An insiders chat with Charles Cottle-- TOS founder

Discussion in 'Options' started by marketsurfer, Feb 9, 2013.


    Dave: Let’s start off by getting a bit of history about yourself. I know you have had tons of experience in and around the option markets. What first got you interested in options?
    Charles: I was an accountant. I use to track the transactions of my clients and I got very interested in the workings of options. I then had the opportunity to visit a friend who was trading on the floor. This was an amazing new world that I never even knew existed, even though my office was just down the street for years. I worked at a family accounting firm during the summers. At this point, I was a year out of college and I visited the floor. Several of my friends were starting to trade futures. Futures did not attract me, but options seemed intriguing. It seemed like you really could control the risk. I went to a free seminar and came back to the office and said “I’m giving a years notice to this family business of 65 years.” Then I went down to become a trader.
    Dave: Wow, that took some nerve leaving the security of the family office. We are talking about Chicago and the CBOE?
    Charles: Correct.
    Dave: What was your evolution on the floor? Did you start out as a clerk or did you step right into trading?
    Charles: I stepped right into trading. I read a few books and figured I didn’t have to go that route. The market told me differently, because 6 months later I lost all my money. I just didn’t understand things. I thought when the customers were buying I could just take the other side and bet against them. I had no idea on how to take on an inventory of options. The other guys in the pits seemed to be so emotionless about every single trade they made. I was riding on every single contract that I had. I was basically hoping, praying and doing all the wrong things.
    Dave: What was the path between being a losing trader and the thinkorswim brokerage launch?............
  2. Wonder if he got a piece of TOS when it was sold to Ameritrade?
  3. good stuff surf. The biggest trader in the oex pit was someone you never heard of classy guy too. :)
  4. His book is good although his doodling for dissecting positions still mystifies me.
  5. thanks, Kinggy. Yeah, my first option trade was in the OEX-- those were the days! any hints who you are talking about?? :D :eek:

  6. initials JC a big local.:)
  7. Interesting, thanks! surf
  8. " turned that down because I was on a mission to learn everything that there was to know about options."

    thats so me the last year and a half! ..
  9. Funny! Cottle is a character, you would probably get along well with him. surf:D
  10. i'm still living the very first part of his story.... haha... takes balls to walk out of an accounting business onto a trading floor and just take the opposite side of all order flow!
    #10     Feb 10, 2013