I began trading options on the floor of the CBOE in the early 1980s, just a few years before JJ. Back then, we were trader indifferent, which meant we would trade anything with anybody. Today, we would say the same about our approach to the products and strategies that we choose. These days, the counterparty to our trades is a computer with theoretical algorithm with unlimited funding. Back then, it was some kid just like us—nervous and sweating while trying to make a few eighths.
JJ and I traded together, played together, worked together, and learned together. Luckily, we were among the survivors. We excelled at our craft by managing our egos and not getting caught in the fat tails (volatility) of a few explosive moves. But the business changed as it grew exponentially, and open outcry faced certain extinction around 2000.
Now, the original trader cowboys are gone. Billions of new dollars, lightning-fast servers, and hard-coded theoretical models have taken over. Still, JJ, myself, and a handful of others decided we still had a lot left to learn and to share publicly. The same customers we lived off of were now our partners. And with strong beliefs that options remain the greatest strategic instrument in the world, our new mission was clear: Let's gather the gang together and share our stories. First came the technology to facilitate our mission, and next came the content.
In his first book, JJ reviews, discusses, and critiques almost every progressive strategy available. ...