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Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them. (iii) Collars No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray! To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts. (3) All About ISDAs, CDS and Synthetic CDOs You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire. Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. *EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
A trans person's measured take on the trans sports issue
So first of all this post was inspired by GGExMachina's brief statement on the issue:
For example, it is objectively the case that biological men have a physical advantage over women. Yet if someone points this out and suggests that transgender people shouldn’t be allowed to fight in women’s UFC, or women’s soccer or weightlifting competitions or whatever, suddenly you’re some kind of evil monster. Rather than saying that of course trans people shouldn’t be bullied and that we could perhaps have a trans olympics (like the Paralympics and Special Olympics), we are expected to lie.
I've found that this position is incredibly popular among liberals/left-leaning people, especially here on reddit. It seems like, once or twice a month, like clockwork, a thread stating more or less the same thing on /unpopularopinion or /offmychest will get thousands of upvotes. And while I completely understand the thought process that leads otherwise left-leaning people to come to such conclusions, I feel like the issue has been, broadly speaking, dishonestly presented to the general public by a mixture of bad-faith actors and people who have succumbed to the moral panic. And, as I've seen, there are plenty of people in this subreddit and elsewhere who are itching to be as supportive as they possibly can to the trans community but find themselves becoming very disillusioned by this particular issue. By making this post I hope to present a more nuanced take on the issue, not only in regards to my personal beliefs on what kinds of policies are best to preserve fairness in women's sports but also in regards to shining a light on how this issue is often times dishonestly presented in an attempt to impede the progression of pro-trans sentiments in the cultural zeitgeist.
Sex & Gender
The word "transgender" is an umbrella term that refers to people whose gender identities differ from those typically associated with the sex they were assigned at birth. According to the 2015 U.S. Transgender Survey, the approximate composition of "the trans community" in the United States is 29% Transgender men (Female-to-Male), 33% Transgender women (Male-to-Female), and 35% non-binary. (The remaining 3% were survey respondents who self-identified as "crossdressers", who were still included in the survey on the grounds of being gender non-conforming) While non-binary people, as a group, are probably deserving of their own separate post. the focus of this post will be on trans men and trans women. I will also be primarily focusing on transgender people who pursue medical transition with Hormone-Replacement-Therapy, as they are most relevant to the issue of sports. (Mind that while the majority of binary trans people fit into this camp, there is a sizable minority of trans people who do not feel the need to medically transition.) What do trans people believe about Gender? The views of transgender people in regards to Gender are actually pretty varied, although the most prominent positions that I've personally seen are best summed up into two different camps:
The "Trans-Medical" camp
Transgender people who fall into this camp usually consider Gender Dysphoria to be the defining factor of what makes somebody trans. The best way I can describe this camp is that they sort of view being transgender akin to being intersex. Only whereas an intersex person would be born with a disorder that affects the body, a trans person is born with a disorder that affects the brain. Trans people in this camp often times put an emphasis on a clinical course for treatment. For example, a person goes to a psychologist, gets diagnosed with gender dysphoria, starts hormone replacement therapy, pursues surgery, then emerges from this process of either cured of the gender dysphoria or, at the very least, treated to the fullest extent of medical intervention. This position is more or less the original position held by trans activists, back in the day when the word "transsexual" was used instead of "transgender". Though many younger trans people, notably YouTuber Blaire White, also hold this position. Under this position, sex and gender are still quite intertwined, but a trans man can still be considered a man, and a trans woman a woman, under the belief that sex/gender doesn't just refer to chromosomal sex and reproductive organs, but also to neurobiology, genitalia, and secondary sex characteristics. So someone who is transgender, according to this view, is born with the physical characteristics of one sex/gender but the neurobiology of another, and will change their physical characteristics, to the fullest extent medically possible, to match the neurobiology and therefore cure the individual of gender dysphoria. Critics of this position argue that this mentality is problematic due to being inherently exclusive to transgender people who do not pursue medical transition, whom are often times deemed as "transtrenders" by people within this camp. Many people find it additionally problematic because it is also inherently exclusive to poorer trans people, particularly those in developing nations, who may not have access to trans-related medical care. Note that there are plenty of trans people who *do* have access to medical transition, but nevertheless feel as if the trans community shouldn't gatekeep people who cannot afford or do not desire medical transition, thus believing in the latter camp.
