Vanzandt vs. Destriero Trading Competition
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Why paper-trade?
- It was the only way to convince numbnuts to enter into a competition.
- No way that vanzandt would agree to trade a legit account; doubtful he has a balance.
- The intent was to move funds, and back, within the 60-days. Would have done so during the first-week to allow myself some overlap between the end of contest and the 60-day window.
Why a 60-day competition?
-I was intent on moving $100K to taxable as I'd be able to rollover within the 60-day IRS window.
Why did vanzandt leave and ban me from his thread?
-He's scammin'
- It was the only way to convince numbnuts to enter into a competition.
- No way that vanzandt would agree to trade a legit account; doubtful he has a balance.
- The intent was to move funds, and back, within the 60-days. Would have done so during the first-week to allow myself some overlap between the end of contest and the 60-day window.
Why a 60-day competition?
-I was intent on moving $100K to taxable as I'd be able to rollover within the 60-day IRS window.
Why did vanzandt leave and ban me from his thread?
-He's scammin'
I am trading a substantial % of positions in my IRA. I cannot trade futures in an IRA, so those fills are sim, but always marketable.
I considered posting real fills when available and "splitting the difference" on sim-fills (i.e. market $0.80-wide; mark fill to price $0.20-off mid), but decided on 0.5% off mid when contest is over. The reason for the 0.5% figure over "splitting the difference" is that I won't need to screenshot and account for the NBBO as well as the mid, and it equates to a figure that is close to my actual edge-loss in SPX and NDX (a bit exaggerated at 0.5%).
I will post the "raw" PNL as I have been doing to date, and then a "marketable" net PNL at the end of the 60-days.
*Why is 0.5% somewhat unrealistic? Why is any "inside" sim-fill unrealistic?
- Not on value, but on time. Posting an edge-loss, after the fact, negates the issue of sitting/babysitting a limit-order. Marketability is not an issue as you're "filled" instantaneously. Obviously this is not realistic.
Edge loss calc:
DEST18 open 46.70 ($23.25 edge loss); 49.00 close? ($24.50 edge loss). Reduce gain by $47.75 per lot.
Edit: I have not closed DEST18. Using the trade as an example.
I considered posting real fills when available and "splitting the difference" on sim-fills (i.e. market $0.80-wide; mark fill to price $0.20-off mid), but decided on 0.5% off mid when contest is over. The reason for the 0.5% figure over "splitting the difference" is that I won't need to screenshot and account for the NBBO as well as the mid, and it equates to a figure that is close to my actual edge-loss in SPX and NDX (a bit exaggerated at 0.5%).
I will post the "raw" PNL as I have been doing to date, and then a "marketable" net PNL at the end of the 60-days.
*Why is 0.5% somewhat unrealistic? Why is any "inside" sim-fill unrealistic?
- Not on value, but on time. Posting an edge-loss, after the fact, negates the issue of sitting/babysitting a limit-order. Marketability is not an issue as you're "filled" instantaneously. Obviously this is not realistic.
Edge loss calc:
DEST18 open 46.70 ($23.25 edge loss); 49.00 close? ($24.50 edge loss). Reduce gain by $47.75 per lot.
Edit: I have not closed DEST18. Using the trade as an example.
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How is paper-trading at mid useful?
- The midpoint on complex spreads and combinations is a practical fair-value figure. The mid is an average of the NBBO spread. Midpoint is useless in delta-one, but contains much analytical value in vol-trading.
- Price-makers (MMers) fill optimally--NOT at mid. "Filling" at mid is consistent while not representative. The midpoint between price-makers and price-takers.
- No fudging. It tells the participant what the true value and movement in vol has been seen throughout the holding period.
- The midpoint on complex spreads and combinations is a practical fair-value figure. The mid is an average of the NBBO spread. Midpoint is useless in delta-one, but contains much analytical value in vol-trading.
- Price-makers (MMers) fill optimally--NOT at mid. "Filling" at mid is consistent while not representative. The midpoint between price-makers and price-takers.
- No fudging. It tells the participant what the true value and movement in vol has been seen throughout the holding period.
I probably missed a discussion earlier, but why is papertrading even a thing in a "trading competition"? An excellent approach would be for both contestants to open real-money accounts and give read-only privileges to a special master trusted by both, who could periodically report actual results and monitor for compliance with contest rules, "no short Greeks" or whatever. Seems ridiculous to try to "account" for phony papertrade "fills."
I am using my IRA. I take the positions that I can but can’t trade futures/futures options. It is a marginIRA. Surf, let us know when you open a big-boy trading account, not Nadex, and I’ll be happy to oblige you. I was going to move IRA money to a taxable account. I cannot force the guy to get blood from a stone—there is no way that Vanzandt would have agreed to real-money.
The guy choked on Day 2 and ran away.
WTF with “no short Greeks?” No short delta, gamma?
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