metaller wrote:venumpro wrote:If you are premium seller, platform makes huge difference. I wouldn't be able to make money without TOS.
Little bit more details would not hurt
![Wink ;)](./images/smilies/wink.gif)
If you are a premium seller, there are a lot of little things you have to keep your eye on. Since all of us are not full time traders, we want the software to make all calculations for you.
Lets assume you have 15,000.00 account. Let's also assume your profit target is 60%/year. In other words, you want to make 9,000.
To be on track, you have to make sure that average theta number for the year is somewhere around $98.00. To generate this kind of theta you will be pretty short vega. Accordingly, you have to closely watch you delta/vega relationship and constantly adjust its ratio to existing market conditions. Ideally, you want to have twice as many short SPY beta weighted deltas to each short vega.
so, at minimum, your software should allow you to SPY beta weight your portfolio and quickly identify which positions are giving you too much exposure. When the delta/vega ratio goes up or down, you have make quick adjustments. To do that, you need to know the exact greeks of your new position and how it will change your portfolio greeks.
It's all about speed, convenience and reliability of the soft allowing you to have a full time job and actively trade on a daily basis.
By looking at my portfolio, I have about 500 options bought or sold in almost 50 underlying. Thee is no chance I can remember what trades i opened and why I did it. I am not even sure if I am long or short certain underlying. I have to rely on the soft to do all the work for me. I don't read the news or look at the charts. I only look at the volatility levels and portfolio greeks. I provides me with all information I need.