By: Steve Smith
The year was 1989, and I was a brand-new, “wet behind the ears” options trader in the pits of the CBOE.
Back then, we couldn’t trade options like we do today — online with a click of a mouse.
Believe it or not, I started my career a year earlier on the AMEX exchange floor yelling out orders for friend-and-family firms, including my father’s.
He was a maniac — selling crazy out-of-the-money options for pennies…
But that’s another story.
Anyway, I was in Chicago, new to the CBOE and lurking.
It didn’t take me long to realize exactly how much booze and cocaine were floating around that place.
I would have a social drink now and again…
But there were loads of guys who had a liquid lunch (or powder lunch) everyday.
It was insane.
A testosterone-driven, drug- and alcohol-hazed pit of money!
When I saw “The Wolf of Wall Street” years ago, I didn’t need to be convinced that the drug culture was real.
I wasn’t anywhere near Stratton Oakmont, but I was familiar enough with the business to know that they were telling the truth.
Today, though, things have changed.
Even though I’m not on the exchange anymore — I just enjoy my beach life here on the east coast of Florida…
I hear from friends and colleagues.
The institutions won’t put up with the shenanigans we used to get away with, and the level of professionalism is at an all-time high.
That’s good for us, because it means the smart money is trading with a clear head.
If you know what you are looking for, it can be easier than ever to cash in on the markets.
Options360 subscribers sure have been this year, even though the market has been getting smashed.
While the S&P 500 is down over 13.5% YTD, Options360 is up over 15%.
Which place would you rather have your money?
You can still hop aboard Options360 for just $19.
And we can put you in the winner’s circle with the rest of our subscribers.
Steve Smith have been involved in all facets of the investment industry in a variety of roles ranging from speculator, educator, manager and advisor. This has taken him from the trading floors of Chicago to hedge funds on Wall Street to the world online. From 1987 to 1996, he served as a market maker at the Chicago Board of Options Exchange (CBOE) and Chicago Board of Trade (CBOT). From 1997 to 2007, he was a Senior Columnist and Managing Editor for TheStreet.com, handling their Option Alert and Short Report newsletters. The Option Alert was awarded the MIN “best business newsletter” in 2006. From 2009 to 2013, Smith was a Senior Columnist and Managing Editor for Minyanville’s OptionSmith newsletter, as well as a Risk Manager Consultant for New Vernon Capital LLC. Smith acted as an advisor to build models and option strategies to reduce portfolio exposure and enhance returns for the four main funds. Since 2015, he has worked for Adam Mesh Trading Group. There, he has managed Options360 and Earning 360, been co-leader of Option Academy, and contributed to The Option Specialist website.
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