The Option Alpha Podcast

Jack Krupey, an investor with roots in real estate and private equity who now trades options with market-neutral, defined-risk methods. He discusses iron condors, poor man’s covered calls, LEAPS and disciplined risk rules. Short trade durations, profit targets, daily routines and using systems that fit your life are highlighted in concise, practical conversation.

They argue short-term options traders need a long-term mindset centered on systems and capital preservation. They examine dopamine-driven overtrading and the risks of chasing perfect setups. They recommend automation, strict risk limits, and measuring success over years. They highlight using repeatable processes, scheduled reviews, and boredom as a sign of a good system.

Transitioning from paper trading to live trading brings unique challenges. Understanding the limitations of paper trading is key to managing expectations. Liquidity and slippage can significantly impact your fill prices and returns. Remember, submitting orders doesn’t guarantee fills, so realistic pricing is essential. It's crucial to plan for in-the-money positions and keep your trading accounts synchronized. Most importantly, discipline and sticking to your strategy through emotional roller coasters is vital for success.

In this interview, Kirk sits down with Kevin, a long-time Option Alpha member who began trading in the aftermath of the 2008 financial crisis. Kevin shares how he turned his small beginnings into a consistent, structured approach that scales with his portfolio.Kevin details how he spent years learning before placing his first options trade and how those early experiences shaped his disciplined, rules-based philosophy. He explains how he uses position sizing, trend, and DTE selection to create repeatable setups in the corresponding position type.Kevin also walks through how automation, weekly reviews, and a focus on process over prediction helped him build consistency through market downturns, quiet periods, and personal setbacks.Kevin enters each week with a plan and relies on automation to execute that plan to reduce noise and stay aligned with his long-term goals.See the full show notes here

Explore the unpredictable nature of markets, where extreme events challenge traditional models. Learn why focusing on probabilities and fat tails is crucial for trading success. Discover practical strategies for risk management through position sizing, aimed at mitigating potential losses during black swan events. Delve into the importance of expected value over mere win rates and how automation can enhance trading discipline. Kirk shares insights from his evolution as a trader, including the psychological impact of losses and the necessity of adapting to market realities.

Dive into the world of 0DTE options, where rapid time decay and high liquidity offer unique trading opportunities. The surge in 0DTE volume is revolutionizing trader strategies, but it's not just a gamble. Discover the real benefits, such as faster statistical learning cycles and reduced exposure risk, while debunking myths about large accounts being necessary. Kirk emphasizes discipline, backtesting, and the importance of defined-risk spreads to navigate the emotional challenges of intraday trading. It's a game-changer, but execution is key!

In this episode of the Option Alpha podcast, Kirk sits down with his business partner and fellow founder, Jack Slocum, to share the full story behind Jack’s journey as a trader, developer, and entrepreneur. Jack talks about how he first turned to options trading to generate extra income for his family, how his early experiences “crashed and burned,” and why he has spent years since then learning as much as possible about markets and risk. Tune in now! How Jack First Got Into Options Trading:Jack says his options journey started as a father looking to make extra income to support his family.From Tech Builder to Trading:Before options, Jack’s primary background was in technology and building companies.He created a JavaScript framework originally called EXTJS, later part of Sencha, which allowed developers to build full web applications in the browser.The framework became widely adopted, with usage by 8 out of the top 10 financial institutions and over 70% of Fortune 500 companies.Jack emphasizes that the community was the strength of that project: developers shared what they were building and provided the core toolkit with their own “extensions.”Faith, Mindset, and Staying Inspired Through Drawdowns:He credits his Lord and Savior, Jesus Christ, for his determination, passion, and success.He says this gives him a resilient state he can tap into no matter what is happening.Kirk shares a mindset he learned from Jack: instead of saying “we can’t,” ask “how could we?”Jack connects this to his belief that all things are possible for someone who believes.He says reframing problems this way opens the door to solutions instead of shutting them down.Key Trading Principles Jack Follows Now:Jack says the most important principle is never to enter a trade unless you are willing to take the maximum loss.In the past, he entered trades assuming he could always get out before max loss, which led to huge losses.He rarely uses stop losses as a guarantee because during big moves, spreads widen, and fills can be much worse than planned.An example of his opening range breakout bot, which sometimes risks $925 to make $75 and makes him uneasy.He prefers to run a mix of strategies, including both higher-probability, smaller payoff setups and lower-probability, larger-payoff setups.Jack says every trade should have a clear, logical reason behind it, and not be fear based.Using His Own Platform to Design the Future of Automation:At his old company, he would build a real app with new features before a release to find issues.Now, he trades daily on Option Alpha and uses that experience to see what needs to be added or improved.Watch the full interview here

Mat Cashman, a 20-year industry veteran and former market maker at the Options Industry Council, dives deep into the dynamics of gamma and 0DTE options. He explains how gamma influences market movements and the critical role of hedging in managing risk. Discover why 0DTE options are so 'gamma-rich' and how market makers use charms and convexity to navigate sharp shifts. Cashman also clarifies misconceptions around large put buys and examines how trading patterns create market memory. This insightful discussion equips traders with a better understanding of volatility and strategies.

Gamma is one of the most misunderstood yet powerful forces driving options markets. In this episode, Kirk sits down with Lex from Tradier to break down gamma exposure (GEX) — what it is, why it matters, and how it quietly shapes market movement. Together, they unpack how professional traders use gamma to stay delta-neutral, manage risk, and interpret shifting liquidity, while retail traders can use it to better understand price behavior and volatility.Lex explains the difference between long and short gamma, how “sticky strikes” form, and why SPX tends to act very differently from fast-moving names like GME. You’ll also learn how changes in open interest and volume can trigger sharp accelerations or reversals — and how to read these setups without getting buried in formulas. It’s a practical, eye-opening conversation about the hidden dynamics of gamma exposure and the edge it can give you in any options market.Watch the full interview here

Dive into the world of options trading with an insightful trader who mastered disciplined, probability-driven strategies. Discover the art of balancing long-term investments with quick trades through a dual-track approach. Learn about effective position sizing, the smart use of bots for automation, and the importance of managing emotions in trading. Hear about the mindset shifts that come after losses and get top-notch advice for new traders on humility and risk management. It’s all about sustainable success in the trading game!