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127 Comments
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listolyman
Member
listolyman
July 5, 2012 4:40 pm

Kim runs an excellent service which encourages risk management and steady profits.

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Raymond Lee
Guest
July 5, 2012 11:39 pm

Excellent Non-Directional Approach to options trading. Very good educational portal for every members in the forum who wish to learn more about non-directional option trading. Thanks to Kim who have set up everything perfectly for the members.

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Joseph Kusnick
Guest
Joseph Kusnick
July 11, 2012 11:58 am

I joined SteadyOptions after reading a number of Kim Klaiman’s articles on non-directional trading. While his trading methodology is successful, I’m most impressed by his thoroughness, honesty, ethics, and accessibility.

From the time I joined, I’ve felt like part of a community. The trading methods are clear, complete, and well-explained for all skill levels. Questions are encouraged, and answered quickly. Emphasis is placed on learning and understanding first, and members care about helping one another.

Upcoming trades are discussed and dissected beforehand, and optimal entries and exits are determined. Executed trades are then monitored and analyzed through to closing. There’s complete transparency in all steps of the trading process, with a focus on continual refinement of the strategy.

This is not an “advertise the wins, hide the losses” community. It is intellectually honest, analytical (data-driven), and precise–lots of very bright people are here, maximizing their trading success.

surnamehistories
surnamehistories
July 11, 2012 7:04 pm

Steady Options is a great option site for learning and making money. Low risks trade, vey well thought out. You will find it to be as honest as your mother. Give it a try, you will be glad you did.

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Jesse
Guest
Jesse
July 22, 2012 6:18 pm

Steady Options’ ratings say it all. This service combines everything into one. Great performance, great education, great service, great price. Top notch, very professional. Highly recommended for anyone with an interest in making money through options in a way that doesn’t require you to be right on direction. You have nothing to lose with the 10 day free trial.

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ckendall4938
Guest
ckendall4938
August 21, 2012 2:45 am

Pffftt!!! This guy was posting free trades with embellished results and now has the nerve to charge people for his crap? Give me a break!

Look at his Iron Condor trade at the following link:
http://seekingalpha.com/article/317818-take-flight-with-an-iron-condor-for-significant-profits

He broke his exit rule on multiple occasions by not closing down a trade when he said he would. He stated that he was going to hold the position. When the market kept going against him, holding was a bad decision, so he just “said” he got out earlier. LOL Can’t trust this guy. You’d be better off buying something from a snake oil salesman.

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kimk
Member
August 25, 2012 10:52 am

I would like to thank everyone for their kind words. I would like also to mention that the latest reviewer ckendall4938 was never a subscriber and therefore his review has absolutely no value and should be removed from the site. I communicated with him on SA and even offered to send him a screenshot of my broker statement but it was a complete waste of time.

I would like also to mention that SteadyOptions performance is based on real fills and all trade alerts come with broker screenshots attached. I don’t know any other service doing that. it doesn’t get any more transparent than that.

richard90025
Member
richard90025
January 18, 2013 2:14 am

“Non-Directional Trading at its Best”

Being a software engineer and an options trader, I am naturally intrigued by the kinds of trades in which Kim Klaiman routinely engages. There is something very scientific and mathematical about his approach that pleases my engineering sensibilities. Unlike most traders, who are constantly (and usually futilely) attempting to predict the direction of the market, Mr. Klaiman has perfected a technique by concentrating on non-directional trades that reduces most market directional risk . Mathematically exploiting a statistical oddity that occurs over and over again during the time approximately a week before a company’s earnings announcement, Mr. Klaiman consistently earns profit upon profit. Those lucky enough to be members of his site, SteadyOptions.com, (I say “lucky” because he regularly limits the number of new memberships) are privy to his thoughts and experiences. Members are with him from his earliest consideration of a trade, to its execution, and finally to its ultimate closing. Each of his trades are fully documented and immediately available for members to duplicate themselves. And better yet, each member knows why he or she is making that trade; nothing is hidden about the reasons for that trade.

