Maybe I shouldn't have put this in the options category, as it applies to all types of trading, but a buddy of mine used to piss me off so badly with his "complex" options positions, I thought I would put it here. I remember walking over to his desk on a regular basis, and seeing half of a page of option positions on SPY. I don't consider myself an adept options trader, but I know my greeks very well, and I'm pretty good at identifying synthetics. But I would just tell him, "Dude, if you combine these 3 positions, you're long the SPY, and if you combine these 4, you're short SPY. If you combine those 7, you're short 1 Delta." And there would be many SPY positions in addition to those. He was a very smart guy, but he was addicted to the idea that complexity was the road to success, so he would put on leg after leg of certain strategies, trying to outsmart the other guy. And the result would be the above. The last I talked to him was over a year ago, and he was thinking of opening a pizza joint. I don't know why I'm so mad today, and why I feel like ranting, but I feel the need to share the idea that simplicity is completely acceptable. Maybe it's the "why isn't the obvious not so obvious" thread, and the fact that I just read The Alchemist. What a simple and amazing book. Bottom line is this: Research is a necessity. Backtesting is a necessity. Extremely hard work and tenacity are necessities in this business. And then it gets hard, when you need to get to know yourself. The need for complexity is a myth. You're not going to beat the rocket scientists (literally) at Goldfish or JPM. But you don't have to. That's the point. Done ranting.... for now.