Gamma On Gamma On EP5: Market Makers – Gods or Men? With Noel Smith
9 snips
Dec 10, 2024 
Noel Smith, an experienced options trader from Convex Asset Management, shares valuable insights into the world of options trading. He discusses the pivotal role of gamma in shaping trading strategies and his daily routine. Their conversation dives into the evolution of trading from physical floors to tech-driven algorithms and how this has changed profitability perceptions. Noel also explores the thriving post-Covid options market, emphasizing the importance of understanding market dynamics and the crucial balance between data and intuition for retail traders.
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SIBO Trading Days
- Noel Smith started on the SIBO floor in 1996, trading Sears options.
- He later traded various tech stocks like AOL and U.S. Robotics.
Changing Markets
- Trading has evolved; it's not better or worse, just different.
- Spreads have narrowed while tradeable volume increased.
Modern Trading
- Increased market access requires more unique trading approaches.
- Pre-built tools offer access to strategies that used to be insider knowledge.