the best practical trading book out there--- and written when Althucher was friendly with VN---- hmmmmmm :eek: ps. shhhhhhhhh, don't tell gabfly-- he may actually start making money if applys the knowledge in the book......
I think Victor welcomes all new members and visitors to our community at www.dailyspeculations.com. I am so delighted that there are new readers as viewed by the page hits. As this thread did reveal that there are true interesting writers, I wanted to share that this Thanksgiving Victor would like "to have an uplifting story to tell to the assembled guests and many non-flexions who read our site." Victor had made a formal invitation to submit any original work. It does not have to be a lengthy piece, a brief one will be sufficient. Victor proposes a contest "for a good original Thanksgiving story in the line of how a great hero celebrates or handles Thanksgiving. Someone like Stubby Pringle, or Jack Aubrey, or Jean Valjean, or Matt Dillon." He will offer a prize of $1,000 for the winner. Please visit the site and note the genuine offer under today's date, November 22, 2010. I really think that by careful analysis, with a broad based completely open mind, clear to new paradigms, all can continue to learn... and earn, in the markets. Cheers during this holiday season!
Dear startraitor, Thank you so much for those kind words. Blessings are what each one of us need to fathom and get through this often difficult life. I trade only a fraction of what I used to, and I am mostly involved in this board and other sites to share my scars and help some traders avoid the pitfalls that I fell into. However, some people just must learn by themselves, however painful it may be, even though they have received so many warnings. I will concede to many that blindly selling cheap premium can be a horrible strategy. Selling cheap gamma can be so seductive for the reliable theta decay, and the high percentage success. It is not dissimilar to having unprotected sex with young attractive prostitutes. The temptation is addictive, but the likely eventual consequence can be life changing (not to mention a very angry immune system). A high percent success on a trade is not a theoretical edge nor does it reveal a positive profitable expectancy. I have never advocated a pure selling of vol and/or gamma as a certain formula for magical profits. If one weighs the risks, and times the trades with careful scientific testing, then profitability can be realized--although it is not assured.