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Strategies & Market Trends : Help me become a millionaire

QQQ 629.07

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Oct 31 4:00 PM EDT

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To: victor pan who wrote (563)	3/13/2002 7:05:01 AM
From: lee0	of 583

>>I think some firms exercise options for you, others don't, which makes your options worthless even if it's in the money.. sounds strange, but that is what I was told. << yup. why would you trade something that has no market? options are a rich mans gamble. or a very savvy hedge tool. unless you are writing worthless options near expiration for some fool to buy it's a craps shoot. why do you play with these things? if you are trading anything with no liquidity, especially short term, your gonna' get burned. this happened to me last week. oh boy did it ever! to make a long story short i was long 15 march DOW. big mistake there. the front month rolled over to june. i was long at an average price of 10525 with my stop @ 10515. mind you that this was about 2 hours before the close. well the market fell apart. my stop was hit and not one of my sell orders was filled. any way the market closed, 2 hours after the sell stop was hit, and i was still long 1 march dow. ouch. i lost a lot. slippage. so much for risk management huh. i could not get out even with orders @ the market. that was the first time ever that i lost sleep. now i know not to trade when there is no volume but i made the mistake not to pay attention to the front month and got burned. moral of the story. don't trade a market when no one else is trading it. you can. but if you lose money it is your own fault from now on. you paid the market for this lesson. if you paid someone to teach you that 1+1=2 then why would ever say that 1+1=3 ever again. you could but... >>>as long as 28.5 is not broken you are cool.<<< the big money made in the market is long term. short term trading should be with a fraction of your capital in a different account. and only if you need to be at the market at all times. i only day trade because i love to be at the market and to trade. and because i feel guilty not working every day. i tried to cope with it but i can't. i am a workaholic. (22 years old and i look like i am 30, black rings under my eyes, this strange nervous tick in my right eye and a swollen liver) any hoo, at the end of the year when i look at the day account verses the other account. the day account has only a fraction of the gain as the others. i need a vacation. 2 weeks and i'm gone for awhile back to the good ol' usa. i'm not by any means telling you what you should do with your money just my own experiences. the horse that i am up on is more like a pony. but it can be a large pony at times. <g>

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