Preamble
December 31, 2009: the end of the transitional arrangements in respect of independent financial advisors (CFI), subject to further extension. The establishment of the new profession with a lot of Albo is getting closer but not close, we see why. Despite the legislation is already in an advanced state of composition, and the regulation of the notorious article 18 bis and 18 ter of the Consolidated Finance Act of '98 has just entered its second phase of consultation that may follow a third, also still missing the Regulation of the Minister of Economy and also the body responsible for the management and supervision of Dawn s'ha yet to be appointed, and if you add that when all is finally perfected will be held at a single entrance examination 'year, then the picture is completely undefined, exactly as they want banks and asset management.
These Lords of Finance Nostrana (SFN) feared that their distribution could crumble with streams of PF converting to ethical finance bosses without bringing with him clients and assets, but at the moment I believe that this scenario will not be for nothing catastrophic in As the industry Risparmio Carpi was well organized during the years of cover-up calculated, understood how to harness the emerging profession and even more confused as the perceptions of investors with interventions targeted advertising. I am referring to the fact that the future CFI, having the obligation by law to be independent and therefore able to receive gifts without financial penalty by the radiation, provides advice to savers is not tainted by conflicts of interests while claiming to be independent of SFN failing this requirement, however, provide advice aimed primarily fund sales, insurance and structured, in the name and on behalf of the investor's interests. A CFI, in front of a low investor appetite for risk and no financial knowledge, advise government bonds or ETFs as an SFN "independent", since the distribution costs of the service, rifilerà surely at least one bond fund, this is the ethical difference between independence and independence of a .
- who transposed the MiFID in Italy to introduce the new profession of the CFI, on the one hand is introducing a major change, and frustrates the other in subtly different ways (Tomasi di Lampedusa docet) and then the asset management will continue to be kept still firmly in strong hands and CFI, orphans of any lobby, will thrive only in cracks in the system. Striking example is the Municipality of Milan in 2008 when it launched a tender for "advice on the financial structure passive" (ie to rectify its huge losses from derivatives) aimed at banks and with the exception of the CFI.
- other hand, the average savings, loving the "passivity" is an irresistible attraction for the satyrs specialized in its B-side that have the means to keep them in conditions of absolute dependence and to prevent him from considering alternative advice, such as those inspired by the ethical finance or in its exclusive interest. Ethical finance is the opposite of Argentine bonds, Parmalat and Lehman have sold all SFN "Bare" or hidden in structured products sold by those who now profess to "independent." Recommendations for associations: make a list of banks and asset management companies that claim to be independent and see if they have never sold these toxic securities
- and then to pillory those responsible. "Ethical finance" is an easy concept to communicate and be assimilated to the saver, and if the savings have a social function (Constitution - art. 47) then this is the area in which plant to grow the demand for Ethics and Financial Advice independent.
- ... To temper a bit 'the bitterness of these considerations, I imagined a scripted unlikely but not impossible, for the sole purpose of making an exercise in search of new management proposals that combine high standards of safety performance through multi-faceted use of the investor a derivative little known to most but what enormous potential the option whose "disruptive potential self-destructive" is manifested in direct proportion to the incompetence of those who speak in these terms. I state that in fact you can recommend portfolios "aggressive" only to those who present a "profile of appropriateness" and suitable for the inclusion of options only for hedging also require that the client is willing to follow his investment and to learn about the proposed instrument.
- This following is just the beginning of a journey of exploration portfolios "alternative" where the options are inserted to make hedging, a concept often ignored by many CFI, and also to increase the yield of a portfolio of "classic". I do not intend to produce a handbook but a story (hopefully long) with a lot of characters and the protagonist is my heteronym "gremlin."
Maureen B.
"Hey Gremio, who had already enticed the guy made himself alive, has a two hundred thousand years ago ... he says he played with the fib of becoming ill, however is willing to risk a little '... I commend it to you but do not squeeze it too much. " This who spoke was the boss of the study Vattelapesca Independent Consultancy & Associates ... as He has turned away abruptly from my ruminations opzionistiche I could not mutter anything but with little conviction: "But you know only men eager to take money?" Already, because he advises the women did not spring to anyone, not you fool ... "Come on get it right away, so stop reading the painful shit policy plutobancocratica Italian-Po, lethal to the health of our neurons ...."
