original question, 13 pages ago. You just need to read any financial books that teach options (NOT the ones from James Cordier - Stay away from those if you see he is the author!!) or just simply read through investopedia.com. Bottom line: stick with books or websites that actually teach about options, its pricing theory, how they work, its greeks (make sure you understand them), the different combos/strategies (make sure you know how to draw a payoff diagram - this is VERY important!!) and stay away from books/strategies that tout a particular strategy like it's some kind of holy grail or miracle option strategy. Just like any financial assets, there is NO holy grail in options trading either. It's very important that you remember this. And then start off with demo trading and then eventually live trade to practice what you've learned from the books/websites. I would say trading practice is more important than theory in options trading because large part of the profit depends on the execution more I find than any other financial assets. If you are able to get a good execution, then the MM will get screwed (sometimes it happens and it's a great feeling when it does :)) but if you get a bad execution then you get screwed. It's really that cut-throat sometimes.

Options, once you understand everything is not that complicated or that mysterious IMO. So don't get fooled by those "gurus" who walking around like they know some kind of secret(s) to options or options trading that are superior than others. All those who thought they did all eventually failed. All it is just knowledge and lots and lots and lots of practice.

Good luck! Sorry it took me so long to answer your question. I got distracted a bit by the trolls on here.
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Lol@ blocking Taowave..Is that a promise or the same threat??

What's with the commisions???
I'm guessing you are at IB.
Check out TOS....

Keep in mind there are no victims,only volunteers..You opted to chime in on a thread titled "To Destriero'..You knew you had to bring your A game.....

JSOP said:
Yeah go obsessed with your "flies" and pretend to be some kind of option "gurus" just because you can show off some greek alphabets LOL. If you know all about options, you should be able to explain everything without using any technical jargons so everybody can understand. The only wannabes are the ones who know s*** and spew out some technical jargons to act big and play the victim when people call them out.

Dest, like many have said here, with his so called "strategy" if he has one, as how it was presented, is going to be eaten alive with commissions and would be barely profitable. Just another pathetic mouthy troll. Looks like you are the same. Anyway he's not even entertaining and is more annoying than tone-deaf idiots in a karaoke bar so I have him blocked and looks like I will be blocking @taowave soon as well.

Anyway I answered OP's original question. I did my part.
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lol there are no comms. Only reg and clearing fees. You would have had an ounce of cred if you'd stated the microstructure blows out or the NBBO is too wide to effect a fill w/o a huge edge loss, but you're harping on commissions.

Say you're in an IRA and you have to trade covered but want to short a straddle. You buy garbage wings which now qualifies as LRO and acceptable inside an IRA. Just one of many practical applications of complex spreads. I can show anyone here asym-flies that are tighter than the shares.

Structures aren't an edge. An asym-fly isn't even a fly, it's a synthetic condor, but you want to harp that somehow anyone is suggesting that structures are an edge. Forget structures and learn how to develop an edge bc it's obv to everyone here that you don't know what you're doing.
 
JSOP said:
Yeah go obsessed with your "flies" and pretend to be some kind of option "gurus" just because you can show off some greek alphabets LOL. If you know all about options, you should be able to explain everything without using any technical jargons so everybody can understand. The only wannabes are the ones who know s*** and spew out some technical jargons to act big and play the victim when people call them out.

Dest, like many have said here, with his so called "strategy" if he has one, as how it was presented, is going to be eaten alive with commissions and would be barely profitable. People want to try his strategy out that's their choice. To me, he's just another pathetic mouthy troll. Looks like you are the same. Anyway he's not even entertaining and is more annoying than tone-deaf idiots in a karaoke bar so I have him blocked and looks like I will be blocking @taowave soon as well.

Anyway I answered OP's original question. I did my part.
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You lost all of us when you stated you "don't earn on vol when you are short volatility." The rest is just gravy.
 
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