WEBVTT - Study Hall: Understanding Risk Management in Options Trading

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J.

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<v Speaker 2>Trump's leadership.

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<v Speaker 1>I'm Christy nom the United States Secretary of Homeland Security.

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<v Speaker 1>Under President Trump, attempted illegal border crossings are at the

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<v Speaker 1>lowest levels ever recorded, and over one hundred thousand illegal

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<v Speaker 1>aliens have been arrested. If you are here illegally, your

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<v Speaker 1>next you will be fined nearly one thousand dollars a day, imprisoned,

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<v Speaker 1>and deported.

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<v Speaker 2>You will never return.

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<v Speaker 1>But if you register using our CBP home app and

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<v Speaker 1>leave now, you could be allowed to return legally.

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<v Speaker 2>Do what's right. Leave now.

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<v Speaker 1>Under President Trump, America's laws, border and families will be protected.

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<v Speaker 3>Sponsored by the United States Department of Homeland Security.

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<v Speaker 4>And in terms of contracts, as how many contracts are

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<v Speaker 4>you using for these strategies and are you doing a

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<v Speaker 4>similar strategy with features? So would you like go along

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<v Speaker 4>to ees many contracts and short to Nasdaq or do

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<v Speaker 4>you not touch the features at all?

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<v Speaker 5>I personally don't trade the futures. I have managers that

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<v Speaker 5>manage futures for me. I trade stocks, cryptos, and options myself.

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<v Speaker 5>I have other portfolios that trade options also for me,

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<v Speaker 5>run run a strangle selling strategy. So I don't trade

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<v Speaker 5>futures personally, and then I have guys that trade different

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<v Speaker 5>things right throughout different different investments and different investments. So

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<v Speaker 5>that's how I sort of stay diversified, so that the

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<v Speaker 5>money that I am actually managing, like an individual account

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<v Speaker 5>or a couple of different individual accounts, I could be

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<v Speaker 5>more aggressive and more concentrated in those positions because I

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<v Speaker 5>have other diversification and other strategies that are doing different things.

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<v Speaker 5>Because something I learned over the years is that sorry

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<v Speaker 5>to the answer to your question is how many contracts

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<v Speaker 5>not on the future side, but on the option side.

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<v Speaker 5>Depends on the premium right, could be one or two,

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<v Speaker 5>could be ten or twenty, could be fifty, could be

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<v Speaker 5>you know, thousands. Technically, you know I had two thousand

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<v Speaker 5>contracts of these out of the money Merra calls. You know,

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<v Speaker 5>I was like all the open interest myself. At some

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<v Speaker 5>point at one point, I know, but anyway, so it

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<v Speaker 5>depends on the situation. I didn't hold them long enough

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<v Speaker 5>for the record is the story there. But nevertheless, at

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<v Speaker 5>one point I did have a January. I had two

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<v Speaker 5>thousand January thirty calls from ERA at one point. Anyway,

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<v Speaker 5>So it just depends on the situation. But getting back

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<v Speaker 5>to the diversification, you know, your real wealth diversification, in

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<v Speaker 5>my opinion, by my right, not just my work, my observations,

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<v Speaker 5>but certainly work done by very smart people, but my

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<v Speaker 5>observations as well, is is having different strategies that are

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<v Speaker 5>as uncorrelated with one another as possible.

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<v Speaker 3>Three four five.

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<v Speaker 5>You know that four to five range mathematically seems to

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<v Speaker 5>be like the sweet spot once you start getting more

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<v Speaker 5>strategies than that starts getting. You know, it's the law

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<v Speaker 5>of diminishing returns or whatever. It's like being a basketball player, like, yeah,

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<v Speaker 5>you know, maybe being eight feet tall it might have

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<v Speaker 5>its advantages, but that's not really the ideal sweet spot.

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<v Speaker 5>You know, maybe like a six' nine with handles and

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<v Speaker 5>cahoe from the, out you know. Whatever, right you, know

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<v Speaker 5>like there's kind of like a sweet spot where you

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<v Speaker 5>want to. Be you, know so that's kind of that's

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<v Speaker 5>kind of HOW i think about. It so, anyway four

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<v Speaker 5>to five STRATEGIES i think is so that's HOW i

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<v Speaker 5>think about.

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<v Speaker 6>It, Well, CHASE i get one more. GROG i want

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<v Speaker 6>TO i want to make. Corrections SO i said. ONE

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<v Speaker 6>i THINK i said two eighty five is in the.

