Thread by @asitbaran

Experience of Attending an Option Seller’s workshop

Apologies for the long thread but guess this is the only way I could have made sense to the context

1. Sometime back I had attended a workshop by a renowned Option Seller, with much hope that I'll be able to own a casino :)

2. First couple of hours went by listening to his past achievements - client base, how he has been minting money from selling options to gullible buyers who are basically gamblers who don’t have the edge in the market, and it’s

3. his prerogative to have the hedge (I remembered the quote by Talab, Experts don’t know what they don’t know 😊), In between there were a few sentences that were read out from a very shoddily made presentation (with absolutely no solid content

4. that too copied from textbooks or web). Then he started criticizing few other options experts because they knew Greeks and they are basically fooling public by conducting workshops on Greeks (must say heights of hypocrisy). And none need to know Greeks to make money 🤔

5. Still not disappointed as there was so much time..(rigorous 2 days of workshop u know) and definitely was trying to not lose the respect for this Expert. Then came the section, where he started talking about how he groomed one of his students who too has become a top-notch

6. option seller cum trainer (who can buy a Merc from training, how I wish the yardstick of success could have been different) Ofc crediting himself the success story of his disciple. Almost lunch time and no concrete learning so far but its just the warm up I guess

7. Then comes second half where another sickening side of the trainer came out which was full of sexist humour. And to my surprise all these wannabe sellers were enjoying the crap. Now onto business side, all the trainees were advised to open their DMAT a/c

8. with him, as he can get them the best of leverage and least of brokerage. Everybody just got the secret sauce to own a casino and went berserk. I mean was it not enough to get the workshop fee but also to source future business income. End of Day 1.

9. Honestly by next morning I was in two minds whether to go for the session and to let myself be fucked by the idiocy and unfounded arrogance or to give myself a day with family. But ofc the expectations overwhelmed me and
went for it..

10. and I was not wrong at all with the assessment. Then comes more bitching and more crap and more sexist jokes. One of the worst weekends that too by paying 40k. And was rhyming the lines of Radiohead “What the hell am I doing here? I don't belong here”.

11. I precisely remember him telling “there are times I don’t know what am I selling and where am I selling, I lose track of it and because of the quantum of trades I just don’t know how much of firefighting has gone into.

12. Imagine this coming from the Expert (but then u remember Taleb :) I mean I can still go on with idiocentrics but guess have said enough.

Learning of the workshop: Never underestimate your own self and never overestimate people like these

13. who don’t have basic etiquette and have full of arrogance. Few months back he deleted the WhatsApp group, which I was part of. One of the reasons cited was mine posting of MTM screenshot (Long Option) when rest of the group had very bad day. Intent was to let others know

14. no leverage and lesser risk can get you money too, and option buying is not that bad as it has been led to believe. But guess was showing mirror to a blindsided herd mentality which has gone viral in the quest to own a casino. Not sure if anyone seconds my opinion

15. but come to think of it, If somebody is so successful being an Option seller (who earns in few lacs everyday and has seldom lost) then why workshop, if workshop then why brokerage offer. Above all selling stories to retail and ruining the traders by encouraging them to take

16. leverage. What retail guys forget they don't have multiple clients account to bank upon. And the playing field is quite different.

As Nicholas Taleb illustrates in his book 'Fooled by Randomness', a 99.9% chance of winning a 1$ bet over 1000 bets is not worth it if there

17. is a 0.1% chance of losing 10000 $. over 1000 chances you will win 999$ but at one go lose 10000$. It works out that if you can win with 99% probability, lose a little in 0.99%, and have one-in-a-thousand chance of losing big (e.g. Large 1-day drop in an index, you can end

18. up seeing yourself gradually getting rich - then losing all the accumulated riches in a single round.

A genuine effort to tell all, don't be a herd. There is nothing called easy money. Undersatnd Risk. Create your own path to success. Cheers..