The "Gender Identity" camp
I feel like this camp is the one most popularly criticized by people on the right, but is also probably the most mainstream. It is the viewpoint held by many more left-wing trans people, (Note that in the aforementioned 2015 survey, only 1% of trans respondents voted Republican, so trans people are largely a pretty left-wing group, therefore it makes sense that this position would be the most mainstream) but also notably held by American Psychological Association, the American Psychiatric Association, GLAAD, and other mainstream health organizations and activist groups. While people in this camp still acknowledge that medical transition to treat gender dysphoria can still be a very important aspect of the transgender experience, it's believed that the *defining* experience is simply having a gender identity different from the one they were assigned at birth. "Gender identity" simply being the internal, personal sense of being a man, a woman, or outside the gender binary. Many people in this camp, though, still often maintain that gender identity is (at least partially) neurobiological, but differ from the first camp in regards to acknowledging that the issue is less black & white than an individual simply having a "male brain" or a "female brain", but rather that the neurological characteristics associated with gender exist on more of a spectrum, thus leaving the door open to gender non-conforming people who do not identify as trans, as well as to non-binary people. This is where the "gender is a spectrum" phrase comes from. "52 genders" is a popular right-wing meme that makes fun of this viewpoint, however it is important to note that many trans and non-binary people disagree with the idea of quantifying gender identity to such an absurd amount of individual genders, rather more simply maintaining that there are men, women, and a small portion of people in-between, with a few words such as "agender" or "genderqueer" being used to describe specific identities/presentations within this category. It's also noteworthy that not all people in this camp believe that neurobiology is the be-all-end-all of gender identity, as many believe that the performativity of gender also plays an integral role in one's identity. (That gender identity is a mixture of neurobiology and performativity is a position held by YouTuber Contrapoints) Trans people and biological sex So while the aforementioned "Gender Identity" viewpoint has become quite popularized among liberals and leftists, I have noticed a certain rhetorical mentality/assumption become prevalent alongside it, especially among cisgender people who consider themselves trans-allies: "Sex and Gender are different. A trans woman is a woman who is biologically male. A trans man is a man who is biologically female" When "Sex" is defined by someone's chromosomes, or the sex organs they were born with, this is correct. However, there is a pretty good reason why the trans community tends to prefer terms like "Assigned Male at Birth" rather than "Biologically Male". This is done not only for the inclusion of people who are both intersex and transgender (For example, someone can be born intersex but assigned male based on the existence of a penis or micropenis), but also due to the aforementioned viewpoint on divergent neurobiology being the cause for gender dysphoria. Those reasons are why the word "Assigned" is used. But the reason why it's "Assigned Male/Female At Birth" instead of just "Assigned Male/Female" is because among the trans community there exists an understanding of the mutability of sexually dimorphic biology that the general population is often ignorant to. For example, often times people (especially older folks) don't even know of the existence of Hormone Replacement Therapy, and simply assume that trans people get a single "sex change operation" that, (for a trans woman) would just entail the removal of the penis and getting breast implants. Therefore they imagine the process to be "medically sculpting a male to look female" instead of a more natural biological process of switching the endocrine system form male to female or vice versa and letting the body change over the course of multiple years. It doesn't help that, for a lot of older trans people (namely Caitlyn Jenner, who is probably the most high profile trans person sadly), the body can be a lot more resistant to change even with hormones so they *do* need to rely on plastic surgery a lot more to get obvious results) So what sexually dimorphic bodily characteristics can one expect to change from Hormone Replacement Therapy? (Note that there is a surprising lack of studies done on some of the more intricate changes that HRT can, so I've put a "*" next to the changes that are anecdotal, but still commonly and universally observed enough among trans people [including myself for the MTF stuff] to consider factual. I've also put a "✝" next to the changes that only occur when people transition before or during puberty) Male to Female:
Breast development and nipple/areolar enlargement, including in some people, the development of mammary glands and the ability to breastfeed
Thinning/slowed growth of facial/body hair
Cessation/reversal of male-pattern scalp hair loss
Softening of skin/decreased oiliness and acne
Decreased muscle mass/strength
Widening and rounding of the pelvis
Changes in mood, emotionality, and behavior (anecdotally crying is way easier to do)
Decreased sex drive (anecdotally, taking progesterone helps a lot in regards to regaining sex drive, though attraction is often noted as being experienced a bit differently than how it feels with testosterone)
Decreased sperm production/fertility
Decreased testicle size
Decreased penis size
Decreased prostate gland size
Voice changes (As far as I've heard, most people only experience minor changes from transitioning in adulthood, so it's common to do vocal training on top of everything to actually get a female-passing voice. I'll add a ✝ here since vocal changes seem to be a lot stronger in people who transition before/during puberty)
Changes in body odor (It's been documented that men and women often times have different smelling body odor, and trans people commonly notice a change in this regard) *
Changes in how arousal, sexual pleasure, and orgasms are experienced *
