Voltaire,
I've been lookin' all around for you since I arrived last night. So glad you peeked out the door so I could finally meet you. Want to thank you for sharing your CC philosophy. I believe it will really help me. Some time ago Ruffian laid a trail to the Porch, I followed it, and I'll be dog-gone in less than a week the Beanos appeared. I lurked and listened carefully. It took awhile for it to sink in, but I see some real benefits to this approach (also I realize there are some downside risks). First I got a book on options, to learn the basics, then had to fill out forms and get my accounts approved for options trading. Well, I was finally READY! I would start this stress-free life after a few days in Atlanta. I mean, I had the BULL by the horns! Turns out it was a BEAR by the tail and he reached around and bit me on the behind! Oh my, I got to the hotel that Fri. nite, turned on the TV and my heart sank. Woke up at 2:30 SHAKING. I've been agonizing since then. Much too much stress! My problem has been that I hate to think of writing the CC's anywhere close to the money on QCOM and JDSU (most of the value in my accounts) at this level. Would like to wait for the market to recover some (will it anytime soon? Who knows). Well, I need to FORGET about the value of my account a month ago! Got to start from here. So getting back to the basics of your philosophy, I will write CC's on half the shares, but farther out of the money. I won't get as many $$$ in premium, but if I didn't write them I wouldn't get any. And if they're called away, it will be at a higher price. The other half of the shares will still be going up and down with the tide. Now the hard part- will I do this Monday or wait 'till after Tuesday? Everybody (almost) expects a rally after the fact. That, in itself, makes me skeptical. Hey, I lived in Missouri for 8 yrs. Guess I'll see how we open Monday. Would welcome your comments if you have time.
This is long, thanks for listening,
cowgirl |
