Hijacked handle. Brandon was a good fella. http://www.elitetrader.com/vb/showthread.php?s=&postid=2894651#post2894651
I agree. I can't believe its actually him promoting these robots. someone hijacked his name to run these scams. really sad. www.forexspectrum.com
An image from the ForexSpectrum site: I don't think Brandon's name has been hijacked, the ForexSpectrum site is probably his. He was always pushing crap on ET and his illness was probably a scam, even though those videos of him in the hospital seemed very authentic.
I did not follow the rules in Kim Snider's system during this trade. I got greedy with a 70% probability trade... Alrighty..wow..lol.. I am not "brandon fredrickson". lol. I am simply a person who is just learning about stocks and options and this is a legit thread. No trolling or spamming on my part. I am simply looking for counter arguments against this system...like a constructive debate. If you don't know about how her system works, please don't troll this thread. If you get .50 of premium every single week with 10 contracts...and you win just 80% of the time... thats $4000 in earnings. The other 20% of the time...lets say you have to buy back your spread at $1.50 per contract... thats $3000 in total loses. This does not take into consideration that when you buy back the spread to close, you can limit your losses by opening another position. You also have to consider the credit you received when you first opened your spread. Also, when certain weeks really go your way you can roll your spread up or down and make even more. Any flaws in my reasoning?
"If you get .50 of premium every single week with 10 contracts...and you win just 80% of the time... thats $4000 in earnings. The other 20% of the time...lets say you have to buy back your spread at $1.50 per contract... thats $3000 in total loses. This does not take into consideration that when you buy back the spread to close, you can limit your losses by opening another position. You also have to consider the credit you received when you first opened your spread. Also, when certain weeks really go your way you can roll your spread up or down and make even more. Any flaws in my reasoning? " where are the stats to back this up, can her system guarantee you won't get blown out, I have no idea what the system is, please walk us thru any and all premium selling scenarios, etc. I am not picking on you or Kim but I really doubt she is in the same league with even an avg market maker on the CBOE.
l3randonf, I am assuming you are seriously asking and not here to pump Snider but either way I can provide you some info on Snider. My friend's parents were preyed upon by Snider and her strategies a few years ago. Look at the website, geared towards people in or heading to retirement that can't afford to risk the capital. She used to teach covered strangles (buy stock, sell call, sell put). Besided the fact that this can be done with two naked puts at a lot cheaper price, teaching this as anything but a speculative bullish strategy is a crime. Guess what? Stocks picked went in the tank (winter as she called it) so options couldn't be sold against them resulting in a massive hit to the account balance holding a bunch of securities you can't sell that "bond like" income she was touting. Now it is on to credit spreads and even worse, weeklies. If you do some research, you will find that weekly options are not as liquid, and don't offer the true theta decay you think you are getting (remember the classic linear curve in theta decay only applies to atm sold options). Remember, someone is on the opposite side of you buying that 85% probability option and they are probably a heck of a lot smarter. Do yourself a favor, read some books and trade monthly options. Learn how to adjust, it is the only shot a retail trader has and then start trading weeklies.
which books and why monthly options? My friend's parents showed me a book or two and the books quickly went over my head. I've lost hope on an options trading book that speaks in terms that newbies can understand.
Wade Cook Wall Street Money Machine is the authority on options....just kidding!! If the books are over your head, you need to take the time to learn options so that they don't. Go to cboe.com and register so you can watch their free webinars. Give yourself 6-12 months of just watching these, reading, and papertrading and see how it goes.