http://twitter.com/hamzeianalytics - The Admiral, a former CBOE Designated Primary Market Maker, explains the importance of humility in trading, the ability to take a loss, and reset with a clear head and start over.
The featured speaker, whom we affectionately call "The Admiral," was a Designated Primary Market Maker (DPM) on the floor of the CBOE for five years. Although we're not using his real name (so don't ask!) suffice it to say that we consider him to be one of the most knowledgeable option traders on the planet. As a floor trader in the '80s and '90s he did the opening options rotation for 5-25 stocks the old-fashioned open outcry wayâmeaning he opened each option strike price for each of these stocks within the first 30 minutes of trading, both calls and puts.
That meant he had to price more than 500 option strikes, plus as a ...