One of the things that distinguishes Mr. Klaiman’s service from others is that each of his trades are real, filled orders–not hypothetical orders. Thus his successful trading becomes your successful trading since there is no reason you can’t match his trades. And, at the same time, you are learning to become a better trader since full discussions, sometimes to the most minute detail, occur regularly in separate topics areas for each trade. Members may ask questions at any time, from the most basic newbie-type question (e.g., How do I roll a position to the next strike?) to extremely advanced areas (e.g., How does the ratio of risk factors vega and theta affect entry into a particular trade?). Indeed, many of the members of SteadyOptions.com admit that the small monthly membership fee is more than worth it simply for the education they are receiving–apart from the profitable trades of which they partake from the service.

These earnings-related trades are a big area of his service, but by no means the only area. Mr. Klaiman continually stresses the importance of an overall balanced portfolio taking into account many of the quantifiable risk factors (i.e., the Greeks). Since earnings trades profit from increasing implied volatility, Mr. Klaiman balances these trades with broad-market trades that have risks in the opposite direction. Doing so goes with his over-riding approach of small, steady, predictable profits in contrast to the “lottery ticket” approach of many options traders. And his performance demonstrates this. As of 10/13/2012 (the time I am writing this), his ROI for 2012 is 133%. For details, go to his web site.

A prolific writer of his craft, Mr. Klaiman has written many articles spelling out his trading approach. These articles were my initial introduction to Mr. Klaiman and his trading style. Many of his articles are found here at the Seeking Alpha site: http://seekingalpha.com/author/steadyoptions/articles .

Those serious about improving their trading and increasing their profits in a steady way really do owe it to themselves to become familiar with Kim Klaiman’s important work.

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mike_tee_vee
Member
mike_tee_vee
July 9, 2013 2:07 pm

I’ve been a subscriber for about a year and a half, and have thoroughly enjoyed the service. The professionalism of the forum is top notch, and is accessible for many different types of investors.

The strategy suits my schedule well, as I am not always at my desk. It is also well suited for accounts with day trading restrictions. The Daily Update is in my mind the most valuable component of the service, as it provides a quick synopsis of existing and future trades.

Novice investors can use the service to follow trade alerts, while seasoned investors can dive into the rich library of education.

Overall, I highly recommend it!

lockitup
Member
lockitup
August 2, 2013 3:47 am

I wish I found these reviews before I joined Steady Options. If you go back, you’ll see one of the only TRUE reviews by a ckendal4938 (all the others look fake!). ckendal4938 provides a link (http://seekingalpha.com/article/317818-take-flight-with-an-iron-condor-for-significant-profits) that sites a trade that Kim Klaiman opened. Klaiman didn’t exit when he said he would and let the position get worse. When the market didn’t reverse course like he thought it would, he claimed to have already rolled out of the position a couple of days earlier. This new position got into trouble too and he was able to miraculously get out of that one as well, with minimal loss. I experienced the same lack of discipline in a number of Steady Options trades. The losses of -22, -26, -25, -35, -56 were all due to his lack of discipline and he kept doing it over and over again.

The numbers on his performance record do not match up at all. If you add up all the trades that were opened in May, you’d get a -35.3% return but on his performance, he shows a loss of only 0.6% Maybe he’s counting trades that were closed in May only even though some of them were opened in April. Well, with that calculation I get a total loss of -3.9% which is still worse than his 0.6% he claims.

The returns do not include commissions, which he states, but those will eat up about 1.5% of the total return for EACH trade. Counting up all the trades that closed in May, I get 14 trades. At 1.5% each, that’s another 21% taken away from the gross profit. Even though he shows a loss of 0.6% at best, it’s really more like -20.4%. If you use the trades that were opened in May, you’re looking at a real loss of -56.3%! He opened 16 trades in July. With commissions, you’re already starting with a 24% deficit.

After losing so much with Steady Options, I wanted to find a review site to let others know of my experience. I’m glad I found Stock Gumshoe to give me this platform and save others from my terrible mistake. I hope other subscribers come out and let their voice be heard!

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steadyoptions
Member
steadyoptions
August 2, 2013 2:52 pm

Dear A L,

I’m pretty sure you were not a member and hence did not lose any money with SO. If you were, do you mind to present your real name or at least SO username and not hide behind initials? ckendal4938 was not a member as well, and I addressed all his concerns in the original SA article.

It is interesting that you selected for your “analysis” the only losing month we had in 2013. You completely ignored 18% gain in March, 30% in April, 16% in June and July. But let’s go to your brilliant calculations.

