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Of course that’s your contention. You’re a first-year options equity trader.
You just finished Natenberg, think gamma scalping is a cheat code, and you’re tweeting IV/HV spreads like they’re scripture.
Right now, it’s all about Black-Scholes, “vega convexity,” “straddle flips,” you even printed out a Greeks cheat sheet and taped it to your monitor.
Next month, you’ll discover Taleb and start saying things like “vol is not risk” in casual conversation.
By fall, you’ll hit Sinclair, run an EOD vol surface scan, and convince yourself you’ve reverse-engineered the market maker’s book.
Next year, you’ll be in a Discord pump group at 3 a.m., pitching a biotech with no revenue but “post-earnings vol crush gamma” and calling it “asymmetric but theta-rich.”
You’ll use terms like “mispriced tail convexity” to describe a meme stock that hasn’t held a bid since the last VIX spike.
You haven’t even begun to suffer yet.
You haven’t held a 0DTE SPX strangle through a Fed pivot that crushed both sides and left you with negative theta burn.
You haven’t refreshed the NMS book at 9:30 a.m. during a 70 VIX print and seen “NO MARKET” flashing red while your P&L bleeds gamma.
You haven’t stared at a term structure so inverted you start dreaming in backwardation.
You think this is about Greeks.
It’s not.
It’s about pain tolerance.
Come back when you’ve rolled a calendar spread for five quarters, been assigned twice on a LEAP you sold for pennies, and still called it a win because the AI vol spread finally paid.
Then we’ll talk options equity.
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