Condor Options

Options as a Language

Some traders are initially attracted to options because of the leverage they provide.  But leverage, as anyone who’s followed the fate of the investment banks knows, is just a means for magnifying outcomes.  A leveraged risk-taker will experience more glorious wins and more disastrous losses, like a deranged person who shouts both poetry and obscenities (instead of whispering them quietly to himself, like the rest of us). We use options not for the leverage, but to articulate views that are otherwise…