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Strategies & Market Trends : Befriend the Trend Trading -- Ignore unavailable to you. Want to Upgrade?

To: TraderWithNoName who wrote (25029)	7/20/2002 1:49:29 PM
From: TraderWithNoName	Respond to of 39683

Why my last good trade was a bad one: Bought July 445 puts @ 5.5 with the OEX around 453. That put my breakeven at 439.5-some fourteen dollars away from the nights close with only three days of trading left. That really put me in the hole. It would have been smarter(though more expensive,with a lower ROI) to buy something more in-the-money,maybe the 455 puts,with a greater Delta. Sold them @ 15. I was dumb and lucky. (but Sam knew that).