The performance is based on the trades closed at the reported month (this is pretty much industry standard), so May would report trades closed in May, not opened in May. The total loss of -3.9% you calculated is based on the sum of all trades. According to this logic, we had 209% gain in April and 561% gain in 2013. This of course not how it works – you cannot add all trades because you don’t allocate 100% per trade. The returns will vary according to allocation. Model portfolio assumes 10% allocation per trade, so -3.9% loss is -0.39% loss on the total portfolio. Same holds for commissions – 21% loss is in fact -2.1% loss based on 10% allocation.

I also find it interesting that you gave 3 stars for customer service, the highest mark in your ratings. If you had some minimal decency, you would give 5 stars at least in this category. If you were really a subscriber, you would know that I respond to all forum questions and emails within couple hours, usually much less. But you won’t let the facts to confuse you.

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malden
Member
malden
August 5, 2013 3:22 am

According to the performance on SO’s website and using the closing dates for each month so far in 2013, this is what I see:
Jan had 19 trades w/ avg return of -0.15%.
Feb had 20 trades w/ avg return of 1.26%.
Mar had 16 trades w/ avg return of 7.88%.
Apr had 15 trades w/ avg return of 12.85%.
May had 14 trades w/ avg return of -0.28%.
Jun had 13 trades w/ avg return of 8.08%.
Jul had 19 trades w/ avg return of 5.69%.

Using the beginning and ending balance for each month, I get monthly returns of the following for 2013:
Jan = -0.01% ROI
Feb = 1.95% ROI
Mar = 13.06% ROI
Apr = 20.90% ROI
May = 0.46% ROI
Jun = 10.94% ROI
Jul = 11.00% ROI

These numbers don’t jive with the table at the top of SO’s performance page. In fact, the numbers on that table show better returns than those calculated above with the biggest difference being about 10% better then actual.

Losses will happen but they should be controlled. SO shows big losses of -35%, -25%, -26.9%, -56.3%, -65.6%, and -56.8% so far this year. That’s about 1 every month. If there were stop losses or well managed positions, losses should not get to this level over and over again.

Commissions will also eat into your overall profit. On average, they will reduce the return by about 1.5%. For example, a 5% return would net 3.5%. With that in mind and looking at the monthly ROI above, SO would not have a single winning month. Lets take their best ROI month, April. They claimed to have earned 20.90% with 15 trades. If each of those trades cost 1.5% of the overall profit, we’re looking at -22.5% from the commissions alone. Add the 20.90% profit and we still have a loss of -1.6%.

With commissions, the true return for each month so far is below where the number in parens represent the number of trades:
Jan (19) = -0.01 – 28.5 = -28.51%
Feb (20) = 1.95 – 30.0 = -28.05%
Mar (16) = 13.06 – 24.0 = -10.94%
Apr (15) = 20.90 – 22.5 = -1.6%
May (14) = 0.46 – 21.0 = -20.54%
Jun (13) = 10.94 – 19.5 = -8.56%
Jul (19) = 11.00 – 28.5 = -17.5%

In summary, this is a losing service and I didn’t even factor in the subscription fees.

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halito27
Member
halito27
August 13, 2013 1:51 pm

Let’s be clear about what Steady Options ISN’T: it isn’t an “autotrading” service. The purpose of this site is not to blindly follow Kim’s trades. Instead, Steady Options teaches a technique that requires EACH of us to:

* Identify suitable candidates for pre-earnings straddles, strangles, and calendar trades
* Back-test trades to identify suitable risk/reward
* Monitor the trades we’re stalking for optimum entry points
* Use options Greeks to track performance
* Balance risk at a portfolio-wide level

Kim posts a forum for every trade he’s considering, describing its historical performance and inviting discussion. When I look at the people who have been successful, it is clear to me that each of them has been able to take Kim’s techniques and make them their own. In fact, a number of members enter trades earlier than Kim, or take on additional trades that are NOT part of Kim’s official portfolio, but are based on the same underlying concepts. For me, this is one of the strengths of this service.

