just go to collective2.com and pick a couple of trading systems to subscribe to. you'll make money if you can pick the right systems. all kinds of traders on there, including options guys.
Trish: I have a quick question. How is it that you were able to obtain what you call "advanced training", without knowing how to use Theta or Vega (as you point out on page 2)? Thanks, Steve
Hello Trish: Truth of the matter is that not having a complete understanding of Theta and Vega means that for every trade you ever put on, you gave up a significant part of whatever edge you had. That would include straddles, strangles, spreads, the whole works. Just depends on how you want to approach the work. In my experience, professionals generally want to go from point A to point B directly. Amateurs may like to take the longer "scenic" route. It certainly is up to you. Good luck, Steve
theta ...vega...not that important...know delta...and know your UNDERLYING...if you're holding an option long enough for theta or vega to matter...you're messing up
Wrong..Wrong...Wrong If someone else is paying the rent (Theta) knowing about it is very important. So anytime you are selling premium, knowing how Theta acts is very important. Think for a moment before you post. If YOU are paying the rent (because you are buying premium) knowing how Theta acts is very important. Again it would be refreshing if one of you hosers took a moment to think. Knowing how Vega acts is also very important. Get an education before you post this crap. Steve
theta may be slightly important...i think we are looking at different trading ideas...i am talking more about buying options..as opposed to selling them...when buying options...the biggest thing is the underlying...its obvious that options lose time value as time passes...but if you're buying options on a "go nowhere" underlying ...who gives a shit about any greeks...compare your delta to your time value and make sure you have a moderately good beta around 1-1.5..(if stocks)..for futures..volatility comes and goes...
I promised myself I wouldn't enter into the moronic-fray... vega is all-important as you increase duration and you trade atm. Gamma is all-important as you decrease duration. Theta is gamma-loan, as has been discussed. If you honestly believe that vega-risk isn't important then you've absolutely no business trading options in any capacity other than a proxy for stock[+/-90d]. Beta is meaningless whn those options you bought at 80% on the vol-line open at 50% after earnings. Options should not be routinely-traded as a fcuking substitute for SPOT!
Thank you sir, and I agree. It was a mistake for me to get involved with this crap. Lesson learned. Steve
OK Trish (and anyone else who cares to pay attention), you just got a $3,000 lesson in Options Trading, Level IV. Look all those terms up and make sure you know them by heart, backwards and forwards, and what affect they have on any position you might be comtemplating before you put on your next trade. My only question is, with all this knowledge out there, how does niederhoffer continue to screw up? Later, Jimmy P.S. Are you kidding me? The reason nobody knows this ... is because they don't teach it!