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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (20824)	6/22/1998 1:45:00 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 94695

Hi ; I have never bought a single option in my life :-) , the first contract is were most of the commission is at. As for letting them move againts you, well I guess each person has to play what works for them. I'm not addicted to options. (1) I only buy strikes where I find via a chart I'm buying much cheaper than the majority had to pay. (2) If it looks good from that angle, and I think it will go my way I still want a margin of error, so I never bid even at the bid but undercut it and let the option come to me. ( I never chase one ) If it don't come to me then I miss making the bet, but nothing lost. (3) Recently if the two above things don't give me enough of an edge, and with my margin of error built in, it goes against me the next day I get out. As something didn't go the way I thought it would, so sitting on it is like not admitting I was very much wrong to start with. Heck I never expected to buy the option Friday anyway, except I know most of the floor traders don't like to hold them over night let alone over the weekend. I now think I know why. <G> But they seem to think the stock is going up now, as they skewed the puts down and are trading more in the next strike. Jim