Two Days at the “Center of the Options World”
The Smart Profits Report: Issue #250
Thursday, October 13, 2005
Two Days at the “Center of the Options World”
By Karim Rahemtulla
Chairman, Mt. Vernon Research
I just returned from a great options conference in Chicago. Aside from being one of my favorite cities in the U.S., Chicago is also one of the most important financial centers in the world. Its “middle of the country” location has allowed it to prosper and age gracefully.
As the host of the Agora Wealth Options Conference, a series of conferences I founded a few years ago, I have a unique responsibility to make sure that the attendees get their money’s worth… and more.
More is what we got this year, as we were treated to a behind-the-scenes tour of the Chicago Board Options Exchange - an invitation-only excursion that almost every attendee participated in.
We had a mock trading session right on the floor - a once-in-a-lifetime experience for most people. Since 9/11, the exchange has not been offering private tours, but with our inside connections (thanks, Scott), we managed to get into this bastion of options capitalism… the center of the options world.
But for now, back to the conference…
An All-Star Cast of Profit-Makers
Without a doubt, the team from Mt. Vernon Research was the life of the party. Lee Lowell was up first, and he gave an in-depth presentation on trading puts, and the life and times of a market maker and professional trader. He was followed by our newest addition, Steve McDonald, who offered a great presentation on how to trade without falling into traps that could leave you much “poorer.”
Steve’s background in psychology is an invaluable tool for our team at Mt. Vernon. Especially interesting was his list of “trading” mistakes that everyone should avoid - of course, you have to be able to spot them first. I will get Steve to put some of his thoughts on paper in a future edition of the Xcelerated Profits Report - which, by the way, is the best $49 you will ever spend. Steve also teased the audience with some clues about his trading system, which I have finally convinced him to share with us. But more on this in a later SOER…
Dean Albrecht was next, and I am glad he made his time slot. The night before, a gang of shoe shiners accosted him on Michigan Avenue. Dean is adventurous and decided to let them have a go at his dirty loafers. They did… and wanted $8 per shoe. He gave them a buck and walked away carefully!
Dean presented his Quant-based system. For more than an hour, he explained with clarity how his system is as close as you can get to accurately predicting the movement of stocks and their underlying options - something he shows his subscribers with regularity.
Then it was my turn. I spent an hour lamenting on how my favorite system, The Income Trader - A Covered Call Strategy, is the ugly stepchild of trading services. It has an excellent track record - more than a 75% winning percentage in the past five years - but it only offers boring double-digit returns and not the triple-digit profits that we are all SO USED TO! I explained the system in detail, as I did for The LEAPS Options Trader.
The rest of the conference was composed of excellent presentations from the likes of Bob Meier (on commodities and geo-political options plays), Eric Roseman (on using options in international and ETF investing), Lou Bass, of The Oxford Club (on the use of options in take-over situations), and a host of other speakers and topics.
I must say, I am ecstatic about the team assembled at the conference. There were many professionals in the audience - traders from the CBOT, trading houses and just regular folks who wanted to learn more. Upon reading the post-conference evaluations, all I can say is, “See you in Chicago next year!”
Good trading,
Karim
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Today’s Smart Profits Cribsheet
- Check out the Smart Profits Glossary for definitions of words like “ETF” or “CBOE” found in today’s article.
- For more information on any Smart Profits Report Editors, click here.
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- Trading Index Options - Two Ways To Profit
- Options Trading Strategy: A Five-Question Screen to Find the Perfect Option
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