The guy comes in, polite and presentations, part of the interrogation to find out what he knows of finance, what it means to grow up with the money it hopes to save money and still have intact in fifteen years now in his sixties, the his feeling with FIP (Theft Social Security Investment) and how much and how is willing to risk, etc.. etc.. Usually mifid script but with more feeling.
GREMI: Listen, my dear deluded aspiring savings and Investor (
henceforth Mr. IARI) by putting half of its two hundred thousand instruments now considered quiet but very high risk of being regarded by posterity as the fossil remains of Ponzi Scheme Global and we are fools, and half on tools really cool but very high risk of giving birth only mice, I could submit a project very interesting and beautiful to behold. If this project was then followed by the expected results, but that now he has no certainty, you could double the nominal capital in about twenty years, or even between perhaps ten or fifteen, and who knows ... what do you think? (
Gremo're just a bastard when you do that, why do not you come now to the nub of things instead of playing cat and mouse? )
IARI (
interdict and a little annoyed) Well, to be honest its way to present it does not fill me with enthusiasm, but ...
GREMI: ( imperturbable ) You are to be regarded as the least satisfied with the investment return would like to achieve?
IARI: I expect to earn returns higher than that of government bonds
GREMI: Today our government bonds to make from scratch three percent equity depending on the maturity, those to three percent will be reimbursed to Popes died ... in a nutshell, what return would get? IARI: Let's say seven percent ...
GREMI: (
silent, enigmatic, eyebrow raised enough ...) IARI (
slight tic) ... however no less than six ... they told me that you are good and if I pay advice is obvious that I have better results at DIY.
GREMI: Yes, you have the right, and in this study there are people really prepared but I do not know whether to get the case because his six with the money he has and with a classical, like what I've mentioned before, it seems a steal ... (
incorrigible bastard, cast stone to see how he does and now hides his hand )
IARI: What do you mean "stolen"?
GREMI: I intend to steal against him ... even as you have surely guessed I am so excited to offer government bonds, bond quality, long-term bullish positions sull'azionario in many different ways and whatever that usually ends in a project allocation and portfolio management rockin 'like never before ... and then hope I stress hope to obtain only six percent over two hundred thousand ... I'd feel far more comfortable to manage a project with her outside the conventional pattern that gives a return of at least tremilaeuro ( this is sinister manipulation) IARI (
interdict and annoyed) I do not understand ... six percent is three thousand two hundred thousand and you offer me something different that still do not know but that seems better than the first but always with a yield of three thousand? and if the first three thousand are not certain why these three thousand instead they should be sure? GREMI: You are right, sometimes I eat the words, I meant three thousand per month with a probability of novantanovevirgolanove percent of them each month and a lower chance of getting something more than three thousand, are interested in? (
apotheosis of the previous wicked action, he has to create havoc in other people's certainties ) IARI (
always forbidden, but in the "Our Lady appeared to me") No, sorry, I still do not really understand ... he said three thousand a month? means trentaseimla year ... are you kidding? GREMI: (
very serious) if he wants to write him immediately on a pizzino and then put him on the contract, diciottopercento for the first year of operation less than my fee, then the second year can be increased if you want, with its capital can certainly do more but it will take time.
IARI (
with symptoms of incipient vasodilation naso-facial ) But You do not want to offer me a hedge fund ... look at the history of Madoff I know! GREMI: Do not worry, no money with me and even exotic or structured securities traded on illiquid markets or policies or certificates ... then it would be available to work actively to get three thousand per month?
IARI ( succeeded dry mouth and hoarseness ) But you're talking seriously? Perhaps I am putting money on titolini the Italian stock exchange and Nasdaq, those who sketch and then smashed them keep too? and as such provides them?
