I've lurked on here for a while. I've read the 2000 page thread OptionsCoach had, on credit spreads. That was quite a read.
Forget all the talk on negative expectancy, having 'no edge', the greeks, delta-neutral, gamma risk, risking $10 to make $1, horrible r/r... that '2008 was a horrible year for spreads' .... on and on.
How do you counter the RESULTS that these people were able to produce (as an example):
http://www.monthlycashthruoptions.com/ReturnOnInvestment.htm
Their results go back to 2006. They survived 2008. They've been net positive, year after year. Look at their trades.
Disclaimer: I'm not a member of their service... but you can't argue with their results, can you? There are other 'garbage' credit services out there... but not these people.
Howard may be an older man... and an easy target (I respect my elders)... but how do you argue with real results, real money, real risk management - from people who have actually traded credit spreads, successfully, in good and bad times?