Also with options I can withstand huge % drawdowns (they can happen so fast one really has no choice) that I could never withstand with the open-ended risk of the underlying, which I would certainly close. I am used to >50% swings in position value within minutes on a mere (these days) 20 handle move in ES, and being down >15% immediately upon entry on the spread alone. Ultimately, the way one stays alive trading FOPs is patience (especially upon entry) and judicious position sizing. Just like any instrument really.
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