Live Session Videos

This page contains the links to videos from the live sessions.
Gold Members who missed the meeting are invited. If you were there, feel free to take another look.

{{{gold}}}
130605 We Jun 5, 2013.
Attendance zero and therefore there is no video


130530 Th May 30, 2013.
View video


130522 We May 23, 2013.
Only one person attended so we had a private chat, with no video.


130515 We May 15, 2013.
View Video

bullish iron condor
is this the worst iron condor market ever?
recommended strategies for today (none, really)
reverse iron condors
weekly iron condors



130507 Tu May 7, 2013.
View Video

IC in a rising market
If on sidelines, when do you get back into trading IC?


130416 Tu Apr 16, 2013.
View Video


130409 Tu Apr 09, 2013.
View Video
Buying an ITM put as a substitute for short stock.
It is not a MISTAKE to fail to make the winning play – when the decision was reasonable at the time
Our recent TTT position
Credit spreads: How wide (how far apart should the strikes be)?
Buying ITM call as a substitute for long stock (end of tape)


130403 We Apr 03, 2013.
View Video

Short discussion on today’s blog post (trading during crash)
SPX vs RUT vs NDX as IC underlying.
Considering all Greeks when opening an iron condor
Using the double diagonal to reduce vega exposure when trading iron condors
Promised link: Why paying big debits is a poor idea when trading double diagonal spreads.


130328 Th Mar 28, 2013.

No video tonight.
With only one person in attendance, we spent the time chatting via telephone.


130321 Th Mar 21, 2013.
View Video
Request for Track that Trade
Request for more advanced topics
Risk management: IF $$ is lost due to an IV increase, but underlying is unchanged do we adjust?
What is an index?


130314 Th Mar 14, 2013.
View Video

Iron condor: Deciding on which spread to trade
Start small
Trader’s Mindset
The merits of credit spreads vs IC



130309 Sa Mar 03, 2013.
View Video


130228 Th Feb 28, 2013.
View Video
Basic ideas for new trader

    Trade plan must be compatible with risk management plan
    Be comfortable with a given strategy
    Strategy choice does not matter that much in your success.
    Your ability as a trader/risk manager that determines your success or failure

Getting out of a trade under duress. Good discussion.



130221 Th Feb 21, 2013.
View Video
Directional credit spreads
Selling butterfly spreads – difficult strategy


130213 We Feb 13, 2013.
View Video
What do do when IC premium is less than willing to accept?
Adjusting an SPX position using ES, ES options and SPY shares


130207 Th Feb 7, 2013.
View Video
What is a standard deviation?
CTM iron condors have small theta
**Exiting a short butterfly position** How to exit with no risk plus a chance for a bonus bonanza

130131 Th Jan 31, 2013.
View Video
Equivalent positions
Is a 10-delta IC good as a comfort zone? Yes.
Complex order book


130124 Th Jan 24, 2013.
View Video
Iron condors
How gamma works.
Why the Greeks feel unimportant for SPX (and other high-priced underlying assets)
Managing a CTM with Greeks
CTM vs regular iron condor

130114 Mo Jan 14, 2013.
No meeting tonight.
Monday seems to be a poor choice.

130108 Tu Jan 8, 2013.
View video
Audio
Many topics

130103 Th Jan 3, 2013.
View video
Diversification using commodity futures
Span margin
Suggestions for making these sessions better
Collecting when selling a butterfly. Must wait a looooong time.


121213 Th Dec 13, 2012.
View video


121204 Tu Dec 4, 2012.
View video

Audio
What is gamma
Double trade size and plan an early exit on part of the trade. Is this a viable plan.
Should we follow another futures trade?
Is trading the same strategy on the same underlying considered diversification?
Managing several IC in same underlying. Separate or combined?
How much longer would I open Feb ICs?
*What percentage of an account could one consider using for iron condors or any option strategy?