Kim and all the other traders are incredibly generous with their time, and will go into painstaking detail to explain how to THINK about these trades, and this style of trading. Make no mistake: it requires work, and you may decide that this style of trading is not for you. There’s nothing wrong with that! Each of us has to judge for ourselves whether we’re up to the task of back-testing, tracking Greeks, and so on.

If all you’re doing is following Kim’s trades and hoping to make 100% return every year, I’m afraid you’re bound to be disappointed. On the other hand, if you’re willing to put in the effort, Kim and the other traders will help you gain a set of skills that will last a lifetime.

Think of it as getting the fishing pole, and not merely the fish.

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steadyoptions
Member
steadyoptions
August 14, 2013 4:34 pm

Dear Mike Alden,

The returns in the table are taken from pro-trading-profits, as mentioned just below the table. if you click on the link, you can directly to ptp website and see the report. You can also play with commissions and see how commissions change the returns.

Your commissions calculation makes the same mistake that A.L. made: 1.5% per trade does not reduce the overall performance by 1.5% because the trade was not allocated with 100% of the portfolio. With 10% allocation, the 1.5% will reduce the overall performance by 0.15%, so 20 trades will reduce the monthly return by 3%.

I suggest that you do your homework before posting numbers that have no connection to reality.

As for the losses – yes, three 50% losses out of 117 trades. Many of the winners have been in the 30-40% range and far outpaced the losers.

Overall, the service is currently ranked #5 out of 350+ services on pro-trading-profits for 2 years performance – that includes commissions.

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jozsika
jozsika
September 9, 2013 10:26 am

I was a subscriber to SO for over two months.

The performance they post on their publicly available pages is misleading:

++ These are not real performance numbers. These are Kim’s trades that he executes *before* he sends out the alerts.
++ To calculate these performance numbers in percentage is misleading. These are multi-leg trades, sometimes in very thinly traded markets and sometimes at low prices. E.g. (actual example) if a trade has 4 legs, costs $2.25 and gains $0.05, it is listed as gaining 2.22%. This number is correct but don’t try to calculate your compounded return based on this!

I mentioned these concerns to Kim while I was a paying subscriber and recommended that
(1) he sends out trade alerts *before* he trades; and
(2) he publishes $-based (as opposed to %-based) performance data.

He refused to do both.

For #1 his ‘argument’ was that sometimes the same trade can be executed better later. Obviously his timing is not always perfect, so this is true. But I don’t quite see how does this change the fact that he is frontrunning his recommendations.

For #2 his ‘argument’ was that anybody can do this as the actual trades are available on the site. This is not *quite* true as the actual trades are available only for subscribers. Also, this is somehow hypocritical as every trade is posted on a message board in its own thread so one would have to go through hundreds of threads to compile this list.

But I took up his challenge and did the correct, $-based calculation for a couple of months worth of data. While at it, in my spreadsheets I also added the number of legs the trade had and a formula to recalculate the P/L based on a ‘slippage’ number I edited on top of the spreadsheet. In other words if the trade has 4 legs and my hypothetical slippage (that includes commission as well, as he doesn’t use if in his percentage based performance reports) is 5 cents, then I recalculate the performance based on his reported P/L *less* 4 * $0.05 = 20 cents.

Entering 1 or 2 cents for this number his trades are still winning (on the long run.) Entering as small 5 cents the trades are losers.

Conclusion:

If you believe that you can *consistently* beat Kim in his own game, this may be a slightly positive service for you. Don’t forget his advantages: (1) he is doing this for *years* and watching the market full time, all day; (2) he is frontrunning you; and (3) you pay him $100/month, that you need to recapture.) So this is a tall order (and I decided that it is not for me.)

[Side note: in order to execute these trades, esp. if you want to beat Kim, you *have* to watch the market all day. I couldn’t do that. If you *can* do that, I recommend that you try some day-trading instead. To spend your day in front of the screen to watch trades that take *days* to unfold is a waste of time (IMHO.) Kim can do it, because his *real* income is from subscription fees and not from these trades.]

