What is "Index Gambling"?

"Index Gambling" is the name of a trading strategy. It speculates stock
index movements by trading index options.

This trading involves selling both call options and put options (similar
to short straddle or short strangle) . It speculates the settlement
price of the underlying index options on the expiration day.

When the market moves up sharply, this strategy losses money. When
the market moves down sharply, this strategy also losses money. This
strategy makes money if the market is relatively stable, when the index
settlement price falls within the profitable price range established by
the call/put positions.

It sounds difficult to make money. The reality is...
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it IS difficult!

Making small profit each month is relatively easy. But the hard
part is to manage the risks, to keep the portfolio from significant
losses, and/or even from being wiped out.