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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: habitrail who wrote (30467)	3/4/2003 11:41:58 AM
From: Jorj X Mckie	Read Replies (2) \| Respond to of 57110

did you see the disclosure at the bottom? I am long SOX and SPX puts. If you have not played options a lot, it is important to know that most options expire worthless. That means that if you hold options until expiration, the odds are that they are going to expire worthless. I have made some great money with long options. I have also lost a great deal of money playing with long options. The "tool of the devil" part is that the leverage makes those winning trades very attractive. It's like gambling. The worst thing that can happen the first time you go to the craps table is that you win. Because then you are hooked. Options are dangerous, don't let anyone tell you differently. That leverage works for you, but it also works against you. If you decide to play options, do it with your eyes open and start small.