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mk
Guest
mk
August 29, 2015 6:03 pm
Reply to  jozsika

But a verifiable offense. A sham.

steadyoptions
Member
steadyoptions
September 9, 2013 1:00 pm

Dear Joseph,

Front running is a serious offence, and I suggest you be very careful before accusing someone in front running as it might have very serious legal consequences for you. FYI: Front running is a practice of a broker trading an equity based on information from the analyst department before his or her clients have been given the information. Front running applies mostly to penny stocks and does not apply at all to options. Before the trade is made, I always create a discussion topic and give members all the necessary information about the trade, so many members enter the trade even before I do and in many cases achieve better results. You “forgot” to mention this simple fact in your “objective” review.

The fact the performance numbers are based on my fills was never hidden from members. Unlike some other newsletters that base their performance on “theoretical prices” or “profit potential”, my numbers are completely real. Every trade alert comes with screenshots of my brokerage fills. Calculating the performance on percentage basis is the ONLY way to do it – a $100 gain on a $1000 trade is not the same as a $100 gain on a $200 trade, so dollar gains are meaningless. Our latest ten trades included CRM, JOY, GS, GPS, TGT, RUT, HD, WMT, CREE, RIG – those are far from ” very thinly traded markets”. We also trade SPY, AAPL, AMZN, NFLX, VIX etc. – again, not exactly ” very thinly traded markets”.

Adding slippage of 5 cents is meaningless for few reasons. First, since the performance is based on real fills, there is no slippage. Second, slippage on a $10 trade will be very different than the slippage on a $2 trade. It is true that performance does not include commissions, and it is clearly indicated on the performance page and all performance updates. There is a link on the performance page to pro-trading-profits report where you can plug your commissions rates and see the results. I suggest that you play with the report and let me know what the results are (hint: even including commissions, the average annual return is still close to triple digits).

There is ABSOLUTELY no need to watch the markets all day, but some ability to monitor the trades is definitely required. That said, I’m fully aware that SteadyOptions is not everyone. It is for those who are willing to learn and put some effort and not those who want to make 10% per month with no effort. I’m also fully aware that despite one of the most honest and transparent reporting practices, I cannot please everyone and there always will be people blaming others for their failures.

I’m sure that StockGumshoe readers are intelligent enough to read reviews from people who were members for more than 2 months and have some real experience with the service. You also completely ignored the educational aspect of the service and the fact that 90% of the questions and emails are answered within one hour. Giving 3 stars to Educational aspect and customer service just shows how “objective” your review is.

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jozsika
jozsika
September 9, 2013 1:54 pm

“many members enter the trade even before I do and in many cases achieve better results. You โ€œforgotโ€ to mention this simple fact in your โ€œobjectiveโ€ review.”
(1) I DO mention this in my review, read it again. I DO mention that your timing is not always perfect (nobody’s is) and you USE these examples (like you do it NOW) to “prove” that in SOME instances, SOME members can beat your results. You quote anecdotes instead of FACTS. Sending out alerts BEFORE you trade them would be indisputable.

(2) This is NOT an “objective” review and I never claimed it was. This is my EXPERIENCE with your service and I didn’t claim anything else, did I?

“The fact the performance numbers are based on my fills was never hidden from members. ”

And I NEVER claimed they were. But
(1) This fact IS hidden from the public site!
(2) Just because a fact is not hidden (from members), is not a “proof” that this is the correct accounting method. It is NOT. This was my claim and not that it is hidden (from members.)

“Unlike some other newsletters …”
Irrelevant. I was describing YOURS and not comparing it to others. On your web-site –similarly to this response– you keep hiding behind allegedly sleazy practices of OTHERS. Irrelevant.

“a $100 gain on a $1000 trade is not the same as a $100 gain on a $200 trade, so dollar gains are meaningless.”
This is true in the ABSTRACT. But in your specific case, this is NOT TRUE at all! You specifically mention SEVERAL times in your PUBLIC page that your so-called performance data is calculated assuming EQUAL $ amount allocated to EVERY trade. So in YOUR case dollar gains ARE meaningful and they provide the REAL performance data. I am sure that the public is intelligent enough to perform a division in order to get the percentage. The opposite is not possible (i.e. to get $ from percentage), because you do NOT provide this data. Elementary arithmetic.

“Our latest ten trades included …”
So be it. I take your word for it. I did NOT say that ALL of your trades are in thinly traded markets, so to quote a few that are not, does NOT prove that my statement was incorrect!