Changes in facial complexion *
Slight changes in hair color, texture, or curl *
Slight changes in eye color *
Changes in alcohol/drug tolerance *
Experiencing pubescent skeletal development and bodily growth along female-typical lines, including both bodily size/shape and facial bone/cartilage features ✝
Female to Male:
Growth of facial/body hair
male pattern scalp hair loss (in some individuals)
Roughening of the skin and prominence of veins
Increased muscle mass/strength
Changes in mood, emotionality, and behavior (I forget the source for this sadly but I remember reading that trans men are significantly more likely to commit crimes and get into fights after starting HRT)
Increased sex drive
Cessation of ovulation and menstruation
Acne (especially in the first few years of therapy)
Alterations in blood lipids (cholesterol and triglycerides)
Increased red blood cell count
Deepening of the voice
Enlargement of the clitoris
Changes in body odor *
Changes in how arousal, sexual pleasure, and orgasms are experienced *
Changes in facial complexion *
Slight changes in hair color, texture, or curl *
Slight changes in eye color *
Changes in alcohol/drug tolerance *
Experiencing male pubescent skeletal development and bodily growth along male-typical lines, and closure of growth plates ✝
Often times, when the whole "transgender people in sports" discussion arises, a logical error is made when *all* transgender people are assumed to be "biologically" their birth sex. For example, when talking about trans women participating in female sports, these instances will be referred to as cases of "Biological males competing against females". As mentioned before, calling a trans woman "biologically male" strictly in regards to chromosomes or sex organs at birth would be correct. However, not only can it be considered derogatory (the word "male" is colloquially a shorthand for "man", after all), but there are many instances where calling a post-HRT transgender person "biologically [sex assigned at birth]" is downright misleading. For example, hospitals have, given transgender patients improper or erroneous medical care by assuming treatment based on birth sex where treatment based on their current endocrinological sex would have been more adequate. Acute Clinical Care of Transgender Patients: A Review
Conclusions and relevance: Clinicians should learn how to engage with transgender patients, appreciate that unique anatomy or the use of gender-affirming hormones may affect the prevalence of certain disease (eg, cardiovascular disease, venous thromboembolism, and osteoporosis), and be prepared to manage specific issues, including those related to hormone therapy. Health care facilities should work toward providing inclusive systems of care that correctly identify and integrate information about transgender patients into the electronic health record, account for the unique needs of these patients within the facility, and through education and policy create a welcoming environment for their care.
Some hosptials have taken to labeling the biological sex of transgender patients as "MTF" (for post-HRT trans women) and "FTM" (for post-HRT trans men), which is a much more medically useful identifier compared to their sex assigned at birth. In regards to the sports discussion, I've seen *multiple threads* where redditors have backed up their opinions on the subject of trans people in sports with studies demonstrating that cis men are, on average, more athletically capable than cis women. Which I personally find to be a pathetic misunderstanding of the entire issue. Because we're not supposed to be comparing the athletic capabilities of natal males to natal females, here. We're supposed to comparing the athletic capabilities of *post-HRT male-to-females* to natal females. And, if we're going to really have a fact-based discussion on the matter, we need to have separate categories for pre-pubescent and post-pubescent transitioners. Since, as mentioned earlier, the former will likely have different skeletal characteristics compared to the latter. The currentInternational Olympic Committee(IOC) model for trans participation, and criticisms of said model (I quoted the specific guidelines from the International Cycling Union, but similar guidelines exist for all Olympic sports)
Elite Competition At elite competition levels, members may have the opportunity to represent the United States and participate in international competition. They may therefore be subject to the policies and regulations of the International Cycling Union (UCI) and International Olympic Committee (IOC). USA Cycling therefore follows the IOC guidelines on transgender athletes at these elite competition levels. For purposes of this policy, international competition means competition sanctioned by the UCI or competition taking place outside the United States in which USA Cycling’s competition rules do not apply. The IOC revised its guidelines on transgender athlete participation in 2015, to focus on hormone levels and medical monitoring. The main points of the guidelines are: Those who transition from female to male are eligible to compete in the male category without restriction. It is the responsibility of athletes to be aware of current WADA/USADA policies and file for appropriate therapeutic use exemptions. Those who transition from male to female are eligible to compete in the female category under the following conditions: The athlete has declared that her gender identity is female. The declaration cannot be changed, for sporting purposes, for a minimum of four years. The athlete must demonstrate that her total testosterone level in serum has been below 10 nmol/L for at least 12 months prior to her first competition (with the requirement for any longer period to be based on a confidential case-by-case evaluation, considering whether or not 12 months is a sufficient length of time to minimize any advantage in women’s competition). The athlete's total testosterone level in serum must remain below 10 nmol/L throughout the period of desired eligibility to compete in the female category. Compliance with these conditions may be monitored by random or for-cause testing. In the event of non-compliance, the athlete’s eligibility for female competition will be suspended for 12 months.