GREMI: You're right again, I forgot to tell me that with no action, at most a few ETFs in the market trends, but only at the right time and also downwards, and in this first phase saw the bubble effect on stocks and commodity produced by an abnormal increase of money supply
not working and its state debt (one day I will explain why central banks are the cancer of the real economy) and the current side the medium term, not would put them in your portfolio. Consider that I do not even think to make predictions and forecasts of anyone, for me there is no guru, only experts who every day show that they still experienced ... knows the options? ( Gremo finally true! ) IARI: No ... (swallows dazed) I know that these are derivatives such as futures, but if the options are like the options I will not fib ( that dignity! Infantile attempt to demonstrate Building on previous experience that has made, that is, mess with the fib )
GREMI: The future is all fib as a death trap for the private true symbol of greed and of chance ... (and fortunately the vice-boss told you not to squeeze, you're a beast
) ... No future with me, the options are different from fib as Carfagna is different from Bindi, mammals are more important differences remain, but my money ... I put them only in some rare options and ETFs and bonds, only this I know I suggest to my clients and do only what I can do ... (pause , IARI is silent and nods, then continues Gremo) One important thing to her ... in Italy and also in Padania will never find anybody who asked her to operate as a pure option writer (then I tell her what it is) even for a portion of a large capital laughable as his, and you know why? because they are very few options in those who handle their own, and those who have merely read about understand without much regard them as dangerous, they think it's just the stuff of great professionals ... I repeat, I use them safely for years and I am satisfied ... if she confirms his interest in learning more, prepare a draft financial plan that is indispensable factor in his willingness to learn and actively participate in managing their money. The next meeting will explain in detail what I mean and what do you propose should be done. If you agree I wear to work, preparing the draft and then we'll see in a few days, he says?
IARI: Okay, but I will explain everything right and then follow with patience ... GREMI: ( marpione expression, but inside he is a pure
) For me it is not only a duty to explain everything but an absolute necessity, and not only have to count on my continued presence, but Why must even fear it will become a shadow ... ( dancing spider in its web is getting closer to the prey, the riot inside his vanity ... but he is ethical ) ,
you must be patient and work with me for a few months during which I will do a course in the practice of financial survival and she will be able to implement everything in simulation and immediately and ... when you feel ready, begin to work together for at least a year, but we'll talk about in detail next time and not illusions. The good results are obtained only with the study, the application and the right amount of risk. ( At this point a clarification is needed: Gremio does so to great passion and great as it is narcissism, and even presumptuous, even for the just reward of his work and he can show sings like working with paper options and knows that sooner or later point out as a few envious of the foolish idealist irresponsible dangerous for investors, but they are also renowned tipacci Grêmio always finds a way to get to her Instead, imagine a place which is alluded to, no? Then he is a scoundrel because failing to show for his admirers month after month to get a return of a thousand a month just twenty thousand, asking you now three times the coverage will discover on strike OTM light years away, reducing the risk in a shameful, practically less a BOT, and reserves the right to continuously improve the performance for ever and ever, who say more? Last: clarify very well because it intends to propose IARI operability in options, first as portfolio hedging and then maybe some found pure, and if there will be hesitation on the options set aside, in this first interview has floated the idea in the second with a cool head will be easier to assess their feasibility. He thinks so
) IARI: Okei, but then hopefully you can get a better result? from what you said before, I seemed to understand this ... ( shellfish transported by the currents of the sea of \u200b\u200bgreed
) and also from here: http://www.traderfoundation.it/strumenti/opzioni.pdf
instead To stand on the concrete does not have much choice, you begin by reading my dissertation a year ago from here (the comment 49): http://intermarketandmore.finanza.com/fib-trading-v-3197.html
instead To stand on the concrete does not have much choice, you begin by reading my dissertation a year ago from here (the comment 49): http://intermarketandmore.finanza.com/fib-trading-v-3197.html
and then in the ten categories that have occurred so far.
IARI greets with a smile, seemingly relaxed, in fact, is very upset because on one hand the diciottoallanno seems huge, almost a hoax, and the other did not quite understand where the money should appear (it also asks for stuff opscionraiter stramaledicendo is the Englishman who does not know well and what enters the strangulation). Fortunately the young lady took the office just in time to show him the exit, because he was already getting so absorbed in the toilet ... but to call the elevator!
wrote on January 12, 2010 at 15:15 by
gremlin
Chapter II - The revelation of the cocoon
Iari is back, it's been a few days after the first meeting. IARI: I read a lot, I was left with many doubts and only one certainty: all very complicated! (agreements make good friends, maybe ...)
IARI: these days I was so happy with the three thousand and now I make them go away already?
(chuckles a bit 'disappointed but was reported to be conscious of my feet on the ground, however the most delicate aspect of this system is not so much a risk in itself because the tolerance of risk and therefore is much more important to stress this and nip easy illusions before starting to plan the possible gains)
IARI: Now I begin to understand something more, something I would say that is a brilliant and intriguing the way how they are related in terms of options price between them on different bases, with time to maturity and between put and call, just a mess!
