to destriero (and all others that can help)

i have been reading your posts on et and am amazed by your knowledge of the options market. i myself have a basic understanding but nothing close to yours. how did you get to this level, and what would you recommend i read to take my knowledge to the next level?

 

His rule #1 - eat LOTS of cake.

I'll let him chime in with his other rules and suggestions.

 

That's Marie Antoinette. But then again, what's the difference? LOL

 

Apply for an internship at a vol. trading desk.

 

my understanding of destriero style is to hedge out gamma and delta , profit from volatility. Is that true? I tried to understand his words, but too much for me since he used too many jargons

 

Most vol. traders mostly take directional betas in various form, and keep a look out for the seldom arb. opportunities that popup every now and then.

You could replicate most of their performance and risk by going/long short the vix to start with.

Whether it is a valuable investment of your energy, time and money is a separate question...

 

Hi there,when you say a "basic understanding",how basic is basic??

Are we talking MacMillan basic,Natenberg or Hull/Taleb/Bennet(not basic)???

Do you have a decent grasp on verts,calanders/diag,skew and 1x3x2 vs 1x2x1 vs 2x3x1 as well as synthetic structures??

Tony gave a very good reply,but getting a job at a vol desk is easier said than done..

Do you have any programs that simulate option/backtest trading and show levels of continuous IV and historical skew?

And FWIW,IMHO,Des is a very good trader first and foremost, people underestimate that and think its all in the advanced greeks..

 

Out of curiosity, what makes you say he is a good trader? He claims so for sure, but hardly any of that is proven. Or do you consider little green icons that he snipped from some screen as proof? Because that's what he recently uses to prove his claim of "look I was profitable today in AMC". The list goes on and on and most claims he makes about profitability are obscure at best. I don't doubt he knows a thing or two about non linear products but find his profit claims highly questionable. And every time someone questions him he completely loses it, I mean, he goes batshit crazy, exposes the sociopath in himself, and attempts to destroy others in the nastiest imaginable ways. That's not the profile of a profitable and content human being for sure, but instead the profile of a deeply insecure, narcissistic individual. You will see, shortly he will appear and instead of commenting on content he will do anything he can to attack the messenger (despite me having blocked him but he loves to regularly log out and read messages of people who blocked him, or send his second personality, chipshottrader) , even though I addressed you and politely inquired. Is that really the behavior of someone who is profitable and self assured?

 

Ask for a 1 yr chart and (try to) tie it up to his daily/monthly p+l claims.
You wonder what anyone who has nothing left to learn is doing on this forum on the other hand...

 

but gamma adds to volatility though so if he is trying to profit from volatility, hedging out gamma is pulling him back from what he's trying to achieve? Oh well anyway he is the expert... LOL