” It is true that performance does not include commissions, and it is clearly indicated on the performance page …”
Again: irrelevant. I did NOT say that the fact was hidden. What I DID say that it skews the results.

“Giving 3 stars to Educational aspect and customer service just shows how โ€œobjectiveโ€ your review is.”
I understand that you disagree with any rating below 5 stars. This is MY review, based on MY experience and MY assessment. Where did I say that it was “objective”? I gave 3 stars to Customer Service (that is not a horrible rating, btw), not because you didn’t reply quickly. You did. But often times your answers were evasive, defensive, twisting out and filtering the original questions. Like your current one.

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steadyoptions
Member
steadyoptions
September 9, 2013 2:52 pm

After all the discussions we had and all the feedback from other members, you still don’t get it.. SteadyOptions is mostly educational resource where trading ideas are shared and members can implement those ideas, REGARDLESS of what I do. I’m sorry that It didn’t match your expectations of “getting rich fast without effort”.

Like many members mentioned, the purpose of SO isn’t just to follow my trades. We teach techniques that you can implement in your own account. One of the members said that “what I learned from SO is: trade adjustment, what to do when the stock moves against you; how to adjust your trade to still keep a favorable risk-reward ratio; overall portfolio management, how to balance your vega, delta positive trades against your negative one’s to keep the whole portfolio as neutral as possible; thinking about risk, not to get hung up or married to a single position and learn to when to fold them and keep a steady routine of trade identification, trade management, trade exit and calm regardless of wild portfolio swings”. Based on those techniques, long term members actually achieve BETTER results than my posted performance.

As for your dollar vs. percentage argument – lets take an example of two 2 leg trades.
One costs $10 and the second one $5. The first one sold for $12 and the second one sold for $6. In both cases you made 20%. In 10k portfolio and 10% allocation, you buy 1 spread of the first trade and 2 spreads of the second trade. In both cases, you made $200. How would that be different from recording the 20% gain? The only difference is commissions – I ALWAYS mention that impact of commissions on lower priced trades is higher because you buy more contracts. But this fact does not dramatic impact on the performance – with the first trade, you commissions would be $3 and in the second trade, $6. So the first trade profit would be reduced to 19.7% and the second one to 19.3%. Not a dramatic difference.

Like I mentioned several times, the impact of commissions is different from broker to broker, and this is the reason why services present ex-commissions performance. All prospective members are well aware of this, and I clearly mention on the subscription page that commissions are expected to reduce performance by 2-3% per month (which is actually very conservative). Once again, I encourage you to go to the performance page http://steadyoptions.com/performance, click on the Pro-Trading-Profits link just below the performance table and play with commissions.

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jozsika
jozsika
September 9, 2013 4:57 pm

No, YOU don’t get it. Or pretend not to.

As I said OVER AND OVER BUT YOU DON’T LISTEN: the difference is the commission AND THE SLIPPAGE.

If you have a $10 4-leg trade, 1 contract, 5 cent SLIPPAGE and commission combined, on a $2 profit, it reduces your 20% profit to 18%. Fine.

If you have a $1 trade, it reduces it to ZERO. Got it? ZERO.

And if you have a $2.25 trade, with 2.22% alleged profit (the trade I quoted that was an ACTUAL trade, but you conveniently forgot to reply to), 5 cents per leg reduces the 2.22% to NEGATIVE 6.67%. You got it?

Actually: I take it back. You do get it. You PRETEND not to, but you KNOW that I am RIGHT. Just let it go and stop bullying me. Over and out.

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steadyoptions
Member
steadyoptions
September 9, 2013 5:58 pm

And I repeat once again: there is NO SLIPPAGE since those are real and not theoretical trades.

As for commissions – you conveniently ignored my suggestion to go to Pro-Trading-Profits link and play with commissions, so I will do it for you:

Plugging into the report 100k total portfolio size, 10% allocation and 0.75 per contract commissions, you get:

Average Investment per Trade $9,828
Average Brokerage per Trade $124.97

That’s 1.25% per trade.

Same configuration gives:
Average Monthly Profit/Loss $10,151.24 (before commissions) or 10.1%
Average Monthly Profit/Loss $7,846.21 (after commissions) or 7.8%

Please go to Pro-Trading-Profits link and verify those results. But I guess you won’t let the facts to confuse you.

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