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To: patron_anejo_por_favor who wrote (182737)	7/23/2002 9:43:26 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

just cutting losses period -- picking a pt at which you'll sell will put you ahead of most folks. It is completely contrary to the BS hawked by the financial media to keep J2P in the market ... Had to do that in Feb on the short side. Probably the smartest move I made, though it wasn't fun. May have to punt some more miners tomorrow -- cie la vie. Cut losers, let winners run. Easy to say and not hard to do -- IF you have a plan going in.

To: patron_anejo_por_favor who wrote (182737)	7/24/2002 7:10:56 AM
From: Tommaso	Read Replies (3) \| Respond to of 436258

>>avoid taking the big loss<< The only way I can see that I could take a big loss would be for my broker to turn out to be totally crooked and insolvent, or for the CBOE to renege on its options contracts. And I don't know how to avoid that other than to cash in everything and put the money in FDIC insured bank accounts. To judge from the caution with which they deal with me (margin requirements, enforcing federal rules, keeping my account straight) Quick and Reilly seems perfectly sound and honest. Absolutely nothing ever happens that has a stinky odor to it. They correct their own errors, such as overcharging me for a commission or changing a transaction involving a limit order, before I can decide whether I ought to complain about it. The only thing I am uneasy with is that some of the guys manning their 800 number are not all that bright. Everything I read says that the CBOE makes sure all transactions are well margined and that the money is there to honor the contracts (stock, in the case of calls). So what am I not watching out for?