Now you know why I didn't answer your bogus PM. Public recognition? You have no idea who I am, and I've never publicized my identity. You have me confused with mr. market. I've had many loosing trades, just no losing YEARS. Yes, alot of people doubt me on ET, and since I have the proof in the form of a financial audit, why not shut the doubters mouths and make some cash? Meanwhile, I choose to remain very anonymous, which puts to bed the ridiculous assertion that I need recognition.
By the way I have no idea about anyone on this board (except Don Brigh) so I act accordingly. You'll never be able to shut anyone up with your bogus posts all your posts are full of BS. when next top is coming up?
looks like you have a better chance to make money placing bets on ET than trading with your tops calling by the way how many tops did you call?
Mr. Waggie945... I can't agree with your assessment about James's credibility. I've found this thread quite entertaining and colorful. James may not be likable--he gloats about calls, may be considered arrogant, etc. However, he made a challenge, laid out terms in that challenge, and had no takers. He is not the one who lost credibility. He also made a market call, and subsequent market action confirmed his call. This is documented, therefore, beyond dispute. He wins on this accord also. James may not be likable, but that has nothing to do with credibility. If he is not credible, then take him up on his 50K challenge, documented at the start of this thread. It's a 50K gamble; if you're right and he's wrong, you can double-up! By the way, the challenge to post an account balance (by riskarb, I believe) is without merit. James claims a 40% to 50% profit on a seven figure account. Ok, let's take a million dollar account, for which all trading profits are cashed in at the end of each fiscal year. That means the trading account would pay $400,000.00 to $500,000.00 per year, and start each fiscal with the same one million starting balance. Therefore, after 9 years, the starting balance could still be one million but that does not mean the account did not accrue stated earnings, because those earnings could have easily been withdrawn. Simply showing an account balance is not a credible response to the challenge that James put forth.
I think that you missed the major point that several experienced traders were responding to in the beginning of this thread, which was that there was in fact "a small finite credit in exchange for infinite risk" when one sells naked calls or puts. The person that you are defending vehemently disagreed with this basic tenet of RISK management. Moreover, selling calls as a way to play a TOP is as ET member Vehn indicated: "Low reward, high risk way to play a top"
Net, Thank you very much. You said it exactly right. I could not have said it better myself. I'm happy that there is someone who actually sees this for what it is. Don't pay any mind to nolan-wiggle-sam, especially his latest diatribe about risk/reward on selling S&P calls. I already explained that I am a master in "offsetting" risk, or limiting losses, as was shown when I purchased those Dec 1075 calls for $5, and they settled at 13.70. Remember this purchase? This is the one nolan-wiggle didn't want to acknowledge as a good trade. But then he'll tell you I have no understanding of options risk! He apparently cannot put 2+2 together, that is, that buying these calls shows how well I manage risk of naked options. He probably didn't take his lithium today, so beware!
This is soo dumb it's laughable, except that it was written by a person who may or may not have taken their daily medication. Part of RISK management, especially of selling naked calls, is the ability to LIMIT RISK. If you can do this effectively, there are no infinite losses. The key to dealing with risk in options, or any other vehicle, is to limit the risk, while understanding the risk/reward ratio. My ability to limit risk was shown quite well when I bought Dec 1075 calls @ 5, and they settled a week later @ 13.70. This was a documented purchase on ET, that clearly shows that I have no appetite for unlimited losses ( I actually scratched on the trade). But nolan-wiggle cannot understand that purchasing these calls shows how effectively I can limit the risk of selling naked calls. Can someone please explain it to him?