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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: hpeace who wrote (1388)3/20/1997 2:59:00 PM
From: Thomas M. Coe   of 14162
 
Having been clobbered in the past I cann't disagree with your general statement not to trade without mcmillin. My main point was that a real novice might get more advantage from mcmillin if she started with a more general, easy reading overview first. I would reccomend anyone read more than one author before starting to trade options. There are some practicle hints that mcmillian misses. For example, I don't think he covers your "steve" stratagy of stepping into the straddle with upstrike call in detail.

It is imposible to learn everything from one source.

I look forward to reviewing your stratagy in detail. Right now I have a plane to catch, but I will review your stratagy next week.

I absolutely agree that 1) You must know your underlying stock very well, including funementals, 2) to much diversification is very bad, and 3) lot's of studying is good, 4) most people won't be sucsessful at options using any stratagy, 4) legging in to possitions is best, 5) Wade Cooks approache is dangerous because it doesn't give enough attention to fundementals and over diversifies.

My first guess is that your stratagy is sound. Your basic stratagy doesn't address using naked puts as an entry point, but from other posts it seems you have some use for that stratagy.

I am rushing now, but I have enjoyed your inputs and found them very valuable.

Your stratagy is worth learning. I do not think it is the only one that can make money, but it is better than most.

Look forward to more dialog.

Tom
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