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Strategies & Market Trends : Tech Stock Options
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To: Pascal A. Mons who wrote (2084)5/29/1996 6:05:00 PM
From: Tom Trader   of 58727
 
Pascal, good afternoon--long time since we talked

Don't want to get in between you and Michael re interpreting IOMG's price movements. I was not around during most of the day so I can't say anything about IOMG, but I take issue with your statement

" any trade should be closed at the end of the session and the profits booked. Any other approach is child play, chance, casino, roulette, hard guess or anything at the same level."

One can be a day-trader or a position trader and in the former instance you close out your position at the end of the day but in the latter you close it out based on a defined exit strategy that calls for one to take a profit or close out the position for a loss. I position trade naked options all the time and more often than not stay with my trades until options expiry. I close losing positions or take other defensive action as soon as they break support/resistance. It has worked for me and I believe it is a sound strategy because MOST stocks and MOST markets trend for only a limited period of time and the rest of the time they are in a trading range. It is this fact that enables one to make money through writing straddles and combos.

Perhaps you were referring to IOMG specifically in the context of the gyrations that the stock has been going through during the past few days.

Regards
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