121129 Th Nov 29, 2012.
View video
Audio
Spread width. What do I think about 30-point RUT spreads?
Is it okay to trade an IC with a 10-pt spread on one side and 5-points on the other?
Buying debit spreads as a risk-reducing adjustment
Can you really reduce risk by putting more cash into a trade?
Is it okay to trade a bunch of small positions on same underlying? How would anyone be able to manage the trades?
Can one really earn theta from longer-term trades (when theta es earned so slowly)?


121124 Sa Nov 24, 2012.
View video
Audio


121113 Tu Nov 13, 2012.
View video
Audio

What is vega
IRA: CC or IC? Whcih is better for IRA? Which is safer to trade?
Dustin’s IC study
iron condor: spread width



121108 Th Nov 8, 2012.

View video
Audio


121101 Th Nov 1, 2012.
View Video
Audio
Double diagonal as vega hedge. Puts better than calls
Back-testing Iron Condor Trades. by Dustin. Big project.
How to close a diagonal spread as expiration nears


121023 Th Oct 23, 2012.
View Video
Audio
Explanation of gamma
Butterfly on SPY rather than SPX
Election and IV
End of day change in marked price for positions
Plan for adjusting gold futures iron condor


121018 Th Oct 18, 2012.
View Video
Audio

Good session. Lots of topics.
Directional trading; buy options vs. credit spreads
Using options for swing trading
Trade Plans
Gold futures options


121010 We Oct 10, 2012.
View Video
Audio

Should we exit iron condor based on how much premium was collected (willing to lose 2 x premium)?


121002 Tu Oct 2, 2012.
View Video
Audio

World Money Show in Chicago. Oct 3-5, 2012
What is volatility?
Gamma scalping. The good and the bad.
Closing a profitable iron condor
**What to do when market gaps lower by 10%


120927 Th Sep 27, 2012.
View Video
Audio

Spread width. How do we choose?
When to exit an iron condor?
Will an individual investor ever have a problem getting filled? Can size become an issue?
Is it costly to exit a 10-pt IC when compared with a 5-pt IC.
3 weeks to expiry and I’m up 9.5% in my IC. What now?

120920 Th Sep 20, 2012.
View Video
Audio

The importance knowing when the ‘rules’ apply
Following a trade after you exit. Warning
Difficulty in getting good SPX fills
Entering orders based on yesterday’s closing bids and offers.


120913 Th Sep 13, 2012.
View Video
Audio

Is this an appropriate market for iron condor traders?
Why buying iron condors may feel wrong in when the market rallies.
Exiting this week’s Weeklys iron condor trade
RUT and SPX spreads acted differently this week. Surprising.
My rags to riches to rags to riches story.
The importance of managing risk.


120911 Tu Sep 11, 2012.
View Video
Audio

What is the ‘delta of an iron condor?
The Weeklys Trade page – changes
The ‘study’ from the forum: 31 expirations worth of data and 6 possible adjustments
Overriding philosophy: Do not adjust if you do not want to own the newly adjusted trade


120905 We Sep 5, 2012.
View Video
Audio
I’m too aggressive with the weeklys iron condor trades
When to adjust CTM condors
How do I adjust weekly trades?
Trader mindset


120829 We Aug 29, 2012.
View Video
Audio

IC Adjust: Buy next month call, same strike as short.
Monetary expectations for a 10-lot Weeklys trade.
End of day adjustments for Weeklys trades
Reasonable commissions and brokers.
Broker software



120822 We Aug 22, 2012.
View Video

Audio

In the beginning…
How to trade an IC
Trader mindsets

120815 We Aug 15, 2012.
View Video
Audio


120811 Sa Aug 11, 2012.
View Video

Test Audio

Audio

PUT, BXM, SPTR
IC premium is low
Sell ATM butterfly along with iron condors
Skew
Alternative strategies for a trader’s arsenal


120807 Tu Aug 7, 2012.
View Video

Audio

Getting started with your trading – make some trade plan
Using the Rookie’s Guide, the Video course, and the web site
How do you know when to exit an IC – upfront, as part of the trade plan
Along the same lines, how do you know what makes a good choice: “number of days to expiation”?


