Options execution and transaction costs explainer. Aside: looks like I can post > 2 minute videos from my laptop but not from my phone.... glitchey glitchey

This is one of your most accessible explanations of the options market for retail investors and should be required viewing. Thank you. The “democratization” of finance is a marketing ploy. Referring to book Retail Options Trading by Andrew Mack, there is no field where an amateur can consistently beat a professional. @Gingfacekillah

thanks!!

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I’ve put the four kids of QVR through college with options fees

innit

I’m a bit surprised by the negative reaction from some retail traders to these comments. Ideally, they’re getting a behind-the-scenes look at how markets actually operate. That said, I think Benn (and others like him) sometimes assume that retail traders operate with the same risk calculus as institutional investors. An institutional investor will structure an entire trade around capturing a 1% edge. Meanwhile, many retail traders will willingly ignore 10% of inefficiency because their entire thesis is about milking short-term noise. In that sense, retail isn’t chasing mispricings they’re riding volatility. They’re the noise, and they’ve learned how to extract value from it. And while market makers and institutional flow can front-run retail, there’s often still plenty left on the table, if the retail trader has a disciplined strategy that accounts for: •noise •slippage •and the natural expensiveness of retail execution So yes, I actually think it’s a good thing that retail participates. That participation introduces billions in liquidity, with loss tolerance bounded by income, not AUM. If someone making $100K loses $5K learning to trade options, it’s a tough but survivable hit. But 1 million traders doing that? That’s $5 billion in risk capital added to the system, often from people who don’t need to report quarterly. Institutional desks can’t afford to lose 10% on a bad trade. But retail? Retail’s superpower is its optionality, no redemptions, no mandates, just appetite and noise discipline.

retail investors in the aggregate lose many billions of dollars a year trading options, not sure that's consistent with your argument here

Good tidbits, I didn’t know the rough split on PFOF and that options were bread and butter for the MM’s. Hence why the marketing from these Fintechs pushes these products.

yes

At least in Vegas they give you free drinks at the craps table. Vlad, where’s my Gin & Tonic?!!!

Thank you kind man! Excited to watch

cheers!