Hi Herm,
Thanks for asking. It's very nice of you.
Yes, I do both covered calls and call spreads, either with next month options or one long term and the other short term. Usually I buy a DITM call and sell another as a spread.
I am Level 2 approved, and will probably apply and get Level 3 soon.
My areas of weakness are 1) not much knowledge or "feel" for when to buy long puts, 2) no clue about put spreads (if there are such things) 3) PUTS - I know nothing! LOL, 5) how to read the market and sense when I should be in all cash or have long puts, and 6) some of the more elaborate strategies such as buying a call and selling a put at the same price (how to figure out what play to make, the risks and rewards).
My biggest concern right now is #5 - I can profit by doing what I am doing now, but if I create one of my great spreads and have both legs of my spread with the next month's options, I'm dead.
I don't know if there is truly anything to TA in all its iterations, but I quite possibly have that feeling because I am not knowledgeable. I would like to know if such things can truly give indications.
I am sitting on more money than I have ever had, largely due to spreads on QCOM and CMGI over the past few months, and want to protect and enlarge what I have.
Finally, I am pretty averse to long calls (esp. those with large premiums), as over many years a combination of greed and inexperience has caused me to lose many dollars.
That pretty much tells about me, together with my profile.
BTW - I checked your site, and although it is getting late tonight I am going to study up on BB's and RSI thanks to the nice links you have there. Are these things reliable indicators?
Thanks again, I have plenty to learn, and hope I can offer a thing or two to others less experienced.
Jeff Smith |
