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To: 10K a day who wrote (4537)10/3/1999 4:29:00 PM
From: BWAC  Respond to of 10027
 
Selling Puts. Another excellent way to control risk, by collecting a premium or using the premium to offset the purchase price.

But I suggest a closer month than April. As the time premium will expire much more quickly with closer months. And if needed they can then be rolled to the next successive month to capture that time premium.