GREMI: Yeah, but once understood the complexity offers greater opportunity ... she did fib can not but appreciate the whole operation ... we do revolves around all'etieffe that we must protect and perhaps enhance the options, this structure of options which we will call it the cocoon around .. This cocoon is a flexible system that we can build as you want in relation to the risks that you want to take before I see the stock trading in real time from where we take values \u200b\u200bto start with and then build the virtual cocoon three thousand monthly virtually certain, but if he considers it too risky(repetita Juvante) we will do something more quiet that the only protect you from falls and income abide by the goodness of Dax, if salt is gained, not lost if it falls within certain limits and there is absolutely nothing to gain as well.
IARI: Noooo .... but who says? that makes me even when I make a loss? but let me see now 'I'm cocoon that I can not imagine ... me first, remove this hope of the three thousand, and now tells me that even when the gain dax down ... then you make miracles with these options ...
(ironically the cube, in reality is no longer in the skin, also the fault of the Gremio who's pulling monkey, cat and mouse) GREMI: The cocoon protects and enhances the gains within certain levels, a maximum and a minimum if the dax exceed these levels and you do not take place as and when I say that I say, and this is my firm commitment contract, she risks losing his money ... now we get a moment and then move on to the stock market simulations, here ... (and here
Gremlin gives birth the second monitor has always taken off, appear charts, books, directories, all a blaze of red and green numbers that are changing rapidly ... Iari approaches, little mica is interested, fascinated notes) ... see? This is the graph of the dax ... and this is the dax ... etieffe marks el'etieffe 6038 was around 59.5 ... these are the proposed sale and purchase ... we begin to incorporate these data into the mortgage
(Gremo goes to 'where there is another monitor but the mortgage Iari is mesmerized by the dance charts) IARI: Look, I take this opportunity for something off topic, I can see the tiscali? do you think will return to two euros?
GREMI: (dramatic pause, filled the stares, eyes wide) She has tiscali? she still has tiscali? Two €? but then she is very good! think that a few million of people bought it over a hundred, is no consolation, no? pity though that she is still losing ottantaepassapercento, but he recommended them to him some pious soul?
(a little 'healthy sarcasm when we want, we want to!) IARI:
(Iari is a tough and cash) I made several acquisitions in recent years to mediate, patience ... I also UniCredit treequalcosa, will return over the three? GREMI: nooo! UniCredit also ... maybe next time I tell if it's worth something groped with the options on the title above ... but I feel I have to study today to have mercy on me, even if he had the bond of the pampas apple and the milk does not say, but at this point I open a parenthesis not so quick because I want to be absolutely know what you think of my approach shareholding, whether you share my philosophy well or we may then find ourselves in disagreement with turning points market, and it would be nice ...
(the thin safety of common areas)
GREMI: People buy has always been bullish for favors received, because it always has been told that this is the only way to enter the stock market ... managers of savings instruments that offer only Bulls have agreed in saying that the long-term equity investment is always profitable, even when you are in the midst of a heavy fall or when the securities are clearly overestimated as in the case of the technology bubble of 2000 or the financial bubble burst in 2007 ... this is a long period of cheating several people dancing drunk passively because it is not stupid but just because it has neither culture specific nor the means to refute it and, if appropriate, especially because the managers know how to present a credible, then why until recently the average investor had no means of doing the fall, regardless of its mindset still remains bullish for imprinting, and you too, if they do not take offense, it is yet another confirmation
(Iari another shot but is intelligent and suffer in silence in order to redeem himself) ... a first difference of my approach is shareholding in the investment term, or rather, where the period is: no long-term as axiom but only just enough to make a decently strong uptrend ... just to clarify I say that my investment is not a love for life because things change over time and if the market goes down I can not buy much less take bullish positions, it makes no sense, now there's etieffe bearish and that's where reposition the equity in a little 'of months ... I said this because I think otherwise by managers that they must sell their funds and you should know. IARI: But it provides another collapse?
IARI: But do you really believe that you can handle simultaneously all the exchanges that are important?