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<v Speaker 6>Money SO i WAS i misspoke IF i said, That,

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<v Speaker 6>mike let me KNOW i met one eighty. Five FOR

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<v Speaker 6>i know some people in the comments might nilistic.

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<v Speaker 3>INTEGRITY i like.

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<v Speaker 5>IT i like. IT i like. It LISTEN I I

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<v Speaker 5>i say all kinds of stuff THAT i. Live i'm,

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<v Speaker 5>like DID i really say?

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<v Speaker 6>That it?

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<v Speaker 4>Happens if you talk every, day it. Happens, yeah it, happens,

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<v Speaker 4>man it.

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<v Speaker 7>HAPPENS i wonder your options portfolio is it diversified amongst

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<v Speaker 7>multitude of companies or are there like ten or eleven

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<v Speaker 7>companies that you follow in?

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<v Speaker 3>Trade?

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<v Speaker 7>Right because you know we've talked about, this, right there's

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<v Speaker 7>been scenarios where we've had strategies where we have options

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<v Speaker 7>on the companies the stocks that we have already invested.

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<v Speaker 7>In what's kind of your your your sweet?

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<v Speaker 5>Spot, yeah so we run a couple of different. Strategies

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<v Speaker 5>so for one of them where we just sell. Strangles

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<v Speaker 5>what we do is we don't actually use any stocks at.

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<v Speaker 3>All it's only.

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<v Speaker 5>ETFs so we take the thirty five most liquid. ETFs

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<v Speaker 5>you know them, all you, KNOW E, E M, sp

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<v Speaker 5>why XL k you, know like you, know you know

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<v Speaker 5>them all or most of them, Anyway so it's just

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<v Speaker 5>those because what that, does since we're selling, strangles we're

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<v Speaker 5>selling naked calls and selling naked, puts so we're leaving

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<v Speaker 5>ourselves exposed theoretically to you, know major overnight gap risk

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<v Speaker 5>that you'll get in stocks that's relatively almost eliminated USING.

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<v Speaker 5>Etf so it's kind of like a risk management strategy

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<v Speaker 5>in a strangle selling situation where we now you don't

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<v Speaker 5>have to worry about, that, Right so we just use

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<v Speaker 5>the most liquid thirty five, ETFs and what we'll do

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<v Speaker 5>is we'll take the one with the highest applied, volatility

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<v Speaker 5>the one paying the most essentially and sell that. One

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<v Speaker 5>it's really that simple and like we like you, said you,

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<v Speaker 5>know and how we. Cover so that's that. Strategy and

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<v Speaker 5>then in terms of the kind of like the more

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<v Speaker 5>just buying and, selling you, know kind of adapting to

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<v Speaker 5>the environment, strategy that is exactly what you said about

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<v Speaker 5>ten twelve. Companies, now we don't focus on ten or

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<v Speaker 5>twelve companies that we specifically to sell. Options that's pretty

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<v Speaker 5>much the basket of what the portfolio looks. Like we

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<v Speaker 5>are willing to trade any stock OR etf that is

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<v Speaker 5>liquid enough to participate.

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<v Speaker 3>In we don't.

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<v Speaker 4>Care, okay final question for, you can you walk us

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<v Speaker 4>to your be greedy for twenty twenty four?

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<v Speaker 3>Strategy i'm.

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<v Speaker 4>Curious, well so the pass behind?

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<v Speaker 5>It so you know every year we get together and

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<v Speaker 5>it's like what do we? Learn you, know what mistakes

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<v Speaker 5>that we? Make and you, KNOW i guess a Common

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<v Speaker 5>this episode is brought to you BY p AND C.

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<v Speaker 1>Forward an illegal alien From guatemala charged with raping a

0:08:25.920 --> 0:08:29.440
<v Speaker 1>child In. Massachusetts AN ms thirteen gang member From Al

0:08:29.520 --> 0:08:34.320
<v Speaker 1>salvador accused of murdering A texas man Of venezuelan charged

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<v Speaker 1>with filming and selling child pornography In. Michigan these are

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<v Speaker 1>just some of the heinous migrant criminals caught because Of

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<v Speaker 1>President DONALD.

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<v Speaker 2>J trump's. Leadership I'm christy nom The.

