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Old 08-10-2007, 11:40 AM   #81
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During strength in the QQQQ earlier this week I inreased my Dec put position, but my Sept puts were so low priced that I didn't want to pay the commisions to sell them. ( I don't yet have the spread trading facility) This morning I got a shot and got rid of them- still at a loss, but better. Maybe half the loss that it would have been a few days ago.

I see now that the Qs are in positive territory again. There seems to be a lot more strength in these things than I would have predicted.

I just hope I can make a good hunk this fall on the Dec. Last summer I did great on Dec, decided to be careful and sold a lot. I felt terrible about selling as I thought that these puts were my chance to really get into high clover. But I was wrong about that, and my chicken out sell helped my years results.

Over the past few years I have lost on balance with my put buying but at the same time I have always had a hook in the water in case the big hungry bear fish came along.


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Yes and don't do it.
Old 08-13-2007, 10:29 PM   #82
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Join Date: Jul 2007
Posts: 38
Yes and don't do it.

Yes. I traded real money for options...once. It is a zero sum game. IMHO you are swimming with sharks, and you are bleeding. Covered calls may have their place in a non-volatile market. But, do you really want to risk having a long-term position called away from you because it is rising..isn't that why you bought it? I won't be profane and tell you that the only ones who make money in options are the ones selling the trading strategy du jour, but the only ones making money in options are...well you get the picture. It is a sure way to become a millionaire, if you start with ten mill. Leverage works both ways, just ask the big boys with their quant models, portfolio insurance, hedging collars, straddles (ouch), delevaging all at once and its not working Harvard types: "you just can't lose!" You asked.

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