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----- Original Message -----
From: <MikeSuesserott@xxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Tuesday, January 23, 2001 5:21 AM
Subject: [RT] conservative?
> In my years of trading options I have been there, done that, quite a few
> times, more often than I care to remember. But I learned, and have now
moved
> on to more sophisticated mistakes. <g>
>
> Michael Suesserott
>
Dear Michael,
Would you care to list that "sophisticated mistakes" you end up with? (Or
some of them you wish to make "public").
The only things that ever worked for me was selling "bull (bear) spreads" at
the tops (buttoms) of the trading range during the times of extrime
volatility (after the 1987 crash). Another sucsessful operation was selling
"collers" on gold stock at the top of the spikes (when we had those) taking
in anormous premium on calls that has enough profit to cover protective puts
and pay interest for the money spended on stocks. Recently (being older and
slower) I was selling naked puts in time of panics (you remember we had
panics daily: bad earning, bad everything). I was OK staying with old and/or
established stocks (IBM, INTC, NOK, QQQ and so on) but when I incorporate
new economy stocks it was desaster (did enybody knew where was the bottom on
dot.com stocks?).
Nowdays everybody recognized that we still need IBM and NOK despite horrible
situation with those companies (the rate of profit increase fall from 1000%
per year to 999%), puts premium are worsless and I am looking for new ideas
in options. (I read many books, but have hard time to distillate the
practical strategies, so do not tell me stories about selling naked calls or
covered call writing).
The main reason I am interested in option trading (especially selling
options) is that I do not have to decide when to take the profit. Every
month on 3rd Friday a paycheck (or a bill) is comming to me.
I would greatly appriciate your advise.
Bevildered Alex.
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