The Money Angle

“trader” is a uselessly broad term

Moontower.ai Announcement The only sale moontower.ai has per year is underway. A 20% discount applied to all new plans as…

8 months ago

the arbitrage reflex is more profitable than the opinion reflex

A traditional way to think of a stock price is the expected value of its future prices weighted by their…

8 months ago

the art of paranoia

This is a fun one. A good friend and mentor from the pit sent me this (lightly edited and hyperlinked):…

9 months ago

deworsification?

Let's start here... Essential Wisdom from Twenty Personal Investing Classics (6 min read) Elm Wealth distills investing lessons from 20 classics,…

9 months ago

why poker is used to train traders

This video is the best articulation of why poker is used to train traders. https://youtu.be/uFyoIeBElQc From the description: Jerrod Ankenman,…

9 months ago

the messiness of options in the real-world

Recently, I’ve been writing a lot about option funding — implied rates, reversal/conversions, and financing stock positions, and even a…

9 months ago

VIX futures vs VIX synthetic futures

Here’s an FYI that reinforces a lot of moontower 2025 writing on option synthetic futures. This is from my IBKR…

9 months ago

vol trading is easier than directional trading

I want to clarify a statement from my chat with John from Risk of Ruin. I said “vol trading is easier than…

9 months ago

what hides in the option chain

We’ve been talking about option funding stuff recently in the paid Thursday issues. Recently, I had a trader ask for…

9 months ago

so you’re interested in trading…

Friends, This is a follow-up letter I wrote to someone who called me interested in learning to trade. Look, trading…

9 months ago