Understanding Hedged Scale Trading by Thomas McCafferty

By Thomas McCafferty

The name of this e-book is deceptive. just one bankruptcy within the complete publication bargains with hedged scale buying and selling and to sum it up the writer says..."buy puts". really good. the remainder of the booklet describes scale buying and selling (poorly) and primary research. which will find out about scale buying and selling visit the resource. examine Robert Weist's, "You cannot free buying and selling Commodities". Weist does a far better activity describing this buying and selling strategy. This booklet used to be a true sadness and waste of cash (in my opinion).

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This practice lowers the statistics on the percentage of options expiring worthless, making the numbers look better than they really are. Don’t let the thought of expiration bother you when we begin using options to protect futures positions as part of an integrated scale trading strategy. The function of the options is to absorb risk, serving as insurance. —we hope they are not used. Nevertheless, we dutifully pay the premiums to be able to sleep at night. Always remember why the options are being used.

The theory then states that if you limit your trading exposure to only the other four possibilities, you will be a net winner. This does work for the most disciplined of traders. My experience has been that all too many traders hold small losers until they become IPRO-F_11/13_ch01_McCafferty 7/2/01 8:55 AM Page 15 The Derivative Markets—Futures FIGURE 15 1-2 The Possible Results of a Trade Large Profit Small Profit Breakeven Small Loss Large Loss There are only five possible outcomes for any trade: (1) a large profit, (2) a small profit, (3) breakeven, (4) a small loss, or (5) a large loss.

It is important to study various time frames of volatility to establish patterns and determine what the normal ranges are for the option and the underlying entity being traded. This is a key insight, as you will see later. The flatter the curve, the more price diversification or higher volatility. Or the narrower the pattern, the less prices are diverse. There is no need to worry about learning how to calculate bell curves. com). Additionally, there are other ways of evaluating volatility (see Table 9-1).

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