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<v Speaker 1>United States secretary Of Homeland. Security Under President, trump attempted

0:08:49.920 --> 0:08:53.600
<v Speaker 1>illegal border crossings are at the lowest levels ever, recorded

0:08:53.920 --> 0:08:56.960
<v Speaker 1>and over one hundred thousand illegal aliens have been. Arrested

0:08:57.240 --> 0:09:00.800
<v Speaker 1>if you were here, illegally your next you will be

0:09:00.840 --> 0:09:02.640
<v Speaker 1>fine nearly one thousand dollars a.

0:09:02.760 --> 0:09:05.840
<v Speaker 2>Day imprisoned and, deported you will never.

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<v Speaker 1>Return but if you register using OUR cbp home app

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<v Speaker 1>and leave, now you could be allowed to return.

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<v Speaker 2>Legally do what's. Right leave.

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<v Speaker 1>Now Under President, Trump america's, laws border and families will be.

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<v Speaker 3>Protected sponsored by The United States department Of Homeland.

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<v Speaker 5>Security the theme that kept coming up was you know

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<v Speaker 5>not you know. Letting we had some huge, winners huge,

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<v Speaker 5>winners and in some of those huge, winners we took

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<v Speaker 5>some off the table too. Early our price targets were

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<v Speaker 5>two conservative and we just left money on the table

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<v Speaker 5>that could have made a significant. Impact so like the

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<v Speaker 5>so for, example traditionally we have always so old half

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<v Speaker 5>of our calls as soon as the premium. Doubles so

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<v Speaker 5>if we pay two dollars for the option and it's worth,

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<v Speaker 5>four we sell half and we let the rest, run

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<v Speaker 5>and you, know we'll raise our stops along the. Way

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<v Speaker 5>now we won't sell, Half we'll just raise our stops for.

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<v Speaker 5>Example that's one way that we are sort of. Adjusting

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<v Speaker 5>and sometimes it's gonna shake us out, right and we know.

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<v Speaker 5>That and sometimes it's gonna bite us in the in

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<v Speaker 5>the ass because we could have taken money. Off it's gonna. Happen,

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<v Speaker 5>Yeah but we think that the longer term implications of

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<v Speaker 5>letting some of those winners run will outweigh those little

0:10:42.760 --> 0:10:44.920
<v Speaker 5>paper cuts will get on.

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<v Speaker 4>A year of a year, basis how much more return

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<v Speaker 4>do you think they would give you per year doing

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<v Speaker 4>it that?

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<v Speaker 5>Way, Listen it depends on the. Strategy of, Course in some,

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<v Speaker 5>strategies there's no way to be greedier they're just gonna

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<v Speaker 5>stay exactly the. Same but in a situation like you,

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<v Speaker 5>know an options, ACCOUNT i mean specifically in an options,

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<v Speaker 5>account it can make a significant impact because some of

0:11:05.679 --> 0:11:09.240
<v Speaker 5>these things can really really. Appreciate they could get you,

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<v Speaker 5>know these calls get in the money and the stock is.

0:11:11.960 --> 0:11:16.320
<v Speaker 5>RUNNING i Mean i've, Seen i've you, know witnessed huge

0:11:16.360 --> 0:11:19.840
<v Speaker 5>moves in both directions for the, record but you, know,

0:11:20.120 --> 0:11:24.200
<v Speaker 5>huge huge, Moves so it can have a significant. Impact

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<v Speaker 5>LIKE i, mean thousands of percent appreciation in an account

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<v Speaker 5>potentially is not out of the question at. All, Right

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<v Speaker 5>i'm not saying That i'm promising ten thousand percent of

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<v Speaker 5>returns or, something you. KNOW i, mean that is the

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<v Speaker 5>impact that you can potentially see in some of these,

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<v Speaker 5>positions especially in some of those yolo calls that we

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<v Speaker 5>talked about. Before if you're selling a, strangle or you're

0:11:49.400 --> 0:11:51.599
<v Speaker 5>selling you, know putting together like a put spread or

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<v Speaker 5>a call spread or, something you know you're not you're

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<v Speaker 5>going to make a finite amount of. Money it's a

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<v Speaker 5>higher probability of success, trade but it's a finite amount

0:11:58.760 --> 0:12:00.559
<v Speaker 5>of money in the case where you can go out

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<v Speaker 5>a year or two and buy cheap calls in something

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<v Speaker 5>ten to fifteen points out of the, money and it

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<v Speaker 5>gets thirty forty to fifty points in the money during

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<v Speaker 5>that two year. Period forget about. It yeah, right but

0:12:12.600 --> 0:12:17.319
<v Speaker 5>there's a time and a place those. Grades in a

0:12:17.360 --> 0:12:19.719
<v Speaker 5>high volatility, environment you can't be doing that. Stuff you'll

0:12:19.760 --> 0:12:20.319
<v Speaker 5>go broke right.

