I've come to the conclusion that there are no retail options traders who consistently make money. The arguments for options make no sense. Hedging: the best form of hedge is going to cash. Leverage: I can get plenty of movement on my equity curve with margin alone, I don't need options to give me more anxiety. Non-directional, uncorrelated income: again, cash is non-directional and uncorrelated. Don't try to make trading more complicated. In addition, the bid ask on options is massive, I don't see any retail traders overcoming that hurdle. My point here is that options are a skimming operation, nobody makes money but the house . . . Exhibit a: This guy is very smart and knowledgeable about options . . . http://www.condoroptions.com/index.php/performance/ However his own funds performance (albeit with a short track record) is not as stellar. Kudos to the manager for being so transparent. http://www.clinamengroup.com/performance/ Exhibit b: http://www.optionaddict.net/ Back in the days of the 2003-2007 bull market, this guy got hundreds of comments per post, many of them by housewives. These days it's a bit more sedate at the Addict's site. No indications of a track record, but t-shirts are for sale. Exhibit c http://slopeofhope.com/ He regularly trades scores of put positions at a time, sometimes with 20% swings in his account, according to Tim himself. I really don't understand that sort of leverage, but he got bought out by Investools, so he can afford it. According to a recent post, "trying to make a buck over the past year has been the triple-diamond-black slope of trading history. It's been just miserable." So my point here is that there's no evidence any of these people are making money . . . and every reason to believe that they're not. Until I see evidence to the contrary, I will continue to believe that a) options attracts gamblers with huge appetite for leverage and b) in the long run, only the house wins.