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Joe Ritchie Featured in The Market Wizards

Magnitude of losses and profits is purely a matter of position size. Controlling position size is indispensable to success. Of all traits necessary to trade successfully, this factor is the most undervalued.
Joe Ritchie

Q. When did you first get involved in trading options?
A. I did a little dabbling with stock options back in 1975-76 on the Chicago Board of Options Exchange, but I didn’t stay with it. I first got involved with options in a serious way with the initiation of trading in futures options. By the way, in 1975 I crammed the Black-Scholes formula into a TI-52 hand-held calculator, which was capable of giving me one option price in about thirteen seconds, after I hand-inserted all the other variables. It was pretty crude, but in the land of the blind, I was the guy with one eye.

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