Vanzandt vs. Destriero Trading Competition

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GOOGL again my nemesis; this time it's about to invert on the upside, but the size is manageable for the journal at -40D. The IC came in huge on the mark-down into the holiday, so I got it off early enough (to open the position).
 
DEST16: Long two GOOGL Jul13 50/60 call verts from 4.05. Hedge against my 132 flies.



2018-07-02_1252.png
 
DESTVZ1: L 4 GOOGL Jul6 1087/1125/1200 231 puts from 43.75 EOD 43.55 OUT 35.85 (3,160)
DESTVZ2: L 20 TSLA Jul6/13 340 put calendar from 3.48 OUT 3.58 $200
DESTVZ3: L 10 AAPL Jul6 180/185/195 in puts from 5.87 OUT 5.90 $30
DESTVZ4: S 4 SPX Jul9 2650/2680/2770/2800 iron from (6.45) OUT 7.70 ($500)
DESTVZ5: L 12 SPX Jul3/9 2715 put calendar from 7.8 OUT 9.05 +1,500
DESTVZ6: L 10 SPY Jul9 272 puts from 1.95 OUT 3.34 +1,390
DESTVZ7: L 3 SPX Jul9 2675/2700/2750 231 in puts from 10.75 OUT 14.35 +1,080
DESTVZ8: L 2 ESU8 from 2724.00 OUT 2716.00 ($800)
DESTVZ9: L 1 ESU8 from 2720.75 OUT 2708.75 ($600)

($860) to date. Flat positions.

DEST10: L 3 GS Jul13 200/225/237 132 in calls from 14.82 EOD 16.26 +432
DEST11: L 4 BA Jul13 300/340/360 132 in calls from 23.65 EOD 25.17 +608
DEST12: L 3 AZO Jul20 600/680/720 132 in calls from 44.55 EOD 45.40 +255
DEST13: L 1 SPX Jul9 2630/2730/2780 132 in calls from 53.45 EOD 56.85 +340
DEST14: S 5 SPX Jul6 2640/2670/2760/2790 irons from 4.60 EOD 2.90 +850
DEST15: L 2 GOOGL Jul13 1070/1140/1175 132 in calls from 30.40 EOD 28.35 (410)
DEST16: L 2 GOOGL Jul13 50/60 call verts from 4.05 EOD UNCH
DEST17: L 1 SPX Jul6 2730/2770/2790 132 in calls from 9.35 EOD UNCH

+$2,075 on open positions.
Previous balance 99,140 (max draw)
MTM = $101,215
53% allocated
 
lol I am on ignore yet now banned from vanzandt’s thread for posting that his mark on the VMC puts is magical. The NBBO is a dollar-wide and virtually all the profits attributed to an impossible MTM.


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destriero said:
lol I am on ignore yet now banned from vanzandt’s thread for posting that his mark on the VMC puts is magical. The NBBO is a dollar-wide and virtually all the profits attributed to an impossible MTM.
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I can see why Baron did this, to give VZ a bit of breathing space in his own journal, but he certainly should address this issue. For years people complained about how trading SIM via their platform was unrealistic because they could buy the BID every time and sell the ASK, making it seem like they could scalp all day long but once they moved to live trading, their strategy quickly fell apart since they obviously weren't getting the fills.

Now you did say here that ..... " I suggest that we simply use NBBO mid on all option singles, spreads and combos." So technically is he still playing within the rules, even though the spread is a dollar wide?

https://www.elitetrader.com/et/thre...rading-competition.322518/page-9#post-4682187

Just to confirm, are all your trades live trades that were executed on the exchange?
 
Gotcha said:
I can see why Baron did this, to give VZ a bit of breathing space in his own journal, but he certainly should address this issue. For years people complained about how trading SIM via their platform was unrealistic because they could buy the BID every time and sell the ASK, making it seem like they could scalp all day long but once they moved to live trading, their strategy quickly fell apart since they obviously weren't getting the fills.

Now you did say here that ..... " I suggest that we simply use NBBO mid on all option singles, spreads and combos." So technically is he still playing within the rules, even though the spread is a dollar wide?

https://www.elitetrader.com/et/thre...rading-competition.322518/page-9#post-4682187

Just to confirm, are all your trades live trades that were executed on the exchange?
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Wow, that pic from the iPhone was massive.

No, not all are filled. I can elaborate going forward (actually I have to date) on which positions are taken and which are not. I wasn't going to sub-account for this skieve. Further I cannot, as over 90% of my trading is in an mIRA. I can't simply allocate to subs w/o pulling cash from an IRA which I am not going to do.

I use a parenthetical when it's traded and hits the post. IOW, you'll see a ( ...... ) when it's traded in an account. I almost never do the 132/231 as a DITM leg as it's better on microstructure to trade the OTM synthetic. The problem with posting the synthetic is that it's harder to conceptualize for almost everyone here but former MMers. Not a crutch, simply the truth.

I am using mid but only trade SP500 street vol. I am not trading singles that are 100-wide, that's simply a con.

No, I am not trading at mid in my mIRA. I average 22.5 cents off-mid on SPX; 40 cents off mid on NDX; street vol obviously varies but I have traded AAPL tighter than the market in the shares.
 
destriero said:
Wow, that pic from the iPhone was massive.

No, not all are filled. I can elaborate going forward (actually I have to date) on which positions are taken and which are not. I wasn't going to sub-account for this skieve. Further I cannot, as over 90% of my trading is in an mIRA. I can't simply allocate to subs w/o pulling cash from an IRA which I am not going to do.

I use a parenthetical when it's traded and hits the post. IOW, you'll see a ( ...... ) when it's traded in an account. I almost never do the 132/231 as a DITM leg as it's better on microstructure to trade the OTM synthetic. The problem with posting the synthetic is that it's harder to conceptualize for almost everyone here but former MMers. Not a crutch, simply the truth.

I am using mid but only trade SP500 street vol. I am not trading singles that are 100-wide, that's simply a con.

No, I am not trading at mid in my mIRA. I average 22.5 cents off-mid on SPX; 40 cents off mid on NDX; street vol obviously varies but I have traded AAPL tighter than the market in the shares.
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Really nice of you to provide a detailed reply.

I find it interesting to read your trade comments. I don't understand the options side too well, but its fascinating to see how you're always adjusting positions, and perhaps this is the magic of options, in that you can be wrong, but still make money somehow with tweaks.

Your two futures trades were both losers, but if I recall, they might have been a hedge for some of the options, so perhaps the fact they were losers isn't a bad thing since it means your initial trade worked out. Can you comment on your trading if you're just trading futures outright or playing the index directionally via a simple SPX call or put for example? In other words, are you able to get in the market at the right time and in the right direction to make fairly consistent profits? Or do you prefer to play the options game cause you have a better/different edge here?
 
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