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hi steve did put writing on spoos for some time, never a loser avg 6-12k mo,
though once or twice sustained 4k dd total on a 3 lot... stepped out when i
saw volatilty go nuts... though i used a very conservative approach. it
was eeeeezzzeeee during the bull phase; however, that said used very
speicific and very thorough research/strategies which utilized predominantly
time decay....did all the wade stuff... he NEVER taught those poor souls how
to defend their positions!!! never!! i was at an 'advanced' seminar where
nearly everyone in the room was down 100K to 250K, no joke during the Oct
crunch... incredible.. he's an upbeat, win win and more win mormon guy, but
for heaven's sake! sorry, no personal experience with the 'other gurus'
though have most of their stuff... read Mcmillan thoroughly.
anyway will relay a very cool service(if u want) which outlines a night
before strategy for writing calls, (stops targets, blah)... went ahead full
steam on a program which would scan ALL of the frappin markets to do just
what the service does... massive problems finding:
1. software to do it
2. data feed that could do it
3. software which could accept the datafeed
4. blah blah blah u get the picture
it certainly can STILL be done, particulalry now with all of the new
reasonable datafeeds/software out there... hmm 1-2 k is quite conservative
and may not at all be worht your risk /reward/work ratio u should xpect 3-5%
per week MINIMUM with a 50% margin account(i.e., 3-5k weekly net) w/o losing
any sleep... i would fax u all of my old excel stuff if it didn't 'go down
in my titanic crash of 99'.... just make ABSOLUTLEY SURE u know what
language u r using when u call your broker friend and RECORD IT
YOURSELF!!!... 99% have NO CLUE what u r trying to do PLEASE REMEMBER
THIS!!! it will pay many times over to find a very good options broker...
don'y even think twice about the commisions...good luck! geeez, too late
again! gotta go sleep!
-----Original Message-----
From: sptrader <sptrader@xxxxxxxxxxxxx>
To: Omega list <omega-list@xxxxxxxxxx>
Date: Tuesday, April 20, 1999 9:19 AM
Subject: Need Option Wizard
> Is there an option trader with 5+ years of success that could recommend
a
>very conservative strategy for a 50K acct. - I am debating covered call
>writing vs other possibilities. My goal is to consistantly generate 1-2k
per
>month income. Please recommend software if needed as well-& e-mail me
>privately, thanks
>Steve
>
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