and is now offering his advise as paid subscription! speechless..... http://www.thestreet.com/story/10409089/1/lenny-dykstra-deep-in-the-money-calls.html
That's ole Lenny "Nails" Dykstra. Buys DITM calls in place of stock. He either gets a profit, or averages down, and down, and down... Disapeared during a previous market dump. Or at least it seemed that way.
He retired from baseball long before the roids scandles and he's basically admitted he used them. He's also been burried like a dead dog in the market. His whole strategy was to buy dseep calls on stocks he picked. It worked well in the bull market of 2003 to 2007.
He was with the Mets during their big years in the late '80s. Made a ton of money selling carwashes he invested in. Don't know about his investing skills but he says be became self directed after his financial adviser lost a bunch of his money. I didn't see him on Real Sports with Bryant Gumbel but a friend of mine said he was pretty funny talking about ex pros and their money. Said something like "you get your 10 million contract, then your big house and cars and high flying lifestyle, and after that you know what you are left with?" Someone said "1 million?". Dykstra answered "your're left with your dick in your hand." Of course he missed out on the $100 million contracts today's stars get.
He was a bit player with the mets his ball career was much bigger with the Phillies. The funny thing is when you see a picture of him with the mets and then with the phillies, his head grew 5 sizes and he bulked up 40 pounds.
his ball career is ok, but his "proprietary" DITM call strategy is a different story. It's basically buying naked DITM calls 3 month+ out, limit your winners to $1 max, while letting your losers ride with martingale as stop loss... Lenny dykstra was doing well durin the first part of 2007 bull market, proudly posting his p&l chart very week. When the market turned second half, he got killed, cooked up some excuse and left. Before he left he promised to at least continue update the weekly p&l charts and open positions as to "not leave the readers hanging". Never happened. Looking at his open positions right before he stopped updating (at least a dozen+ trades each with 10+ contract min, some tripled down already ), he got destroyed but of course none of the losses are on his p&l chart if you try search back, because he stopped updating them. The reason i care about this guy was because he's the one that first introduced me to options (ouch!), and my biggest losses last year are all from following his advise before i knew any better. So he will always have a special place in my heart