120731 Tu Jul 31, 2012.
View Video

Audio

The right question: How much effort is involved in becoming a successful options trader?
The wrong question: How much money can I make?

How are weeklys going?

I punted on a bond-trading question

So much good/bad news these days.

Don’t force a trade

Warning: Easy to trade too much size when selling credit spreads.

Paying a nickel to cover shorts

Calculating ROI


120724 Tu Jul 24, 2012.
View Video

Audio


120717 Tu Jul 17, 2012.

View Video

Audio

Once we make an adjustment, what happens when the market reverses?
Is the iron butterfly the ultimate CTM iron condor?
Holding short spreads into expiration.
Comparing broken-wing butterfly with CTM iron condor
When quite bearish, is selling a vertical call spread the best strategy?


120712 Th Jul 12, 2012.

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Audio


120710 Tu Jul 10, 2012.

View Video

Audio

CTM: Is there such a thing as too close to the money for iron condors?
Why it pays to learn other strategies (CC writing, collars etc) before trading iron condors
Compatibility of the component parts of a game plan


120703 Tu Jul 3, 2012.

View Video

Audio

NOTE to Ilan. No time for promised discussion. Will prepare a seminar on the topic. Monday at the latest

Good session

Adding naked long calls to an iron condor (costly)
30-delta, CTM iron condor. How/when to adjust
Adjust: Cover 20% vs. roll down. Which is preferred as first adjustment?
Are we in a good period for iron condors? How often should I expect to adjust?

I missed this question on iron condors: “if you start w/ delta 10 and wait until delta 30 to adjust, won’t the roll down be too late?” Not necessarily. There is no best ‘when to adjust’ Much depends on risk tolerance and comfort zone. Waiting allows for larger losses. But it also allows for market reversals – and thus making no adjustment. Strictly a personal choice. Remember that some people never adjust.


120627 We Jun 27, 2012.

View Video

Audio

Should Day trader Buy options or trade with neg gamma (credit spreads)?
strangles vs. iron condors
portfolio margin
payment for order flow


120619 Tu Jun 19, 2012.

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Audio

iron condors: when to exit (when all is working well)
Condor vs. Calendar
Jul and Aug condors; adjustment needed?
Watching volatility charts to help develop trade straategy


120613 We Jun 13, 2012.

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Audio

Weeklys: Risk management, gamma, end of day adjustments…
Philosophy: Make decisions based on: do you want to own this trade at this price. If not, adjust, reduce size, or exit. Do not base decisions on P/L.


120529 Tu May 29, 2012.

View Video

Audio

Summary of recent blogging activity – to encourage members to consider alternatives – and not be in a hurry to adopt a long-term strategy

Question: Do I try to generate extra cash to pay for an adjustment?

Backtesting

Question: How do we judge when to unload an adjustment because it is no longer needed?

For CTM trades, it is a good idea to alter out adjustment points based on the fact that gamma increases as expiration nears?

Working the Greeks with a mixed underlying spread: RUT + IWM


120522 Tu May 22, 2012.
Only one person was in attendance, so we had a private chat with no video.


120517 Th May 17, 2012.

View Video

Audio

Calendar spreads


120509 We May 9, 2012.

View Video

Audio


120505 Sa May 5, 2012.

View Video There is a blank screen for a few minutes. I do return to complete the video at the 28:30 mark. (The time is visible in lower right corner)

Audio Part 1

Audio Part 2

Managing a directional play. Butterfly. Sell ITM put spread.
Weeklys: Why I change my profit target when holding for an extra day.
July Iron Condors (11-week position) – adjustment alternatives


120501 Tu May 1, 2012.

View Video

Audio

Selling an ATM calendar
Buying a calendar/adjustments


120425 We Apr 25, 2012.

View Video

Audio

Weeklys iron condors: do we need the Greeks?
My favorite strategy
My favorite iron condor
How much credit is enough: It’s personal
The danger of establishing a maximum loss that is too low.


