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To: MonsieurGonzo who wrote (1624)	12/19/1997 2:19:00 PM
From: Jurgen Trautmann	Respond to of 11051

Selling options - like a candle in the queen. Honest, Steve, for me the most important difference is the missing link, sorry, the missing limit of loss. For me this is - besides the better leverage - the most attractive advantage of options. Remember that - not seldom - you can cash in X-baggers from good call-trades. I made in July 46k with a premium of 4k. My contrahend musted pay that. There is NO limit, as you know. When you once put your foot in that kind of shit, you need a lot of successful trades to balance that. Vice versa, as I expanded on before, you need a lot of mistakes for spending the gain of a winning call... I prefer this version. Another argument is the need of coverage if you sell short (especially options!). Most option-sellers have substantial coverage in the underlying stock. But this is - my humble opinion - weakminded like every speculation against yourself. A roulette-player who sets rouge et noir the same time is not clever but stupid. Either you set on something or not. When you want to reduce your risk, you can set less. That has the same effect, is cheaper and you keep a better overlook over what you did. That sounds as simple as most of my sentences, sorry, maybe I am that simple in my thinking - don't forget, it's not so far from here to Russian farmers. :)