What Options book are you currently reading?

[taowave]

You just stated precisely why most Momo guys don't touch options...Value plays are a different story...

Lmk what you think of "Trading Volatility"..

I was pretty decent at picking direction...unfortunately it was usually after a big move or reversal when IV is elevated...and although the trend would continue in my favor, crush and theta ate me up.

I get what you're saying about keeping it simple...but nothing about options is simple. They are extremely complicated and not taking the time to learn the details absolutely killed me.

 

[zghorner]

Look at each day's chart.
The S&P, SPX.

Each day...there is usually an obvious, major, line movement. Can you imagine if you bought ATM, at the money strikes, on or near that exact spot...and sold at or near that exact spot. You would make a lot of money fast, your account would grow so rapidly.

Its funny you say that the last strategy I employed was doing exactly this. Buying highest gamma strike (which is pretty much always ATM) either SPY calls or VIX puts depending on premium/DTE, how S&P opened, etc...basically odds are in my favor simply because most of the time it goes up.

Its a viable strategy and i made money doing it considering its nothing for those options to move 50% in a day...just still get the feeling that it is gambling...and I have gambled away too much money doing this and looking for better ways to trade.

 

[SPX Options Trader]

Its a viable strategy and i made money doing it

still get the feeling that it is gambling...and I have gambled away too much money doing this

Well, like I said...the Devil is in the details...experience, process, mindset, understanding, expectations, approach and skill.
For some, probably many,...it can be considered nothing more than just gambling. Different people see different things.

Don't kid yourself. We're All gambling, at the end of the day. Less risky people, experience less rewards. While more risky people, can get handsomely paid for their risk, and skill.

 

[zghorner]

Well, like I said...the Devil is in the details...experience, process, mindset, understanding, expectations and skill.
For some, probably, many...it can be considered nothing more than just gambling.

That’s true. It’s only gambling to me because I really don’t feel like I know what I’m doing even after two years…I don’t have the experience or the mindset/positive expectation.

 

[taowave]

Two years is when you are just good enough to be dangerous..

There are some really sharp guys on this board who are exceedingly generous sharing their knowledge...you probably know who they are..you will gain more from them than most books

If you are halfway decent directionally,you are way ahead of the game.At some point I would take a look at ORATS and decide for yourself if trading options directionally offers any edge over trading the underlying...

That’s true. It’s only gambling to me because I really don’t feel like I know what I’m doing even after two years…I don’t have the experience or the mindset/positive expectation.

That’s true. It’s only gambling to me because I really don’t feel like I know what I’m doing even after two years…I don’t have the experience or the mindset/positive expectation.

 

[zghorner]

Two years is when you are just good enough to be dangerous..

There are some really sharp guys on this board who are exceedingly generous sharing their knowledge...you probably know who they are..you will gain more from them than most books

If you are halfway decent directionally,you are way ahead of the game.At some point I would take a look at ORATS and decide for yourself if trading options directionally offers any edge over trading the underlying...

Reading through Atticus’ old journals lately taking notes…great reminder of how I absolutely don’t know shit lol

 

[Windlesham1]

Let me know if that book makes you a millionaire...or thousandaire, or hundredaire, or dollaraire....by actually utilizing the information in the real world.

I truly do, hope, you become a millionaire or thousandaire...but I won't be holding my breath, waiting.

I run a blog -weekly trades though I've day traded options. Firs ttrade was in 1999 and I'm still here, paying the bills.

 

[SPX Options Trader]

I've day traded options
Firs ttrade was in 1999 and I'm still here, paying the bills

You've been day trading options since 1999...and you're still here paying the bills? If I understood you correctly,
I would expect someone like that to be a millionaire, many times over, already.

No offense, but you are a dumb student, learner, observer of nature. Just calling it like it is; the reality of it.
A new intelligent, bright, trader should generally be somewhat consistently profitable after a couple of years of solid learning, understanding and observing the market. And his own psychology and mentality and philosophy.

If all that is covered...the beauty of consistent compounding and growth should make someone reach their treasure land, relatively quickly.

 

[The_Krakenite]

You've been day trading options since 1999...and you're still here paying the bills?

To be fair, didn't famous traders like Neiderhoffer go through this Riches-to-Rags story more than once? At his investor's expense...

 

[taowave]

Impressive..You can judge someone's net worth,success from a simple "still here ,paying the bills"??

You've been day trading options since 1999...and you're still here paying the bills? If I understood you correctly,
I would expect someone like that to be a millionaire, many times over, already.

No offense, but you are a dumb student, learner, observer of nature. Just calling it like it is; the reality of it.
A new intelligent, bright, trader should generally be somewhat consistently profitable after a couple of years of solid learning, understanding and observing the market. And his own psychology and mentality and philosophy.

If all that is covered...the beauty of consistent compounding and growth should make someone reach their treasure land, relatively quickly.