120417 Tu Apr 17, 2012.

View Video

Audio

Future directions for OFR
gamma scalping
why trade iron condor rather than condor
why trade butterfly rather than iron butterfly
for iron butterfly: managing the position


120410 Tu Apr 10, 2012.
View Video
Audio Part1
Audio Part2

Rolling-up
Protecting a portfolio with VIX options
Mention: Adjusting iron condors with calendar spreads


120403 Tu Apr 3, 2012.
View Video
Audio

Current TTT
CCW to reduce cost basis


120327 Th Mar 29, 2012.
View Video
Audio

When to adjust: Dynamic, stages, ‘traditional’, never
Calendar. Day to day management
Contango


120327 Tu Mar 27, 2012.
View Video
Audio

When to exit a trade when profits are limited
Cash-secured puts. When to exit


R120322 Th Mar 22, 2012.
View Video
Audio

Unrealistic expectations for a beginner
We don;t know what we don’t know
Learning by experience
Fear in the marketplace


120320 Tu Mar 20, 2012.
View Video
Audio


R120315 Th Mar 15, 2012.

View Video

Audio

Equivalency
Does dividend affect delta?
Avoiding dividends
AAPL hit $600


120314 We Mar 14, 2012.

View Video

Audio

Weeklys

    Few adjustment choices
    Less risk becasue out of the market for a good percentage of the time
    Today’s exit from Track That Trade position

Edge: Where can we find an edge?


R120308 Th Mar 08, 2012.

View Video

Audio

We don’t know what we don’t know

What is ROI


120306 Tu Mar 06, 2012.

View Video

Audio

Different ‘types’ of iron condors require different management


R120301 Th Mar 01, 2012.

View Video

Audio

Rookies: Begin with the basic and move forward in a steady, logical sequence
Options are not stock
Is a low IV environment better for CTM iron condors


120228 Tu Feb 28, 2012.

View Video

Audio I

Audio II

Compare calendar and iron condor
Is double calendar a good strategy
Describe a straddle


R120223 Th Feb 23, 2012.

View Video

Audio

CCW in an IRA
Weeklys: How long to hold
OEX for iron condors? No.
Reg T for selling puts
Is my iron condor trade a good one?


120221 Tu Feb 21, 2012.

View Video

Audio


Rookies 120216 Th Feb 16, 2012.

View Video

Audio

Option skew
Short an ITM strangle
What advice do I offer?


120215 We Feb 15, 2012.

View Video

Audio

Which index to trade
Synthetic equivalents
How do MMs price options
VIX options


Rookies120209 Th Feb 9, 2012.

View Video

Audio


Buying an index, synthetically. Buy call; sell put
Warning against exercising options
Weeklys strategy

120207 Tu Feb 7, 2012.

View Video

Audio

Make a trade that wins if your expectations come true
Weeklys mentioned
Different sources provide different Greeks.
Selling ATM calendar spreads


Rookies 120202 Th Feb 2, 2012.

View Video

Audio

If not trading, still continue your education
Sell put calendar?
Don’t force trades. Strategy to try now – in a low IV environment
Weeklys options


120131 Tu Jan 31, 2012.

View Video

Audio

Finding a trading edge
Weeklys options


120131 Tu Jan 31, 2012.

View Video

Audio

Finding a trading edge
Weeklys options


Rookies 120126 Th Jan 26, 2012.

View Video

Audio

Various topics


120124 Tu Jan 24, 2012.

View Video

Audio

Trader Mindset


ROOKIES 120119 Th Jan 19, 2012.