GREMI: Of course I would not even able to conceptualize the idea of \u200b\u200ba cocoon ... almost no equity fund protects the capital of the viewers ... there are two popular etieffe bullish in Italy that promise protection but in reality they did suck, true buffalo on certain things ... bray derailed but now knows how I feel, I go back to the theme which is better, come on now I begin to write the numbers but the useful ones! (Gremo add other things in the simulator) ... look at this and tell me if there is a number of high bozzolone this stunt! (gonna make it this time? "The challenge is launched to the market in February - continued)
...
And here he is the virtual portfolio, is that what will follow and comment from time to time without waiting for the next post (in February and ETF options than the reference prices of Friday, January 8): 1680 + etf loaded dax dax 59.59 taxes included with a 6038 + 3
put 6050 to 157.3
- 60 put 5200 to 12.7
- 60 call 6600 to 7.7
It starts with a net proceeds of € 3,436 (and even this promise we have kept "some would say) ETF price and the expenses of 59.59 (0.15% ). The maximum gain is in 6600 with € +12.718; to 5200 the gain is reduced to +2.263 € ETF despite the fall of 13.9%. A good number or not? Cocoon is good for all the months varying the strike. If by February 19 those levels are exceeded, the gains fade and you start to lose badly, and then something must be done before reaching 6600 and 5200: then we set an initial threshold of concern in 6400 and 5500, then follow true that intervention levels are defined only when based on the real situation, that is, market power and days to maturity. This is the risk that we encounter, and then you need to know how to deal with and handle it, it must be said that these levels are far enough apart, that is likely to be achieved within six weeks to a very low and do not put too low to the call since we are in a bull, but no time to worry about, the world is full Dubai, the cocoon is solid and, if needed, will be easily fortified, but always in respect of at least three thousand per month ... the last thing the margins: that will bother are the call and I do not know if the broker will hold good at least partially Iari hundred thousand in etf, assuming that we should rely only on liquids, then one hundred thousand would not be very quiet: at worst it will start with an ETF by eighty or seventy thousand, liquidity increases, the call will be reduced to 50 and early 3436 become 2826: between 6040 and 6600 is becoming the greatest and where it will take but a minute down a sale to recover the extra pennies missing.
Yet another reminder: this is not trading about options, beware of imitations, this is OPTIONS ...
Yet another reminder: this is not trading about options, beware of imitations, this is OPTIONS ...
the
1. How I earn? (With options)
wrote on October 20, 2010 at 17:22
gremlin
Option Methodological Approach - a lesson
Grant what a joke, no lesson uan, only opinions ... but I'm not joking at all that before making any investment (or speculation) I have to give me a target of a limit on the gain and my loss.
The "what I earn is not bravado but a basic element of the method of initial investment and is not based on financial instrument because the choice of this will happen at a later time. The "what I earn is only introspection. Never thought that individual psychology and the investment results are disconnected. Who am I am saver, investor or speculator? the answer is complicated by itself and then if we add to the difficulty of attributing a single meaning to the terminology the babel is assured. Here I can only say that if I am the one who wants to recover the loss of purchasing power of their capital can not be a saver. The investor uses the pig and the bot (sic). Rather than split hairs between investor and speculator always here I will only say that neither should be a gambler.
So who is the gambler
allows you to plan anything, lets just hope ... Plan with the right tool is the first step to achieving the objective. And that's the miracle
options
? nothing special, you can only cash out immediately what you sell, you can build a risk profile, you can set up security measures, you can decide to exploit the laterality and directionality of the market, you can do even more, but nothing miraculous. You only need to do an ass like to understand but nothing superhuman, maybe we start with this ... graficuzzo
So who is the gambler
? simple: he takes risks without being neither able to quantify a priori either to control, because it is not technically possible or simply their inability and irresponsibility; clearly has not method and has little knowledge of the instrument and the market in which it to slip.
And now that I have also introduced the figure of the speculator and investor gambling strategy methodologically correct, what then? (First you do not read books like the figure ...) Who's capacity to plan now for twelve hundred euro per month with ten thousand is requested to be included in live and explain how it goes.allows you to plan anything, lets just hope ... Plan with the right tool is the first step to achieving the objective. And that's the miracle
options
? nothing special, you can only cash out immediately what you sell, you can build a risk profile, you can set up security measures, you can decide to exploit the laterality and directionality of the market, you can do even more, but nothing miraculous. You only need to do an ass like to understand but nothing superhuman, maybe we start with this ... graficuzzo
