Ah, yes! Ignorance is bliss. I've been reviewing some of Dan Sheridan's old webinars, and I'm telling you this guy comes up with different adjustment methods just about every time I hear him. I like to take notes when I listen to his stuff, and it's almost to the point where I want to tear up the old ones because he has something different each time. Now I know Dan's a pretty intelligent guy. He happens to have attended the same college prep high school that I did in Chicago, and this was a tough school. So he's certainly no slouch. I think his methods are based on street smarts which take years to acquire. Put on an IC and if the VIX shoots up and you expect it to continue, do it this way. If the VIX shoots up and you think it has peaked, do it this other way. Market velocity tells you to do it a different way. More than one sigma move in a few days tells you to take it off, but maybe wait a couple of days and put it back on. Or maybe don't wait and just put it back on immediately at a different delta. Yikes, my head is spinning! I still want to make money but I haven't booked that shrink yet.
RFH
--- In OptionClub@yahoogroups.com, rvd <rvdidit@...> wrote:
>
> AHHH, but us dumb people are too dumb to know how dumb we are....
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>
> --- On Wed, 6/16/10, Hand, John <john.hand@...> wrote:
>
> From: Hand, John <john.hand@...>
> Subject: RE: [TheOptionClub.com] Re: The key to trading success is not intelligence
> To: "'OptionClub@yahoogroups.com'" <OptionClub@yahoogroups.com>
> Date: Wednesday, June 16, 2010, 6:48 AM
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> I don’t have a problem. J - 145
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> Â
>
> -----Original Message-----
>
> From: OptionClub@yahoogroups.com
> [mailto:OptionClub@yahoogroups.com] On Behalf
> Of RobertH
>
> Sent: Wednesday, June 16, 2010
> 12:54 AM
>
> To: OptionClub@yahoogroups.com
>
> Subject: [TheOptionClub.com] Re:
> The key to trading success is not intelligence
>
> Â
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> Â
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> I can't disagree with
> anything you said here, Derry. The shrink reference in my posting has
> everything to do with admitting mistakes, and very smart people have a problem
> with that.
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> Sincerely,
>
> RFH
>
>
>
> --- In OptionClub@yahoogroups.com,
> "Derry" <derryb@> wrote:
>
> >
>
> > Hi Robert,
>
> >
>
> > I think that while basic intelligence is important, the very smart
> actually have a handicap. Take Victor Sperandeo for an example: An options
> trader and technical analyst who had a string of 18 profitable years clocking
> an average return of 72%. His first loss was in 1990 with a 35% drawdown.
>
> >
>
> > "The key to trading success is emotional discipline. Making money has
> nothing to do with intelligence. To be a successful trader, you have to be able
> to admit mistakes. People who are very bright don’t make very many mistakes.
> Besides trading, there is probably no other profession where you have to admit
> when you’re wrong. In trading, you can’t hide your failures." - Victor
> Sperandeo
>
> >
>
> > Creating or finding a quality system is not nearly as hard as actually
> following and executing it effectively in the face of the emotional roller
> coaster. I could give away a winning system and most people would still fail to
> make a profit with it because they would think they were too smart to follow it
> or would stop using it after a string of loses. Success in the market is more
> about EQ (emotional quotient) then IQ (intellectual quotient).
>
> >
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> >
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> > Cheers
>
> > Derry
>
> > http://etfhq.com/
>
> >
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> >
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> >
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> >
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> >
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> >
>
> > --- In OptionClub@yahoogroups.com,
> "RobertH" <robhansen5252@> wrote:
>
> > >
>
> > > Sorry, Paul, but it is my opinion that you have to be very smart to
> make money in options. Not just a little smart, but very smart. You also need
> patience, fortitude, guts, humility, brass gonads, and perseverance. And even
> then you may not make consistent money without the assistance of a good shrink.
> Best of luck.
>
> > >
>
> > > RFH
>
> > >
>
> > > --- In OptionClub@yahoogroups.com,
> "paul7313" <paul7313@> wrote:
>
> > > >
>
> > > > I know I am not very smart- that is why I ask questions about
> how to trade options for profit. I already know how to lose.
>
> > > >
>
> > > > I ask and get answers, sometimes the answers work and sometimes
> they don't. I ask again- get new answers. etc.
>
> > > >
>
> > > > Seems there is no one way to trade. I want one that I can do-
> profit consistantly and lose seldom.
>
> > > >
>
> > > > I know it must be annoying to answer my questions by people who
> have option trading down but isn't that what this group for? to learn how to
> trade options without losing it all?
>
> > > >
>
> > > > If my questions are too annoying, maybe I will have to seek
> answers elsewhere.
>
> > > >
>
> > >
>
> >
>
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