View Video

Audio

Using Risk Graphs


120117 Tu Jan 17, 2012.

View Video

Audio

Pre-market trading
Trade with upside bias
Skew


120112 Th Jan 12, 2012.

View Video

Audio


120110 Tu Jan 10, 2012.
View Video

Audio

Legging into an iron condor
Managing an iron condor as a call and put spread
Stock splits and option values


Rookies 120105 Th Jan 5, 2012.
View Video

Audio


120103 Tu Jan 3, 2012.
View Video

Audio

Advantages of CTM credit spreads/iron condors
Backspreads


111229 Th Dec 29, 2011.
View Video

This works much better as a video

DD in a low IV environment
**Making money with credit spreads
**Equivalent positions and making money


Rookies 111228 We Dec 28, 2011.
View Video
Audio


111227 Tu Dec 27, 2011.
View Video

Audio


111220 Tu Dec 20, 2011.
View Video

Audio

Why I prefer new positions to have a 13-week lifetime
Iron condors

    CTM
    Delta of options sold
    Manage as two separate positions
    Premium collected

111219 Mo Dec 19, 2011.
View Video

Audio

Timing iron condor trades with Bollinger Bands
Rolling down in a lower IV environment


Rookies 111214 We Dec 14, 2011.
View Video

Audio

Why stocks gap
Buying back cheap call spreads (part of iron condor) on market decline
Looking at midpoint, how much to bid


111212 Mo Dec 12, 2011.
View Video

Audio

Making money is the goal
Make enough to become a professional trader?
Iron Condors become two positions


Rookies 111208 Th Dec 08, 2011.
View Video

Very CTM iron condor, protected with kites or long strangle
New TTT request: Debit spread with long ITM and short OTM
Why the iron condor is not a complex strategy

Audio


111206 Tu Dec 06, 2011.
View Video

Audio


111201 Rookies Th Dec 01, 2011.
View Video

Audio

Diagonals and vega risk
Legging out of IC trades


111130 We Nov 30, 2011.

View Video

Audio

Weeklys
Negative Gamma
Rebalancing iron condors


111123R We Nov 23, 2011. ROOKIES

View Video

Audio

Why do you trade? To make money? Satisfy an ego?


111122 Tu Nov 22, 2011

View Video

Audio


111119 Sa Nov 19, 2011.
View Video

Writing OTM covered calls with high dividend stocks
Buying ITM puts as a directional play
Buying options as a strategy
What is negative gamma?
Defensive strategies for volatile markets

Audio


http://www.instantpresenter.com/optionspremium/E954DC81814E

111115 Tu Nov 15, 2011.

View Video

Audio


111111 Fr Nov 11, 2011.

View Video

Audio


111109 We Nov 9, 2011. ROOKIES meeting

View video

Audio


111108 Tu Nov 8, 2011.
View video

Selling one-point credit spreads @ $0.02
Managing iron condors. One position or two. Risk management.

Audio

111103 Th Nov 3, 2011.
View video

$60 stock vs. $1,200 Index
SPXPM vs SPX options

Audio


111101 Tu Nov 1, 2011.
View video

Front month gamma
Getting whipsawed in this market

Audio


111027 Th Oct 25, 2011.

View video

Delta: Do we have data that tells us how often a 30 delta option finishes ITM? Is it really 30%
IC trading: Do we break it up into two separate positions, or do we manage it as a whole?

Audio


111025 Tu Oct 25, 2011.

View video

The sound begins after a few minutes.
Using data to decide on the viability of a strategy
More

Audio
The sound begins after a few minutes.


111017 Mo Oct 17, 2011.
View video

Jan 2010 options
SPXPM
more

>


111012 We Oct 12, 2011.

View video

SPXPM options: When will they be ready to trade. Will I use them (yes)
How many iron condors does one strangle cover (bought as insurance)?
Adjust a position by IV?

No ‘audio only’ available.


