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+Chapter 39: VolatiDty Trading Techniques 845 
+lying instrument. Upon finding such discrepancies, the trader attempts to take 
+advantage by constructing a more or less neutral position, preferring not to predict 
+price so much, but rather attempting to predict volatility. 
+Most volatility traders attempt to buy volatility rather than sell it, for the rea­
+sons that the strategies inherent in doing so have limited risk and large potential 
+rewards, and don't require one to monitor them continuously. If one owns a straddle, 
+any major market movements resulting in gaps in prices are a benefit. Hence, mon­
+itoring of positions as little as just once a day is sufficient, a fact that means that the 
+volatility buyer can have a life apart from watching a trading screen all day long. In 
+addition, volatility buyers of stock options can avail themselves of the chaotic move­
+ments that stocks can make, taking advantage of the occasional fat tail movements. 
+However, since volatility and prices are so unstable, one cannot predict their 
+movements with any certainty. The vagaries of historical volatility as compared to 
+implied volatility, the differences between the implied volatility of short- and long­
+term options, and the difficulty in predicting stock price distributions all compli­
+cate the process of predicting volatility. Hence, volatility trading is not a "lock," but 
+its practitioners normally believe that it is by far the best approach to theoretical 
+option trading available today. Moreover, most option professionals primarily trade 
+volatility rather than directional positions.