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<v Speaker 4>Away final, question speaking of ten thousand percent, return what

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<v Speaker 4>set of, circumstances what we need to get To kathy's

0:12:29.320 --> 0:12:34.960
<v Speaker 4>proclamation of a five hundred thousand bitcoin price or one

0:12:35.000 --> 0:12:37.920
<v Speaker 4>point five for the bull? Case you, think as A

0:12:38.559 --> 0:12:40.520
<v Speaker 4>i mean a charge, Technician.

0:12:40.760 --> 0:12:44.439
<v Speaker 5>I'll defer to. HER i, mean she's she's. Smart i'm

0:12:44.440 --> 0:12:46.320
<v Speaker 5>sure she's done her homework to come up with. That

0:12:46.720 --> 0:12:50.120
<v Speaker 5>good for. Her you, know let's get to one hundred, first,

0:12:50.400 --> 0:12:52.240
<v Speaker 5>right and then you, know then we'll worry about. It

0:12:52.280 --> 0:12:54.120
<v Speaker 5>and we have different time, horizons and her AND i

0:12:54.200 --> 0:12:57.120
<v Speaker 5>do different. Things so like she's entitled to believe that

0:12:57.280 --> 0:13:00.320
<v Speaker 5>she could position, accordingly her investors can follow or in

0:13:00.360 --> 0:13:03.000
<v Speaker 5>that or. Not, Right, like this is a free. Country

0:13:03.080 --> 0:13:06.920
<v Speaker 5>all of that is great for. Me that's. Great she's

0:13:06.960 --> 0:13:09.880
<v Speaker 5>obviously doing something. Right good for. Her for, me that's

0:13:09.920 --> 0:13:12.880
<v Speaker 5>just that is not WHAT i, Do LIKE i do something, else,

0:13:13.000 --> 0:13:15.680
<v Speaker 5>Like i'm interested in what's happening, Now like our target

0:13:15.720 --> 0:13:18.240
<v Speaker 5>was forty seven thousand on the bitcoin that was. Hit

0:13:18.520 --> 0:13:21.200
<v Speaker 5>we've seen rotation into. Ethereum you, KNOW i Think etheroreum

0:13:21.240 --> 0:13:23.880
<v Speaker 5>goes to thirty eight. Hundred you, Know bitcoin below forty

0:13:23.880 --> 0:13:25.880
<v Speaker 5>seven is kind of messy for a, While So i'm

0:13:25.880 --> 0:13:28.640
<v Speaker 5>not really that interested in. It i'm interested in some

0:13:28.679 --> 0:13:31.160
<v Speaker 5>of the other. Things that doesn't MEAN i don't Think

0:13:31.200 --> 0:13:33.000
<v Speaker 5>bitcoin goes. Higher in, FACT i. DO i think we

0:13:33.040 --> 0:13:34.800
<v Speaker 5>get back to sixty five and rip through that and

0:13:34.800 --> 0:13:37.120
<v Speaker 5>go to one, hundred probably one hundred and. Twenty it's,

0:13:37.160 --> 0:13:40.880
<v Speaker 5>probably you, know a good a good place to take a.

0:13:40.880 --> 0:13:44.040
<v Speaker 5>BREATHER i think that that's how it plays. Out but guess,

0:13:44.040 --> 0:13:46.720
<v Speaker 5>what it doesn't matter WHAT i. Think Right we're stuck

0:13:46.760 --> 0:13:48.560
<v Speaker 5>below forty. Seven SO i can tell you it's going

0:13:48.600 --> 0:13:50.040
<v Speaker 5>one hundred and, TWENTY i can tell you it's going

0:13:50.040 --> 0:13:52.839
<v Speaker 5>to ten, million it doesn't. Matter we're still stuck below forty.

0:13:52.840 --> 0:13:55.320
<v Speaker 5>Seven so in the, Meantime i'm kind of chilling out With.