111006 Th Oct 6, 2011.
A computer crash at the beginning of the meeting resulted in a video that is not useable.
I apologize


111003 Mo Oct 3, 2011 Adjustments

View video

Audio


1109030 Fr Sep 30, 2011 Our Forum; choosing a kite expiration

View video

Audio


1109027 Tu Sep 27, 2011 Testing a new strategy

View video

Audio

We discussed the ideal of talking about calendars in the future.
Here’s a link to the first in a series of blog posts about calendars spreads. You can follow the links for the whole series.


1109022 Th Sep 12, 2011 Risk

View video

Audio


1109015 Th Sep 15, 2011 Open discussion.
This session attracted very few (3) members. So few that I turned the session into a semi-private consultation and thus, did not record the session. I’ll cover an interesting discussion on one point as a separate blog post on Monday 11/19/2011.

1109013 Tues Sep 13, 2011 Open discussion.

View video

Audio


110907 Wed Sep 7, 2011 Calendars. Early exercise discussion for the rookie.

View video

Audio

110901 Thur Sep 1, 2011 Calendars.

Note: There is also a discussion of broken-wing butterflies vs. iron condors. However, it’s poorly done. I want to avoid confusion and suggest that members skip this video. I will provide a much more complete, and accurate, discussion (or video) next week.

View video

110830 Tue Aug 30, 2011Risk Graphs and expiration. Fidelity margin requirements.

From their website: “Fidelity sets its own margin guidelines to better reflect its view of the risks of option trading”

View video

Audio

110823 Tue Aug 23, 2011. Earnings plays; Calendars as protection.

View video

Audio

110818 Thu Aug 18, 2011. Delta changes as volatility changes. Selling calendar spreads.

View video

Audio

110812 Fri Aug 12, 2011. Iron Condors in Volatile Markets

View video

Audio

110808 Mon Aug 8, 2011
View video

Audio

110803 Wed Aug 3, 2011
View video
There was a big problem with the audio during the session. When I view the video, the sound is good. I cannot edit these videos, but skip to slide 17 to view the open discussion – if you discover audio problems.

Alternate [This may not work]

Audio Only (mp3)

110728 Thur Jul 28, 2011
View video

110726 Tues Jul 26, 2011
View video

110719 Tues Jul 19, 2011
View video
The audio appears to be in good shape, but the video was cut short for reasons I do not understand.
The video portion is not essential.

110715 Wed Jul 15, 2011
View video

110719 Tue Jul , 2011
View video

110706 Wed Jul 6, 2011
View video

110628 Tues Jun 28, 2011
View video

110622 Wed Jun 22, 2011
View video (65 minutes)

A correction to the content is required, When using IWM to hedge a RUT position (or SPY fof SPX), the greeks require an adjustment. However, it is only IWM delta and gamma that must be divided by 10. Vega and theta already take into account the size of the contract and no correction is needed

110613Mon Jun 13, 2011

View video

110607Tues Jun 7, 2011

View video

110601 Wed Jun 1, 2011
View video (57 minutes)

110523 Mon May 23, 2011

110519 Thur May 19, 2011

View video (64 minutes)

110516 Mon May 16, 2011
View video (68 minutes)

110510 Thur May 12, 2011
View video (67 minutes)

110510 Tues May 10, 2011
View video (58 minutes)

110504 Wed May 4, 2011
View video (57 minutes)

110428 Thursday Apr 28, 2011
View video (60 minutes)

110421 Thursday Apr 21, 2011
View video (54 minutes)

110420 Wed April 20, 2011
View video (36 minutes) here.

110413 Wed April 13, 2011
View video (54 minutes) here.

110411 Monday April 11, 2011
View video (63 minutes) here.

110409: Saturday Apr 9, 2011; 2PM Central Time
The video can be seen here.

110404. Apr 4, 2011.
I’m sorry to report that technical difficulties cut the video. There are only 4 minutes of video and there is nothing on it that’s worth saving.

I truly apologize. The discussion about today’s Track that Trade iron condor.

24 Responses to “Live Session Videos”


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