Tom & Tony,
I just want to pile on another “thank you” for convincing me to be stubborn. I’ve been selling S&Ps since 1580 and had sold a ton of bonds from 145 to 149. I realize my pain was nothing like yours, but it was tough. One of the things that kept me going was managing winning options trades. Almost every day, I’ve had the chance to manage a winner of some sort. Those small positive P/L bumps made all the difference in the world as I stubbornly held on to the futures positions and waited to be right. Eventually, I’ve almost run out of long deltas and look forward to (finally) managing some of my short winners.
AND, another TSLA note… after my success in NFLX earnings (thanks to you I stayed in the trade and came out smelling like a rose), I put that experience to work with TSLA. I sold the crap out of everything as TSLA moved up. I was down big on 90 calls, but sold puts all the way up, calls above and added JUL as well. At one point, I had 20% of my buying power tied up in TSLA. And I was ready to keep selling if necessary. That vol HAD to come in and that stock IS NOT worth $100. Maybe some day, but not today. I’m up $13K and I’m not closing that trade down until I can buy back my original JUN 90′s for a profit.
Lets hear it for decoupling! Now, can you do something about the Yen? I’ve been getting long since 99…
GM Dr SLM,
I know you are very busy especially this morning. Just wanted to say that your ½ hour psychology was OVER THE TOP! The way you pinpointed your callers problem, focused on getting them to see the flaws in their emotions during trades. Then what you saw that they needed to do to shore up their emotions and actions to be profitable traders. You truly have a gift! It is overwhelming to see with such pinpoint accuracy, watching/hearing you work when & how you bring to the surface their “situations”. Every week after watching you there is always something new you bring to the table, something new I learn about myself and/or about my trades. Thank you for being in my life Dr. Steve L. Miller, mpa. (market projection analyst).
Dear Tom and Tony,
I just wanted to thank you for continuing to support the DIY investor/trader out here. We really appreciate it. The content of tastytrade along with the technology used is fantastic. What is especially important for me is the archived content as some of us still have day jobs.
Another thing I wanted to personally thank you for is creating the trading platform, thinkorswim. I really do not know where I’d be without it today. I have been using TOS since 2004 and love it.
Here is a quick story, I am managing some funds as a fiduciary for my mother since my father passed away last year. They are using Wells Fargo as their broker, currently. I have been trying to work with her Broker guy”, and although he’s on board with what I’m doing, applying some basic options strategies to my mothers portfolio to boost returns and reduce cost basis, the Wells Fargo system is even hard for the financial rep guy to use.
Today, I instructed her financial rep (broker) to sell an OTM Covered Call using the current May 13 AAPL contract to bring in another $245 over the next 10 days. It took him 10 minutes to find the correct contract on their system. First he had a weekly, then a weekly mini, and finally I had to read off the option code AAPL130518C475 to him. He said he just couldn’t find it in the WF system.
I’m going to have to talk with my mother about moving this account to TD Ameritrade under TOS. Either I’m that spoiled by the Thinkorswim platform or the other brokers system is just really bad or maybe both.
Anyway, Thanks again for all you do. Keep it up. I will tell others.
Thought I would share. Early on 4/15 bought /GC at 1427.00, and you know “The rest of the story,” like Paul Harvey used to say. We crashed to 1321.50. I was small, margins doubled and time was on my side. Closed this morning $600/car.
Thanks. I never of would of done that before. I would of added and got killed and ultimately closed as a loser.
Good job out of you’s.
Thanks for answering my question.
I wanted you to know how grateful I am for the archived bundles on the
Psychology of Trading. I listen to them often to prepare myself mentally
for trading. I try to catch your show daily and always listen several
times after they are recorded. I like your calm Zen like approach to
this business. Hopefully I can emulate your attitude, learn from your
experience and absorb some of your vast knowledge.
Thanks for being you.
Keep on keeping on,
i stumbled across your universe a few weeks back when searching youtube on investment information. your karen the trader segments grabbed my attention. there was a tt link to the video i watched, clicked on the link and my world has not been the same.
i have been communicating with bat a fair bit, but during today’s segment with case, i thought i would write you as well.
i have been around people that have traded a good portion of my life. there are a few people from my neighborhood that traded at the board of trade, grew up across the street from someone that ran the board for a bit, i have a close friend that traded at the merc and believe another one or two at the cboe. always been interested but always felt that i was not mathematically inclined enough to understand things.
i am appreciative of the work you are doing with tasty trade. in the short while i have been watching the show, three weeks maybe? i have learned more about options and trading than i have ever learned in the previous three decades. you, bat, al, liz and jny, the whole team. love your style, love your message, love your work. your mantra of trade small, trade often, duration over direction, resonates with me.
the segments with case feel painful at times from this side of the screen but i am deriving great value both from her pushing you to provide answers to her questions, which often times are mine, as well as your push back on her. there is gold in that struggle. it is the struggle of the process of understanding, not of the markets, but of how to eek out a few dollars from them.
thanks for the opportunity to participate in the process.
Tom & Tony,
Just watched the archive of the interview with Tony – dynamite!
2 things that hit me on his journey that have been very similar to my own.
You need stubbornness (determination) and capital to risk at the beginning. I was blessed to have both of those (and both came from my mother!)
How the move to undefined strategies actually increases your probability of success.
A very excellent interview, and I am always constantly amazing at how different traders in different places going about things in different ways all arrive at the same location with the same conclusions.
It really blows my mind that with so many variables the end result always seems to come out the same way.
Holy shit!! That guy’s story is the exact same path I followed.
I retired from practicing medicine in 2002 age 52 and began trading options. It took me 6 years of serious work to get consistent. Since I have been following you guys shortly after you started TT, my results have been dramatically better thanks in large part to incorporating undefined risk trades exactly like Tony discussed today.
You don’t realize how many lives you are changing.
Please pass on a big thank you to Tony for the points he made today. He was perhaps your best interview ever.
I greatly appreciate Tom’s education.
I took 2 trades from “Bob” and it paid for my subscription.
Just wanted to say…your Market Measure segment on Probabilities and Imp Vol (part 2 especially) was awesome!!! I’ve been studying with a company called Options Animal for a while on trade fixes. I’ve never felt comfortable with it and never been able to believe in the material. I never could put it in words because I just didn’t understand this “stuff” that well I guess. That MM segment did it. All this other BS…DON’T WORK! I traded with Investools for 3 years (I’m not the normal student, meaning I studies hours and hours/week and still do!) and year #1 I lost $18k on $50k account, 2nd year lost $6k on $50k account, 3rd year I broke even and traded 250 trades that year. Note I’m not a day trader because I work. About 3 months after “meeting” you guys, I’m 70%/30% prob in my account and profitable! Amazing.
U Guys ROCK!