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Here is that 3% factor at work again. Close the exchange and stocks
are still trading. Those who are naked short options are at a real
risk if volatility increases greatly or if the strategy was to cover based
upon a stop in the underlying. Ira.
<p>The DOCTOR wrote:
<blockquote TYPE=CITE>
<p>CBOE Investor Services wrote:
<blockquote TYPE=CITE> To un-subscribe from this list, send a blank
reply to this message. To un-subscribe from all CBOE e-mail lists,
reply to this message and type "all" in the subject line, then click send.
For all other e-mail correspondence, visit the following web address: http://www.cboe.com/exchange/e-mail.htm.
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& Jerold
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<p>FOR IMMEDIATE RELEASE
<p>ALERT: CBOE Announces Halt In Trading
<p>CHICAGO, February 7, 2000 - The Chicago Board Options Exchange (CBOE)
announced a halt in trading at 9:03 A.M. this
<br>morning. The trading halt remains in effect until further notice.
<p>CBOE, regulated by the Securities and Exchange Commission (SEC), is
the pioneer of listed options and the world's largest
<br>options marketplace. For additional information about the CBOE and
its products, please visit our web site at
<br>http://www.cboe.com.
<p>For an archive of CBOE Press Releases, visit the following web address:
http://www.cboe.com/exchange/newsanno.htm.</blockquote>
</blockquote>
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</x-html>From ???@??? Mon Feb 07 10:07:16 2000
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Date: Mon, 07 Feb 2000 09:24:00 -0800
From: Ira Tunik <ist@xxxxxx>
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To: <realtraders@xxxxxxxxxxxxxxx>
Subject: [RT] Re: FUTR: Head games.
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Status:
I never gamble, I always take a calculated risk. there is a difference. If
you don't realize that, then you might have to redefine the word gambler. Ira
Paul Weston wrote:
> Life is a gamble and if you don't believe so, you are in for a rude
> awakening.
>
> Every time you go to the store, you are gambling that you will make it back
> alive.
>
> The only thing we can do in life is to try to stack the odds in our favor.
> That's what professional gamblers do. The more successful ones are better
> at it.
>
> Webster's defines gambling as "to take a risk in order to gain some
> advantange".
>
> If somehow you have managed to eliminate all risk in trading, that is great.
> Otherwise, your are gambling.
>
> Let's have a poll. Who on this list is not a gambler (i.e. a risk taker)?
>
> Regards,
> Paul
>
> -----Original Message-----
> From: ist@xxxxxx [mailto:ist@xxxxxx]
> Sent: Monday, February 07, 2000 11:56 AM
> To: paulweston@xxxxxxxxxxxxxx
> Subject: Re: [RT] RE: Re: FUTR: Head games.
>
> I feel sorry for you if you are gambling. Trading is a business and if
> treated
> as such can be very profitable. If you are gambling or feel that you are,
> then
> like most gamblers, you will end up a loser. Being profitable in the
> interim,
> doesn't mean that the ultimate fate will not befall you. the professional
> "gambler" doesn't feel that he is gambling. It is his business and he
> treats
> it as such. He knows the odds, probabilities and the other facts of the
> game he
> is playing. The professional in any endeavor doesn't believe that he is
> gambling. From what I have heard the biggest gambles are the restaurant or
> contracting businesses. Good luck and put a buck on the beans for me. Ira.
>
> Paul Weston wrote:
>
> > I went thru some of this myself and basically I focus on 2 things:
> >
> > 1) I perform a service. If it were not for speculators such as myself,
> the
> > markets would lose liquidity and would not work nearly as well.
> >
> > 2) Nobody comes into this game without the knowledge they are a gambler,
> and
> > part of gambling is to risk losing money. In fact, my job is to take your
> > money. Plan and simple.
> >
> > If you don't feel good about the realities of trading, I would suggest
> > looking at another profession. There are plenty to choose from.
> >
> > Regards,
> > Paul
> >
> > -----Original Message-----
> > From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]
> On
> > Behalf Of comdytrd
> > Sent: Sunday, February 06, 2000 6:55 PM
> > To: realtraders@xxxxxxxxxxxxxxx
> > Subject: [RT] Re: FUTR: Head games.
> >
> > Howdy,
> >
> > I've been working on my head lately... Trying to figure out why I even
> care
> > whose money I take on those successful occasions. (They never seem to
> feel
> > guilty when they take mine do they?) So why do I feel hesitance and guilt
> > and how shall I overcome same? Keep it simple please.
> >
> > Also I seem to trade best after a loss that makes me mad. If not, I'm
> much
> > less focused and slower to act.. It's when I must recover a loss that I'm
> > at my best...Is there a technique short of drugs to achieve the focus/
> > intensity that being mad seems to produce?
> >
> > I have begun to counter my perfectionism by remembering to "take the meat
> > out" of a trade and leave the crumbs to others... this seems to prevent
> > those frequent gut wrenching/market reversal events.
> >
> > Much obliged for any input.
> >
> > Michael
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