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Technology Stocks : Tekelec
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To: stock bull who wrote (1347)2/3/2000 10:57:00 PM
From: WTSherman  Read Replies (1) of 1648
 
OT*** Bull, I'm hardly an expert options trader, I've actually only had an option account for two years. Trading options is a real learning experience and I wish I had started out the way you are thinking about(a mock account). It would have saved me some money the first year...

I think I've become a pretty good options trader, as long as I stay within certain rules that I set for myself. But, aside from trading options I do find that its very useful to study the open option positions(and track them as they change) for certain stocks that I follow closely. Quite often they can be very telling, the TKLC situation was one, but, there have been lots of others.

It also helps to get a little lucky. The best option trade I ever made was picking up 100 June 25 ORCL call contracts four days before expiration last year. The stock was about $24 and the options were 75 cents or so. ORCL was reporting earnings the next day and had been in the dumps so nothing much was expected. I was hoping to maybe double or triple my money if they had OK earnings.

Well, they had a great quarter and the stock went up about $12 and all of a sudden my $7500 investment was worth $100K.
I was kind of gambling and got very lucky.

Best part of that story is that I exercised 1/2 of those options, took the stock and ORCL has been going up ever since! Ha!
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