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Technology Stocks : America On-Line: will it survive ...?
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To: James F. Hopkins who wrote (3055)5/10/1997 1:01:00 AM
From: Raymond   of 13594
 
Hi, James: That was a long post, but it's not clear about whether you options trades are or you think will be profitable. I got hurt real hard by options last year and has not yet recovered. Here's my story: I started with $25k at the beginning of last year. By end of June I had $120k worth of OPTIONS in my account. At one day it went up to $180k. That was when I bought 80 contract of ZE calls two days before the stock shot up 45% in one day. Those ZE calls rose by $55k just in that day. I still remember that day, with both sweetness and bitterness. You can guess what happened afterwards: I lost $80k during the July selloff, and the remaining gains were lost gradually toward the end of the year. I wound up with $5k in loss for the year.

You may laugh at me. What a crazy guy who put $120k in options! But it's very easy to be carried away when one makes $10k very often in one day. It is often too late when one realizes that the heaven he is living in is a fake. Well, this is my true story of options playing. You must be much smarter than me to stay in the game for a long time.

BTW, I traded naked options, both call and put, but I figured out that it was simply too risky to handle. You can lose in a potentially profitable postion just because you are scared by a temperary move in an adverse direction.

SO much for options. Good luck.

Raymond
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