Whoever said I'm an American? Ok you got me, I am. Man, I thought I could hide my American arrogance. No, I agree with you. You get what you pay for. That is especially true in the world of trading. I have to give props to ToS. They are the best platform I've ever used. I'll quit my whining now. Just a temporary lapse in character.
If people didn't bitch then companies wouldn't try to make their products better. People "bitch" to TOS all the time about things they want to see added. Most companies call it feedback. People also vote with their pocket books, if you don't like the product/service don't buy it, the company will get the hint sooner or later. ryan
But the two leads of the company, Joel and Scott are good old boys from the U.S of A. Their entire business model exudes idealistic American quality, and delivers on that idea. No matter where the people are who write the software, the basic idea is, you get what you pay for 98% of the time. I'm sure the 5 people who bought a daewoo can attest to that.
That's what Americans said about Japanese cars 35 years ago......... and look where the US auto industry is today.
Say Andy when you have a chance would you give a little more detail on how you have been setting up your "spec/hedge" specifically...I think you do IC's so do you get one call and one put hedge? when do you buy it...same time as putting on the IC or when there appears to be a move toward your shorts? is the distance from the short generally the same and specific ie always 25pts or do you have another criteria such as probability of touching/expiring? also do you take it off when there is a profit and when you take it off do you then close your spread? I know you've had success with them...one month pretty big (better than the spread) so have you been doing them each month on a regular basis? tia d
I am a little obsessive (she said sheepishly) when I'm learning something new....there is just soooooo much to know, but I will take a break and watch the superbowl...go hawks, go steelers.. wait a minute...what are YOU doing here
Donna, good question and I would like the details also, espescially since Andy indicated he puts it on at the inception of the trade. Hope its not asking too much , Andy
Ok, third time typing this, computer keeps crashing and eating my message before it gets posted . I attended the free TOS Beyond the Basics seminar a few weeks ago. These guys really know there stuff! Tom Sosonoff was the instructor for the meeting along with a former OEX floor trader named Joe. I figured the seminar would be run by some TOS lackey but I was wrong. Google Tom Sosonoff sometime and you will see what I mean. For vertical spreads on indexes here are the guidelines Tom gave us: *Enter position minimum 23 days from expiration *Trade front month contracts *Go +/- 2% from the index :eek: *Take in 1/3 width of strike for your credit *Cover at 10% width of strikes Someone in the class asked about possible adjustments and Tom stated that this is a "set it and forget it" trade. He said some people like to go much farther out on the short strikes but he didn't like the very small amount of credit taken in compared to this method. I think the 2% distance from the index would mean you have to have a stong directional bias when you put on the trade. We also went over unbalanced butterfiles and condors which look very interesting to me so I will be papertrading those to get a feel for them. The double diagnonals and stradle/strangle swaps look very interesting as well. I believe these are covered more in the Learn-N-Trade and Advanced Options seminars. I learned alot at this seminar and will definately be signing up for the Learn-N-Trade and Advanced Options as soon as time allows. I am still reviewing my notes and trying to understand all of the information that was presented. My guess is that this seminar offered more information than you could get at some of those $3000+ seminars that are out there. Even the seminars TOS charges for are only $199 and you get lunch included. Just wanted to share my two cents worth and see what others have to say about Tom's guidelines. ryan
And they also say don't risk more than 2.5% of your trading capital on any one position.... so it's a completely different type of trading than followed on this board.