I've read a good bit of the site archives. Best I can tell, HoCo wasn't a flash in the pan, he had a big, enthusiastic following.
A huge following on ET and $0.50 will get you a cup of coffee at Dunkin Donuts. The guy if I recall was credit spread trader and being popular is like being the best looking guy in prison... doesn't help really in the end.
Amen to that! I remember that about 40 years ago a high school teacher telling me that I did not have the skills or aptitude to be professional pilot. More recently someone said to me that no one can make money trading options (or futures, stocks, ETFs, etc.) Having recently retired after 35 years as a professional pilot flying my company's DC-9s, B-757s, 767s, and 777s (not to mention a C-130 in the military) I can honestly say that the advice I got in my youthful years was totally bogus. I now make money trading (full time) e-mini S&P 500 futures options. It's not rocket science but does require a trading plan, a system, discipline, etc. But it can be done. Best Capt. Steve Leeds ATP DC-9, B-757/767/777
Go with a real business!! Options, will take you 5 - 10 years to master by then how much will you have left ? how much time wasted ?? I'm a poor small account guy, that wants to well not be, sadly having more $$$'s, doesn't make this game any easier, just means you lose more. Experiment, with 2% of your wealth and see how it goes!!
I think there is a lot of good advice here and a lot of bad advice. Me personally I wouldn't listen to anyone tell me that I can't do something because they have not done it. If you want to treat trading options like a business you can do it, its not easy but can be done. Its people that trade for a living everyday with no more additional information than you that are very successful. No one knows what the market will do and no one has an edge. You have to work the probabilities in your favor and figure out your angle. Options allow you to give yourself time and distance to be wrong, use that in your favor. The VXX has lost 99% of its value since it was created. There are several products that continually lose value due to contango that you can take advantage of with in the money put spreads. My advice is create your strategy and learn how to identify opportunity and execute.
I'm looking to do something similar. I think the best thing is to just go for it, instead of talking about it here. There is too much negativity. And by go for it, I don't mean jump right into the market with real money, but do all the research and preparation necessary to give yourself a chance at success. Here's what I'm doing: I own a retail store that gives me a huge amount of boring downtime during market hours. For the last several months I've been reading every options book I can get my hands on that isn't snake oily or too basic. At the same time I've been paper trading various ideas to get a feel for how vol moves, and working with options analyzers to study the consequences of that. I listen to trading audio books in my car during my commute to and from work. I have dreams about this shit. At the end of the year I'll pay myself a bonus and fund my trading account to begin trading live and very small.
A girlie i was seeing stopped as i was to negative on her cosmetic pyramid selling BS, she quit her job to focus on it, invested loads buying the products, going to the meetings at a cost ofcourse, 3 months on, ZERO sales, just lost her house and car, but still yamping on about negativity on facebook. Sometimes negativity is reason, ignore it at your peril.
Saying "I'm going to treat my trading like a business" is similar to that controversial Chris Rock sketch about taking credit for things you are supposed to do, "I ain't never been to jail." and "I take care of my kids." You are supposed to take your trading seriously. It doesn't make you special or even average.