Plain Vanilla Options Trades.

[SOCRATES]

et al

An article by John Succo



jog on peanut
d998

You again, ducatti ? Again, eh ? Dear oh Dear...oh Dear....

The put option writer in the 1967 crash when you were in short pants did not know or have access to the following :~

1. Did not know the correct way to handle Black Swans.

2. Was not able to call upon Bulldozer to handle Black Swans on rough ground.

3. Was not able to call upon the Maltese Bull to confront the Black Swan on smooth ground.

4.They did not have the 74 gun warship ready to confront The Black Swan in the Atlantic and....and....loaded to the gunwales with cannonballs in readiness.

These four things are essential tools or machinery to have ready at any time if you aspire to be an effective consistently profitable option writer.....ducatti....I kid you not....So stop posting foolish things here ....ducatti...daft you are !

 

[SOCRATES]

lets say you were short the mar spx 1435-1445 put spread yesterday ,a $10 put spread probably trading at $7,i dont know the prices so ill make some up,you sold the mar 1445 spx pts for 17 and you bought the mar spx put $10 if you did nothing that spread probably went to$3.if you sold out your long put in that rally at say$7 and let the market run and bought your short put at$7 you lost$3 and made $10 ,you Made seven total ,with the spread on you always have a stop in place

Hello Ammo, I am very bizzi wilth other things so I have to be brief.

Welocme to my thread.

Many thanks for your suggestion on a but bull spread etcetera.,

These are already on board on spx and other indices included in the open current positions are iron condors, straddles, strangles, etc., and all sorts of fruit coctails concocted in the designated venue with up to 8 legs currently.

This thread, in case you have not noticed, is just on Plain Vanilla Options with just one leg / strike.

The object is to show a professional writing posture where miney is taken from the put buyers only.

This is not about calls and it is not about the size of my gains / profit (profits are secondary in importance and priority) ...the object of the thread is to consistently prove the following 3 things:~

1. The buyers lose.

2. The writer wins.

3. 85% OR MORE of all options expire worthless to the buyers.

Now, please, may I have your vote...Writers or Buyers have the edge ?

No fence sitting is allowed. Thank you.

 

[Charlton]

Simple solution to the dilemma

I guess one way of proving the theory would be to post a graph of Socs trades and the equivalent Call buy for the same period

Socrates

Evidently both dc and profittaker have issued a clear challenge to you. The obvious thing for both of them to do is to match you on the call buys to prove you wrong.

So I am sure we all look forward to them taking on this challenge FROM THIS POINT ON and posting their trades.

May the best man win

Charlton

 

[SOCRATES]

Well, I happen to be a philosophy graduate, CYOF. If you think some book can tell you what the truth is....Listen, stop all this grand 'truth' stuff and just trade. You don't know what 'the truth' is. No body does. One day you will die. Just relax, make money and stop preaching. It does no one any good. When you start thinking 'it is important' to post some lengthy post, it is a sure sign you are talking this stuff on the forum way too seriously. Chill buddy, chill.

Yes, but it is obvious...isn't it /

I mean to say, it is screaming at you, as Pod G says.

Why don't they "get it"...?

Odd isn't it ?

 

[SOCRATES]

grantx

SOCS should become a philosopher.. He would make more money writing books on philosophy "than writing options"

I am not writing any books...i have told you this before.

To try to educate fools is a pointless mission. So I am not here to teach any of you.

I am persisting with this thread out of morbid curiosity as to how it is nearly all of you find it impossible to accept the obvious...hahaha

 

[SOCRATES]

I've never read such utter drivel in all my life. I'll never get back the twenty minutes I've spent reading this thread. The writer has the edge, as the reader loses in this case.

You don't have to spend time reading this thread if you do not understand the basic argument.

Once you grasp the basic argument, then everything falls into place very clearly and you are able to critically observe the persistent arguers...arguing for the sake of arguing against what is patently obvious....as Pod G says...it is screaming at you it is so obvious...but if you think all of this is drivel then don't come back..I could not fail to spot you earlier peeping, despite your protestations...but if you persevere ...suddenly all witl become clear...and you will understand and see the futility of the arguements presented by the detractors and their attempts to frighten people talking of Black Swans and unmeasurable and incalculable deadly risk and so on..

 

[superfly]

Im glad to see your extracting some capital.

I was wondering how much are you in at or out of the money on your overnight p&l?
and does that effect your overnight positionsize?

super

 

[Charlton]

You don't have to spend time reading this thread if you do not understand the basic argument.

Once you grasp the basic argument, then everything falls into place very clearly and you are able to critically observe the persistent arguers...arguing for the sake of arguing against what is patently obvious....as Pod G says...it is screaming at you it is so obvious...but if you think all of this is drivel then don't come back..I could not fail to spot you earlier peeping, despite your protestations...but if you persevere ...suddenly all witl become clear...and you will understand and see the futility of the arguements presented by the detractors and their attempts to frighten people talking of Black Swans and unmeasurable and incalculable deadly risk and so on..

Socrates

Would this be a fair summary - he who controls the purse strings ........

Charlton

 

[SOCRATES]

Socrates

Would this be a fair summary - he who controls the purse strings ........

Charlton

Well, that's right isn't it ?

All of this is very far away from the world of spreadbetting for example, a medium to which a lot of people are attracted.

This is serious professional committment we are discussing and not tiddlywinks.

And by the way, please, do not encourage them to talk about calls, or to post trades in calls or anything to do with that, because calls are not relevant to this thread.

I may do a thread on calls later on but not yet.

 

[SOCRATES]

Im glad to see your extracting some capital.

I was wondering how much are you in at or out of the money on your overnight p&l?
and does that effect your overnight positionsize?

super

I am pleased you are pleased.