Valid criticisms of the IOC model are usually based on the fact that, even though hormone replacement therapy provokes changes to muscle mass, it does *not* shrink the size of someone's skeleton or cardiovascular system. Therefore an adult-transitioned trans woman could, even after losing all levels of male-typical muscle mass, still have an advantage in certain sports if she had an excessively large skeletal frame, and was participating in a sport where such a thing would be advantageous. Additionally, the guidelines only require that athletes be able to demonstrate having had female hormone levels for 12-24 months, which isn't necessarily long enough to completely lose musculature gained from training on testosterone (anecdotally it can take 2-4 years to completely lose male-typical muscle mass) So the IOC guidelines don't have any safeguard against, for example, a trans woman training with testosterone as the dominant hormone in her body, and then taking hormones for the bare minimum time period and still having some of the advantage left. Note that, while lower level sports have had (to the glee of right-wing publications sensationalizing the issue) instances of this exact thing happening, in the 16 years since these IOC guidelines were established, not a single transgender individual has won an Olympic medal Also note that none of the above criticisms of the IOC policy would apply in regards to the participation of pre-pubescent-transitioned trans women. After all, male-pubescent bone structure and cardiovascular size, and male-typical muscle levels, can't possibly exist if you never went through male puberty to begin with. What could better guidelines entail, to best preserve fairness in female sports while avoiding succumbing to anti-trans moral panic?
The most extreme way for female sports to reasonably go about addressing this issue would be to only allow for the participation of transgender women who are documented to have, with puberty blockers, carried out their transitions without having gone past Tanner Stage II or III of male puberty.
Sports leagues willing to be a bit looser could accept adult transitioners under the stipulation that their bodily measurements in regards to certain skeletal features fit within a standard deviation of the cis-female average
Sports leagues willing to be even looser could copy the IOC guidelines, but require documentation of having gone through HRT for a greater period of time rather than just the 12 months, (3 years would probably be better) to guarantee full loss of male muscle mass
In my personal opinion, sports leagues should pick one of the three above options depending on what best fits the nature of the sport and the eliteness of the competition. For example, extremely competitive contact sports might be better off going with the first option, but an aerobic sport such as marathon running would probably be fine with the third option.
How this issue has been misrepresented by The Right
Right-wing rhetoric surrounding this issue assumes that the issue exists as an innate consequence of trans activism (Ie. "This is what the left is pushing!") rather than as a result of individual sports leagues failing to have solid rules for participation. Often times, certain low-level sports leagues have failed to even measure trans athlete's hormone levels, and have, in some cases, let completely male-bodied athletes participate as women. This is obviously the fault of these specific sports leagues failing to implement or enforce reasonable rules for participation, but right-wing articles surrounding such instances will act as if these occurrences are an ideological goal of the pro-trans left. This runs off of the assumption that a majority of trans people and "the left" are specifically pushing for muscular males (who merely "identify" as women, and nothing more) to dominate female sports. When, in reality, we really had nothing to do with these occurrences, and the majority of trans people would even likely agree with the sentiments expressed in this post. Additionally, accepting the gender identities of trans people is something you can do irregardless of your opinion on the sports issue.
Over-exaggeration of the problem. The issue is often sensationalized to the extent of coming off as a call to action, to stop the trans activists and their SJW bullies from ruining female sports! They're coming after your daughter's lacrosse team! In reality, out of the hundreds of thousands (perhaps even more) of sports competitions that exist in the United States and throughout the world, an incredibly small percentage of them are actually ruined by trans participants. You hear the stories of the 6'5'' trans woman with the broad frame winning a weightlifting competition, but not of the hundreds of more average-sized trans-female athletes turning out more mediocre performances. This isn't to say that the niche cases don't present a problem that indeed needs to be fixed, but presenting the problem as more prevalent than it actually is acts as a rhetorical strategy meant to provoke anger as well as a more dramatic response. Buying into this rhetorical strategy, especially if you're is already somewhat ignorant to the issue to begin with, will make it much easier to convince you of accepting drastic solutions to the problems. Ie. "ONLY XX CHROMOSOMES ALLOWED IN FEMALE SPORTS", instead of any of the three more measured approaches suggested above. The provoked response of anger is also meant to turn people off of accepting trans rights in general.
