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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Francis Torti who wrote (7653)	6/16/1998 6:50:00 PM
From: Caroline	Read Replies (1) \| Respond to of 14162

I imagine if you give your broker those instructions you'll be broke in 10 minutes. I can't emphasize enough how important it is to be CLEAR in trading options. I'm sure everyone on this board is happy to help you achieve your goal. You must begin, though, by being absolutely clear. For example, if you "buy 4 contracts of July 80" you will be long the original 100 shares, then the 300 you buy, then the 4 calls. I believe you mean "sell 4 calls to open, covered." Bernie Schaeffer's book does a good job of explaining the wording you need to use with your broker. I'm willing to interpret what you probably mean, as opposed to what you said. Your broker is under no such obligation. The tape recording on your broker's phone will bear out that you are going LONG 300 shares and 4 calls. This is not what you intend. Try again? CB