After several years trading options I came to the same conclusion - too many smart people in this space. Both are very valuable perspectives. Thanks. Aquarians, when you did your fundamental modeling, did you use the basic BSM model or did you have to use a more sophisticated higher level mathematical model? Also, my biggest problem is managing risk. Quite often I took profits too soon and missed out on big run up but other times, waited too long and saw my significant gains turned into significant losses. It was extremely frustrating. This thread is extremely helpful. Regards.