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This is true, but I was definitely talking about shooting the moon on naked long puts and calls with a the shortest possible expirations, i.e., that same day. That's pure gambling and generally doesn't pay off except during massive moves like we've seen over the past week (or during Covid). Those are pretty few and far between, but as HintonJames so eloquently put it, when you have a loon at the top surrounded by fools, big swings become much more common.I still say the use of options as a hedge can be a good strategy.
That's why I said buying both a put and a call simultaneously would've been a good strategy since Trump announced the tariffs. You're not making a directional bet, but a bet that there is going to be a big move one way or the other (or, as has been the case a few times this week, sometimes both in the same day). You're still speculating that there will be a big move one way or the other, but you're doubling your chances vs. just going long or short...