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我来谈谈所谓做Options者85%是亏钱的缪论

(2005-12-21 08:34:39) 下一个
The original statistics comes from SEC: when options expire, 85% of options (both call and put options) are worthless. This is a fact. I don't argue with any fact. My argument is: this statistics has ignored one critical factor: When options are in the money, what are average winning size? For example, if you paid 100 dollar (premium) for 10 options, 9 of them are worthless (according to SEC statistics), only one of them is in the money, does this mean you lost 90% of your premium? Not necessarily. Maybe the winning option is worth 200 dollars. As a result, you actually double your money. That's why I say SEC statistics is misleading. In addition, it makes sense to early-exercise some deep in-the-money put options. Of course, my post is not trying to encourage you to buy options. I rarely buy or sell options. But I used to work in this industry and I have three versions of John Hull's book (options, futures and other derivatives) in my bookshelf.
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lei123 回复 悄悄话 It is very good. It shows that how someone misled the mass.
lei123 回复 悄悄话 是你删贴还是没人回贴呀
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