The Liss Report is Taking August Off

I have stressed time and again that there is more to life than trading. When I ran a market-making company in Amsterdam all my traders had a mandatory four weeks of vacation. They couldn't cash it out or roll it forward to the next year. I didn't want burned out...

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Biting the Bullet

Remember the old Westerns when “Doc” would tell the cowboy to bite on a bullet while he fixed some wound? Well, we traders use the phrase “bite the bullet” when we close out a losing position. And dealing with losses is what I want to discuss today. If you can’t take...

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My Book Is Out!!

OK, only on Kindle for now. The title is: There's Always an Option. The Theory and Working Method of Exchange Traded Options. The print edition will be out shortly. I believe that I have distilled and expressed much of what I have written in this column for the past 4...

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Let’s Take Time to Talk About My Kinda Town

After an incredibly fine Chicago weekend where we hardly left our own neighbourhood, let alone this great city, instead of jumping right back into options and the market I thought I would take a moment to talk about America’s greatest city, the city in which I live,...

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Beware of Over Trading

One of the biggest mistakes novice traders make is that they trade too much. It’s like they all want to play with their shiny new toy. They trade purely for the sake of trading. They forget that that there is one reason and one reason only to trade. And that is to...

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Defining Volatility

There are two types, or measures, of volatility, historical and implied. Historical is just that, where has the stock been over a given period of time? It is measured mathematically as the annualized standard deviation of that stock’s daily price changes. Even if a...

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Market Commentary

Sometimes social/political stuff thrown in for good measure