As we grow, you guys continue to take an interest in myself and the team at Ambrus. I just wanted to say that I’m very grateful that you guys have such kind things to say. Im glad to be some kind of value add with the commentary in the vol space and trading world.
I get a lot of people mentioning me/ commenting/ DM’ing etc. I often don’t get the opportunity to read all of it. If I did, I would probably be out of a job due to lack of productivity lol
I pride myself in being a dude who is authentic as can be. I was raised a certain way… if somebody speaks to you, you answer them.

Basic mannerism and respect to everyone in a uniform way. There’s people on here who are mothers/ fathers/ grandparents etc.
I believe I owe all of them that same respect.

If you asked me a question, sent me a DM, reached out to me, and I missed it. I apologize, please do not take offense to that….

Understand that this is twitter and it is only a small part of my day to day.
If I’m not trading, I’m on strategy calls, investor meetings, working on team projects, attorney calls, emails etc…. It’s a juggling act every day.
If I respond to another tweet or message it was simply because I saw the alert or I decided to randomly respond to some questions.

Some folks let this social media nonsense get to their heads and they start thinking they are “too cool” to answer a question.
I rather shoot myself in the leg before I become a walking a**hole like that.

Long story short, I appreciate all the kind words and support. Hopefully you guys continue to enjoy the content as much as I enjoy being here. Much love and blessings 🙏🏾

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More from @Ksidiii

3 Oct
As a follow up to this thread, this is the reading list FNY gave me back in 2014.

I finished the list in 3 months.

Disclaimer: There is no vol stuff in here. This will not give you any secret sauce for volatility strategies / alpha.
What this list will do is mold your mentality to become an overall better trader

It will help you zone in on the psychological aspect of the game

Highlighting the emphasis of supply & demand imbalances, while creating asymmetrical payout structures and becoming a risk freak
These skill sets can be applied to any market & asset class. The dynamics of a market remain the same regardless of the product type you are trading. Doesn’t matter if it is 1M Var swaps or front row tickets to a yankee game.
Read 6 tweets
30 Sep
It’s weird, but I really can’t explain the love I have for this game. The money that comes from trading is certainly rewarding but there is an internal driver that means something. You could pay me more money to do something else and I just wouldn’t be able to do it.
The first time I realized that I was actually a consistently profitable trader, it was a feeling I couldn’t explain. I looked at the P&L reports and realized it was 9 months straight of profits with solid drawdown control and large sample size (lots of trades).
It was like “damn I could really do this”. From that time I traded well, made mistakes and grew from them. All which helped mold me. So much time and love invested in this craft, I couldn’t even imagine leaving that feeling.
Read 8 tweets
28 Sep
You guys seemed to enjoy this thread on kurtosis trading so I wanted to add some commentary on what matters

A year ago we did a study on where the short dated vol smile was 1M before a large blowup in single name equities
Interestingly enough, the largest vol events did not come from a cheap smile or a rich smile. The smile always was in an area that signified "not too rich" "not too cheap" on a historical lookback. Why is that ?
Here's the reality, the largest blowups come from two-way price action, not directly from one way flow. What the heck does this mean?

Lets take cov-19 for example. Positioning on the street was one sided as there were a ton of hidden basis risk with vol sellers.
Read 15 tweets
26 Sep
When I was a kid trying to get a gig on Wall Street a lot of firms pushed me to the side. But there was one firm that really believed in me, encouraged me and played a big role in my development (even though I never worked there).
This firm is First New York. I am fairly familiar with the culture and the type of traders they push out. Lots of core solid cold blooded killers such as @moreproteinbars and others.
But there was one trader’s story that just always stood out to me. If you guys ever read the last Market Wizards book, the story of Jimmy Balodimas is an extremely unique one.

Balodimas was a trader at FNY who was profitable for years trading an extremely difficult strategy.
Read 11 tweets
21 Sep
Funny because I got that same note today and I thought the same thing “very well put”.

In addition @Alpha_Ex_LLC brought up another valid point ....
”I love being long convexity but it would be better if it came cheaper. We are left trying to be creative using the vol surface or relative value relationships where we can”

Bingo !
The time to be long outright vol are on those days where vol of vol is getting destroyed and nobody wants to touch it. When you are faced with these environments (rising vol) it becomes much more difficult to structure things with value.
Read 6 tweets
20 Sep
Having potential investors and trading friends reach out to hear my thoughts on current market state. I thought it would be helpful to share with you guys.

I hate engaging in the fear mongering nonsense, especially with the Evergrande situation being such a "hot topic" 🙄
anyways, there def was some impact from a positional standpoint going into Opex. This coupled with the fact that people are fearful about the knock on effects of the defaults in China are clearly moving markets but I personally believe there is something more relevant brewing.
The debt ceiling vote has a larger impact directly on the U.S and seems to be something a lot of folks are overlooking.

Yellen came out over the weekend stating that the Treasury's cash balance will be insufficient as of October.

wsj.com/articles/congr…
Read 4 tweets

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