SPX Credit Spread Trader

TrendSailor · Feb 9, 2007

Quote from ryank:

Wow, 70% of my profit wiped out in an hour. See what I get for going out for a long lunch. Trying to lock in some gain on my tent polls. Would like to then have the market move back up and recover some.
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I hear ya - I got a moderate put spread on RUT that came close to being perforated here. I am going to rely on the strong technical support [ed] at 800.

If I had more uncommitted cash I'd be buying up the store right now since this looks like another knee jerk reaction to the scaredy cats out there. If nothing else this downside action will help stir up VIX and get us some more premium for March positions.

BUY BUY BUY

TS

dagnyt · Feb 9, 2007

Quote from TrendSailor:

You call it gloating I call it having fun & sharing in the joy with another trader; and that is my
prerogative not yours.
It's your perogative to post irrelevant information, and you are tops at doing that.

But this thead is for the purpose of discussing vertical index spreads. Along the way diagonals were added to the discussion, but boasting and gloating are inappropriate in any forum.

And I'll go one further: most people are smart enough to ignore the boasts of annonymous online posters.

So, Mark, when are you ever going to learn that no one here appointed you Custos Morum? I know you want to feel relevant and important but this is not your forum. We have had this discussion before virtually every time you open your mouth on anything I post. If pattern follows you will now log on to 2 or 3 of your many other supporting aliases to re-butt this.

To suggest that I have or need aliases indicates your ignorance.

I am a professional options educator. I share information and ideas when appropriate. You, OTOH share nothing tangible.

And this is not your forum. Primarily because you are almost never on topic.

You really take yourself much too seriously if you think your incessant mother henish admonishments to anyone who posts here without first kissing your derriere are going to garner you new worshipers and clients. yeah yeah I know you have years of floor-trading experience and have written books etc.

Just looking to share information, not garner clients. My clients are beginners, and this is not the place to find beginners. I am here to contribute to an intelligent dicussion. You are clearly here for other purposes.

But everyone with any brain figured out long ago that you are what we call a "vanity author" - a legend in his own mind. And a vanity author is somone who's ego is so huge that to feel relevant they are willing to pay vanity publishers to market their books & hire faux critiques to make glowing fake book review comments. Have you ever looked at what real people are saying about your books online Mark? I was actually embarrassed for you about what they were saying when I looked.

John Wiley & Sons published my 2nd book.

It's true I chose to publish my own the first time, but that's because first time authors have difficult finding a publisher.

You embarrassed for me? A joke.

Since I am also a published author in a different area I feel obligated to let you in on a little community secret.

If true, then don't hide behind a secret identity. Let the world know who you are, or are you to embarrassed by your ignorant posts?

Didn't anyone tell you that real authors never first pay a publisher 100% up front to get published with a minimum order size? Nope, real authors who have a real chance of actually making sales and profits for the publisher will be sponsored by them for a minor proofing fee and commission agreement. The publisher shares a large part of the risk for authors who can make them money. "Vanity Publishers" on the other hand make money by victimizing egos; e.g. wannabe's who are so blinded by hubris that they really think they are above average. Such publishers make the author pay for their ego and vanity up front in cash - and its a terrific business for them. They know that this gullible class of author is so starved for recognition and esteem that they will give away their books for free to family and friend or offer them up as cheap marketing throws to promote online sales gimmicks (e.g. "trading systems"). Nope, real publishers have real standards and real reputations to protect. That keeps the fluff out of the bookstores, the fiction in the paperback isles and the egos and vanity gathering dust in boxes upon boxes of unpurchased and unread books on the shelf at the homes of the vain and the gullible.

But you have a good day,
TS

My, my, are we a bit testy today. All your rambling simply show your ignorance. You speak as an authority, but you have no idea of which you speak. First, I bought zero of my first book. Second, There was no paying for copeis upfront.

And besides that, over 7,000 copeis were sold. To real people paying the real price. Not a huge number to be sure, but a very good result for an unknown writer with his first book.

Mark
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Cache Landing · Feb 9, 2007

C'mon you two. Can't we play nice? I doubt anyone would recognize my absence, but conversations like these are why I don't come around much anymore.

I'll do one better than both of you. I've never written a book and sometimes I LOSE money!!!!

No offense intended, but can we get back to real discussions?

El OchoCinco · Feb 9, 2007

Cache.... you left?

LOL

I have had a 1345/1355 MAR PUT spread order open most of today with no fill at $0.45 which is just off the mid. I am right now giving the finger to all MMs....

TrendSailor · Feb 9, 2007

Quote from Cache Landing:

C'mon you two. Can't we play nice? I doubt anyone would recognize my absence, but conversations like these are why I don't come around much anymore.

I'll do one better than both of you. I've never written a book and sometimes I LOSE money!!!!

No offense intended, but can we get back to real discussions?
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agreed...

TS

Cache Landing · Feb 9, 2007

Quote from optioncoach:

Cache.... you left?

LOL

I have had a 1345/1355 MAR PUT spread order open most of today with no fill at $0.45 which is just off the mid. I am right now giving the finger to all MMs....
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Yep, left for lunch. But it was a LONG lunch.

Anyway, the MM know that the market is just going to get bid back up on monday anyway. Noone gonna pay a premium for a bear put.

rallymode · Feb 9, 2007

Quote from Cache Landing:

I've never written a book and sometimes I LOSE money!!!!

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you are such a loser.

yip1997 · Feb 9, 2007

After spending quite some time with diagonal, I finally agree with RM that there is no edge in adjustment.

Adjustment = close the existing position + open a new one.

Adjustment saves money on slippage and commission if the conditions for closing an existing position and opening the new position co-exist in the same time. Usually the conditions for closing the existing positions is not the same as the conditions for opening a new one.

I used to think diagonal was good because of various ways of adjustments, but it was only a perceived edge.
:eek:

Cache Landing · Feb 9, 2007

Quote from yip1997:

After spending quite some time with diagonal, I finally agree with RM that there is no edge in adjustment.

Adjustment = close the existing position + open a new one.

Adjustment saves money on slippage and commission if the conditions for closing an existing position and opening the new position co-exist in the same time. Usually the conditions for closing the existing positions is not the same as the conditions for opening a new one.

I used to think diagonal was good because of various ways of adjustments, but it was only a perceived edge.
:eek:
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Uh oh... someone besides me agrees with RM.

Really though, there is of course no "edge" in adjustments. There are simply some strategies that are easier to adjust under various circumstances. Some might call that an "edge", but in reality it is merely a convenience, and many times convenience = less damage when a position moves against you.

dagnyt · Feb 9, 2007

Quote from yip1997:

...I used to think diagonal was good because of various ways of adjustments...

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Both verticals and diagonals do poorly when the maket moves strongly against the position.

But, to me, the major advantage with diagonals is: if that adverse move occurs near expiration, instead of being essentially naked short the ATM (as with vertical), you have a chance for a very large payday.

Mark