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Non-Tech : The Critical Investing Workshop
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To: elpolvo who wrote (8433)3/22/2000 2:19:00 AM
From: elpolvo  Read Replies (2) of 35685
 
POLVO BEANO GUINEA PIG --- Chapter-3

here's what i did today (and my flawed? reasoning).

1) first off, i froze more as the market plunged this morning.

2) later in the day as the market and QCOM recovered, i decided to ease in. i sold half of the margined 1300 qcom (700 shares to be exact) at 132.

3) i sold 10 contracts of the qcom CCs on my planned 1000 share core holding for 11 (about an 8% return) 11K.

4) i didn't write any CCs on the 500 ELON (hoping for that to recover a little more first)

5) i put in a sell for the remaining 600 margined QCOM shares in afterhours market at the "last trade" price (it was at 135 1/2)... order did not fill. (i don't care - i'm not in margin danger and hope to get more for those shares before i let go.)

<so POLVO BEANO is halfway through executing monday's plan. although he got less for some of the margined shares and got less on the CC premiums than he could have first thing monday morning - more than he could have monday night or tuesday morning - his timing so far was "average" i'd say>

i'm watching the market for a move up in ELON to sell 500 CCs and i'm riding the fence on the remaining 600 QCOM.

i felt very good with what i did so far. i learned to look up call quotes on the accutrade website, learned to place orders, cancel orders, place extended hours trades. i didn't make any bad mistakes and didn't have to talk to a broker. (although when i got home tonight there was a message on my answering machine to call them for a confirmation - i don't know what that's about - i'll call them tomorrow) overall, i feel about 10 times more experienced and comfortable at doing this than i did yesterday.

i have bad comments on accutrade website vs. datek:

the acctrade website is not immediate in updating positions and is very slow to report transaction completions and order cancellations. it does not offer free unlimited realtime quotes or streaming quotes. the trade commissions are $29.95 as opposed to $9.99 for datek - there goes my lunch money for the week. <G>

the positives:

accutrade has people you can talk to that know what they're doing and will actually help you whereas, with datek it's just customer service reps. much like a fast food restaurant with new workers in training.

accutrade has more liberal margin requirements (at least for now) on my stocks - QCOM 30% and ELON 50% versus datek's QCOM 50% (concentrated position) and ELON 100% (not marginable) just moving the stock got me way out of margin trouble whereas i was still getting a final day margin notice from datek wanting $5000 the day AFTER my stock was transferred - the sorry bastards!

any and all comments and questions are welcomed on POLVO BEANO'S public stumbling into the monthly covered call writing strategy.

thanks for any help or advice.

-polvie
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