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RE: Lions New Stock Picks Posted To TradersChoice! By Gregory Mannarino
I'm following this thing with you and Greg with some mild amusement. However, I will weigh in with this- I know nothing about either of you, but I do know from somewhat painful personal experience that taking both sides of a trade with naked options is almost a sure way to lose your money. Isn't this the straddle being talked about here? Buying both calls and puts in the same underlying security? You would be much better off writing those calls and puts, as over 90% of options expire worthless...my 2 cents worth.
So there you go, one person who took the time to learn what Greg is talking about and who actually "understands" going in the very poor choices Greg is making with his trade entries. Sometimes it just takes simple "logic." Let's look at Greg's SLV straddle. if you were all gung ho about SLV getting ready to rally like Greg was when he bought that follow through mini gapup on Fri...why in the world would you protect the trade with a $14 stop? Doesn't make the least bit of sense when you consider that Greg is pretty much "100% assured" of closing the trade out in 5 days..at the most. Usually more like 3. Buying those Sept $14 SLV puts was "wasted" money. An "automatic" loss to the amount of the trade when he made the trade. He has done nothing to show me that he can time a "volatile" move either way before it actually begins. He'll need to be "precise" if he's going to be trading those long term options contracts. I'm glad he does as they trade so little volume it is easy to see what "the" market is thinking. I'm sure nobody even takes the time to look. Anyone else ever check the "actual" trade prices of greg's new trades just after he posts it at his web blog? For the record, I stay out of the coddling and sympathy posts...I realize most here are just looking for someone to assure them that what they are thinking is the way things really are. Greg is "the" voice of the ave Joe. :-) A "professional" trader? I'll trade with one tenth the funds Greg employs and beat his gains. Greg, would have to give full disclosure on teh prices paid and number of contracts he bought. And I will tell you right now, Greg will NEVER provide full disclosure. he doesn't have the confidence to do so. Do ya, Greg?