Infuriatingly, I've noticed that right-wing rhetoric usually doesn't even mention pre-pubescent transitioners at all. Like, these people are fine with acknowledging the existence of puberty blockers when they're trying to make them illegal, but they refuse to talk about them in regards to the sports issue. There have been cases where conservative jurisdictions have banned the participation of all transgender students in girl's sports, period. Meaning a transgender girl who never went through male puberty at all, and has pre-pubescent hormone levels as a result of puberty blockers, could be banned from participating in girl's sports, while in reality said trans girl could possibly even be at a disadvantage compared to the cis girls, as a result of not even having started puberty yet. Nonsensical. And liberal allies are at fault of this too, I've noticed. I've seen countless reddit threads where left-leaning people voice their take on the trans sports issue without mentioning the existence of pre-pubescent transitioners. It's honestly ridiculous.
The sports issue is also used as an excuse to say derogatory things about trans women that would be less justifiable in other instances.
I'll use Joe Rogan as an example of this last thing:
She calls herself a woman but... I tend to disagree. And, uh, she, um... she used to be a man but now she has had, she's a transgender which is (the) official term that means you've gone through it, right? And she wants to be able to fight women in MMA. I say no f***ing way. I say if you had a dick at one point in time, you also have all the bone structure that comes with having a dick. You have bigger hands, you have bigger shoulder joints. You're a f***ing man. That's a man, OK? You can't have... that's... I don't care if you don't have a dick any more... If you want to be a woman in the bedroom and you know you want to play house and all of that other s*** and you feel like you have, your body is really a woman's body trapped inside a man's frame and so you got a operation, that's all good in the hood. But you can't fight chicks. Get the f*** out of here. You're out of your mind. You need to fight men, you know? Period. You need to fight men your size because you're a man. You're a man without a dick. I'm not trying to discriminate against women in any way, shape, or form and I'm a big supporter of women's fighting. I loved watching that Ronda Rousey/Liz Carmouche fight. But those are actual women. Those are actual women. And as strong as Ronda Rousey looks, she's still looks to me like a pretty girl. She's a beautiful girl who happens to be strong. She's a girl! [Fallon Fox] is not a girl, OK? This is a [transgender] woman. It's a totally different specification.
Calling a trans woman a "man", and equating transitioning to merely removal of the dick, and equating trans women's experiences as women as "playing house" and "being a woman in the bedroom". These things are obviously pretty transphobic, and if Rogan had said these things about just any random trans woman his statements would have likely been more widely seen in that light. But when it's someone having an unfair advantage in sports, and the audience is supposed to be angry with you, it's much more socially acceptable thing to say such things. But the problem is, when you say these kinds of things about one trans woman, you're essentially saying those derogatory things about all trans women by extension. It's the equivalent of using an article about a black home invader who murdered a family as an excuse to use a racial slur. Now, I'm not saying that Rogan necessarily did this on purpose, in fact I'm more inclined to believe that it was done moreso due to ignorance rather than having an actual ideological agenda. But since then, many right wing ideologues who do have an ideological agenda have used this issue as an excuse to voice their opinions on trans people while appearing to be less bigoted. Ie. "I'm not trying to be a bigot or anything and I accept people's rights to live their lives as they see fit, but we NEED to keep men out of women's sports", as a sly way to call trans women "men". Additionally, doing this allows them to slip in untrue statements about the biology of trans women. I mean, first of all in regards to the statement "You have bigger hands, you have bigger shoulder joints", obviously even in regards to post-pubescent transitioners, not every trans woman is going to have bigger hands and shoulder joints than every cis woman (My hands are actually smaller than my aunt's!). It's just that people who go through male puberty on average tend to have bigger hands and shoulder joints compared to people who go through female puberty. But over-exaggerating the breadth of sexual dimorphism, as if males and females are entirely different species to each-other, helps to paint the idea of transitioning in a more nonsensical light. I hope this thread has presented this issue in a better light for anyone reading it. Let me know if you have any thoughts/criticisms of my stances or the ways I went about this issue.
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