First attempts at trading

[TupleVision]

If you're in the UK why did you stop trading options? Selling premium has a pretty decent edge if you're doing theta plays? The CGT kills it dead in the water for most retail traders over here as you've only really got access via Tasty Trade through IG but it's probably more viable than trying to compete with the heavily botted Betfair markets.

[Lynskey888]

Are these practice mode results?

[Kai]

Are these practice mode results?

Apparently so, OP should have probably led with that

Like I mentioned the other day, I think stuff like this can teach you mechanics but it can't simulate the emotional pressure of an open position

So it can explain these outsized losses but I suppose practice mode is good for this exact purpose, when you're getting used to the mechanics and don't yet know what side you're on

[Lynskey888]

Ah, that explains a lot. I thought Goobs was displaying remarkable stoicism for someone who’d just obliterated the best part of 500 quid.

[TupleVision]

Am I right in thinking that in practice mode your money is effectively always at the top of the queue too so it doesn't actually reflect real life scenarios where only a few quid gets matched before it darts off the other way?

[Goobs]

If you're in the UK, why did you stop trading options? Selling premium has a pretty decent edge if you're doing theta plays? The CGT kills it in the water for most retail traders over here as you've only really got access via Tasty Trade through IG, but it's probably more viable than trying to compete with the heavily botted Betfair markets.

I still trade options fairly regularly, but now only crypto options, which is not a sentence I thought I'd ever say given my age, but for me, they have been a lot more lucrative than earnings plays on IB.

Like I said, though, I'm in that stage in life where I've taken enough risk and I'm just playing about!

[Goobs]

Ah, that explains a lot. I thought Goobs was displaying remarkable stoicism for someone who’d just obliterated the best part of 500 quid.

I have had notional trades of millions of dollars and once was told by a colleague that I was "dead behind the eyes", I don't get that emotional over numbers on a screen.

[Goobs]

Am I right in thinking that in practice mode your money is effectively always at the top of the queue too so it doesn't actually reflect real life scenarios where only a few quid gets matched before it darts off the other way?

My money seems to get taken pretty easy, so I'm now thinking about how this would really play out with real money.

[Goobs]

Today was much better, I figured out how to use the stop and was a little more considered on entry etc. But have to go out now

[TupleVision]

If you're in the UK, why did you stop trading options? Selling premium has a pretty decent edge if you're doing theta plays? The CGT kills it in the water for most retail traders over here as you've only really got access via Tasty Trade through IG, but it's probably more viable than trying to compete with the heavily botted Betfair markets.

I still trade options fairly regularly, but now only crypto options, which is not a sentence I thought I'd ever say given my age, but for me, they have been a lot more lucrative than earnings plays on IB.

Like I said, though, I'm in that stage in life where I've taken enough risk and I'm just playing about!

Options on crypto Ballsy. Assuming just buying straddles is the play, I can't see selling premium being that lucrative.

[Goobs]

Nope, the literal opposite, I'm almost always a premium seller. Selling wherever I see value, taking advantage of skewness getting out of whack, etc, selling straddles and strangles in high IV. But since the big players have entered the space this year, Vols have been crushed ( lots of call overwriting going on), still pretty easy to make money, but much less so than a few years ago, that's for sure!

Also, why is it "ballsy"? I think it's a pretty common misconception that Bitcoin is a high-vol asset; there are plenty of very large S&P and NAS companies with much higher vol. As the markets mature, down goes the vol...

[ShaunWhite]

Why are you bothering with horses on Betfair? I hope you realise how size limitted it is.

[TupleVision]

Nope, the literal opposite, I'm almost always a premium seller. Selling wherever I see value, taking advantage of skewness getting out of whack, etc, selling straddles and strangles in high IV. But since the big players have entered the space this year, Vols have been crushed ( lots of call overwriting going on), still pretty easy to make money, but much less so than a few years ago, that's for sure!

Also, why is it "ballsy"? I think it's a pretty common misconception that Bitcoin is a high-vol asset; there are plenty of very large S&P and NAS companies with much higher vol. As the markets mature, down goes the vol...

I've only ever sold premium myself, occasionally ill buy a straddle around earnings if I feel something will take off but usually get out early if it doesn't.

Selling strangles on crypto I feel is ballsy due to the IV just blowing up out of nowhere. I feel like you're just constantly rolling one leg further out in time chasing your tail.

I might take another look though, IG have recently started crypto but their options product is just spread betting the price not the underlying.

[Goobs]

I've found my entrance into this forum to be a little negative if I'm honest, lots of down-talking, "this won't work", "you can't make money like that", etc, etc, etc.
I wonder why that is? I was hoping for people to be a little more constructive, share ideas, trading techniques ...?

I fancied a new challenge/hobby, ( I don't need the money)

As for BTC Vol, it's all relative.... as a premium seller, you want that to be a high as possible!

Could we all stop with the Spanish Inquisition too, I'm only practising trading the pre-off horse markets and it's like you all want my CV

[TupleVision]

I've found my entrance into this forum to be a little negative if I'm honest, lots of down-talking, "this won't work", "you can't make money like that", etc, etc, etc.
I wonder why that is? I was hoping for people to be a little more constructive, share ideas, trading techniques ...?

I fancied a new challenge/hobby, ( I don't need the money)

As for BTC Vol, it's all relative.... as a premium seller, you want that to be a high as possible!

Could we all stop with the Spanish Inquisition too, I'm only practising trading the pre-off horse markets and it's like you all want my CV

Fair. It's not often you find someone who knows options in the UK so was just interested in what you're doing as it's something I do too, always on the lookout for new angles as I only trade the SPX. I'll lay off the subject.

As for trading BF there's only 2 words you need to know imho... Order flow.

Good luck