0:13:55.360 --> 0:13:58.720
<v Speaker 5>Bitcoin i'm looking At ethereum and some of the, others you,

0:13:58.760 --> 0:14:01.760
<v Speaker 5>know go down the, list some of these other alt

0:14:01.800 --> 0:14:04.600
<v Speaker 5>coins and. Stuff injective protocol has been making a lot

0:14:04.600 --> 0:14:07.200
<v Speaker 5>of new. HIGHS tia is another. One some of these

0:14:07.440 --> 0:14:10.000
<v Speaker 5>icos are coming out pretty. Heavy so you, know we've

0:14:10.040 --> 0:14:12.840
<v Speaker 5>got our crypto scans that we've built over the. YEARS i,

0:14:12.840 --> 0:14:15.080
<v Speaker 5>mean we've been trading this stuff for a decade almost,

0:14:15.280 --> 0:14:18.280
<v Speaker 5>yeah about the decade since twenty. Fourteen, yeah so quite

0:14:18.280 --> 0:14:21.160
<v Speaker 5>some time we started covering. It you, KNOW i. STARTED

0:14:21.200 --> 0:14:23.440
<v Speaker 5>i wouldn't SAY i was trading. IT i was holding

0:14:23.480 --> 0:14:26.600
<v Speaker 5>some bitcoin in twenty, fourteen but we really started covering

0:14:26.600 --> 0:14:29.120
<v Speaker 5>it in our shop in twenty, sixteen so even, then you,

0:14:29.120 --> 0:14:31.880
<v Speaker 5>know relatively. Early so you, know for, us we've come

0:14:31.920 --> 0:14:33.360
<v Speaker 5>a long. Way and we do a lot of like

0:14:33.360 --> 0:14:36.640
<v Speaker 5>on chain analytics as, well WHICH i really really like

0:14:36.680 --> 0:14:39.760
<v Speaker 5>a lot like because of the transparency of the. Blockchain

0:14:40.160 --> 0:14:43.000
<v Speaker 5>there's so much more data that we get in cryptos

0:14:43.040 --> 0:14:45.440
<v Speaker 5>that we don't have in traditional assets like stocks and

0:14:45.480 --> 0:14:48.680
<v Speaker 5>bonds and. COMMODITIES i would kill to have some of

0:14:48.720 --> 0:14:51.480
<v Speaker 5>the data that we have in cryptocurrencies in traditional. ASSETS

0:14:51.520 --> 0:14:52.240
<v Speaker 5>i would kill for that.

0:14:52.320 --> 0:14:56.760
<v Speaker 1>Data an illegal alien From guatemala charged with raping a

0:14:56.840 --> 0:15:00.360
<v Speaker 1>child In. Massachusetts AN ms thirteen gang member From Al

0:15:00.400 --> 0:15:05.240
<v Speaker 1>salvador accused of murdering A texas man Of venezuelan charged

0:15:05.240 --> 0:15:09.160
<v Speaker 1>with filming and selling child pornography In. Michigan these are

0:15:09.200 --> 0:15:12.720
<v Speaker 1>just some of the heinous migrant criminals caught because Of

0:15:12.760 --> 0:15:13.480
<v Speaker 1>President DONALD.

0:15:13.560 --> 0:15:17.359
<v Speaker 2>J trump's. Leadership I'm Christy, noman The United States secretary

0:15:17.400 --> 0:15:18.000
<v Speaker 2>Of Homeland.

0:15:18.040 --> 0:15:22.520
<v Speaker 1>Security Under President, trump attempted illegal border crossings are at

0:15:22.560 --> 0:15:25.360
<v Speaker 1>the lowest levels ever, recorded and over.

0:15:25.240 --> 0:15:27.320
<v Speaker 2>One hundred thousand illegal aliens have been.

0:15:27.400 --> 0:15:31.600
<v Speaker 1>Arrested if you are here, illegally your next you will

0:15:31.600 --> 0:15:35.040
<v Speaker 1>be fined nearly one thousand dollars a, day, imprisoned and.

0:15:35.080 --> 0:15:36.760
<v Speaker 2>Deported you will never.

0:15:36.840 --> 0:15:40.440
<v Speaker 1>Return but if you register using OUR cbp home app

0:15:40.520 --> 0:15:43.080
<v Speaker 1>and leave, now you could be allowed to return.

0:15:43.160 --> 0:15:45.640
<v Speaker 2>Legally do what's. Right leave.

0:15:45.800 --> 0:15:50.800
<v Speaker 1>Now Under President, Trump america's, laws border and families will be.

0:15:50.840 --> 0:15:53.520
<v Speaker 3>Protected sponsored by The United States department Of Homeland. Security