None of that worries or concerns me in the least.

This is because I know, I am certain the ultimate outcome is decided in advance and is firmly in my favour.

 

[laptop1]

I am not writing any books...i have told you this before.

To try to educate fools is a pointless mission. So I am not here to teach any of you.

I am persisting with this thread out of morbid curiosity as to how it is nearly all of you find it impossible to accept the obvious...hahaha

SOCRATES. I mean you write like a philosophise.

One who studies more and more about less and less until he knows everything there is to know about nothing.

Think about it.

 

[SOCRATES]

Socrates

Evidently both dc and profittaker have issued a clear challenge to you. The obvious thing for both of them to do is to match you on the call buys to prove you wrong.

So I am sure we all look forward to them taking on this challenge FROM THIS POINT ON and posting their trades.

May the best man win

Charlton

dc and profitaker do not challenge me at all. This is because I am willing to put my money where my mouth is. That is why I am going to prove the writer has the edge over the buyer.

profitaker does not do any trading at all. His replies makes this evident to me, if to no one else. All he can do is reply with rudeness and irrelvant comment.

This thread is not about altenative strategies.

Alternative strategies are off topic on this thread.

You are going to experience and witness how it is all the puts I have written since this thread was started are going to expire either worthless or near worthless, and also how I am able to snatch extra profits as and when I please, but within the framework of this thread and not outside it.

And that is all for tonight, I have to go, sorry Charlton.

 

[SOCRATES]

SOCRATES. I mean you write like a philosophise.

One who studies more and more about less and less until he knows everything there is to know about nothing.

Think about it.

Who me ? Think about anything you might have to say ?

You are joking !

Thinking requires effort.

You are not worthy of any effort....

 

[Charlton]

This thread is not about altenative strategies.

Alternative strategies are off topic on this thread.

Socrates

Yes - you are correct. I was thinking back to the thread on the Options Edge Thread, whose purpose is:
"This thread created for sensible debate and reasoned argument as to whether one side of the fence (buyer / writer) has any inherent "edge" or "advantage"

So presumably they will post their trades there.

As you say this thread has the purpose of This thread is dedicated to the topic of writing plain vanilla options on the FTSE 100 INDEX, and logging of results, in series.

Thus I should not be raising alternative streategies here - my apologies. However I still look forward to seeing DC and Profittaker posting their trades on alternative threads to disprove your assertion if they so choose

Charlton

 

[SOCRATES]

Socrates

Yes - you are correct. I was thinking back to the thread on the Options Edge Thread, whose purpose is:
"This thread created for sensible debate and reasoned argument as to whether one side of the fence (buyer / writer) has any inherent "edge" or "advantage"

So presumably they will post their trades there.

As you say this thread has the purpose of This thread is dedicated to the topic of writing plain vanilla options on the FTSE 100 INDEX, and logging of results, in series.

Thus I should not be raising alternative streategies here - my apologies. However I still look forward to seeing DC and Profittaker posting their trades on alternative threads to disprove your assertion if they so choose

Charlton

How can i put this to you ?

I just point, nothing more and nothing less.

Those that do not get the point have expectatons of what I should do or should not do.

I am not doing what may or may not be expected of me.

I am just pointing, because I am sure, because I know, that pointing is sufficient for those properly clued up, but for the others, nothing is enough.

As all digressions away from the object of the thread to me are irrelevant, they are welcome to post whatever they want wherever, but not to post here to derail the thread, please Charlton.

The thread is of absorbing interest to me and to a selected audience who remain silent and observe.

It helps to clarify and illuminate for a handful of us what needs clarification and illumination.

Therefore I am not writing for the great majority, I am writing for a very small and very exclusive minority, who know exactly what I am on about, Everybody else is welcome but it is in the main, the core audience that interests me, as expected is very small, and expressed as a percentage of total membership is miniscule.

It could be argued this thread might have been more suited to a private chartroom on this site, for example.

In part that would defeat two aspects of the object, the first one being the membership would be deprived of being able to follow the progress and on the other hand we would not have a poll available to all members. The voting pattern of members is most interesting and provides an accurate print of detailed biases of great interest to me.

 

[laptop1]

If you are writing any puts on FTSE for march I take them all off you.

 

[wasp]

In part that would defeat two aspects of the object, the first one being the membership would be deprived of being able to follow the progress and on the other hand we would not have a poll available to all members. The voting pattern of members is most interesting and provides an accurate print of detailed biases of great interest to me.

I actually think this thread would be better off in the journals section and also, where is the polling :?: Would it not make sense for another thread with a proper poll on it, or at least ask the moderators to include one now.:?: I too would be interested to see just how the results would weigh up.



EDIT: Sorry, I just felt my post was not fitting with the thread enough so I brightened it up

 

[polpolik]

Socrates,

Since I don't have quotes for products traded in Europe, only through Globex, would you kindly let me know:

1) How far OTM or Close to the Money your naked positions are? (as far as %)
2) How far away from the current month expiration or next month's expiration do you start selling naked into these positions?

Thanks!

 

[SOCRATES]

Socrates,

Since I don't have quotes for products traded in Europe, only through Globex, would you kindly let me know:

1) How far OTM or Close to the Money your naked positions are? (as far as %)
2) How far away from the current month expiration or next month's expiration do you start selling naked into these positions?

Thanks!

Sorry I have no time, too bizzi.

 

[Splitlink]

Sorry I have no time, too bizzi.

It's busy. The least you could do is write correctly. I can understand speedwriting and shortcuts on the net but "bizzi" uses 5 letters instead of 4 in "busy" It seems that you have more time to write here than I.

Split