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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: J. P. who wrote (19334)	8/15/1998 11:00:00 AM
From: IQBAL LATIF	Respond to of 50167

Jp-- I just wanted you to know JJ- is Jim Juback the MSN Guru- In side way markets you are right sell out of money calls but in markets corrected at more than 10% even selling puts 10% out of money is quite safe although not for novices but if you sell a call and a put you have enough cushion-- like my straddle on market is '1140 calls short and 1020 puts short initiated yesterday morning' now what I think is that five days I will be sitting on a big profit if the market stays within range but if it reaks one side like down I will sell 1090's and buy 1040 for a quick trade and hedging my open position down-- however I know that lot of pros have this kind of trades and they would certainly move market in one direction to force us to cover one side but I have decided this is going to go the wire- no turning back I will on break of 1055 go short big way sell the calls and buy the puts however I will be nimble and would not hesitate to use futures once I leg out.. but thanks Ray-- we have this oportunity of a sincere friend a great broker who can get me price at 10.20 in the morning on 28th Oct amidst mayhem- we were 17 puts long at 1085 and 21 puts short at 1055 the market was crazy I saw the premium at 55 $ put in the order on the pit to close out my long positions and left the 21 shorts to run-- to be exact I was in Chicago that day-- but I knew this darn thing is coming back and that it did- the bears were loking for that break below that never came I walked out of US as per plans a little heavier... but it all get to the pits be in the pits and have a right man to excute- on all these counts I am lucky and I am grateful to my broker and friend. Rajan Bakshi....He is never aware of how much I hype him on this thread-- we go back 17 years when on a single trade in our formative 'future' days we lost 300 grand-- we coined this motto 'keep your cash market opens every day'-- I am now sometime or most of the time in middle of market moves jogging but this attitude of ''cool like a cucumber'' would never come if I don't have an access to the pits when I pick the telephone. I have always one small advice to new traders JP- ''Never trade futures if you don't have a long term relationship you will get your price in a normal market in a choppy and turbulent 28th Oct type market you will be wiped out'' they will just hit you with a price fill you in- it is for this we never leave an order to buy they would hit even one contract if they see they call it running the stops- anyway I have a gut feeling going by the way I have made or lost money next week is going to be a move to close out either the naked calls up or naked puts down I am ready to meet my friends half way, we have decided that we are going to take these positions to the close althought some of them are nearly worthless but pits need those gorgeous lking targets to close out- we will not let them lets wait and see== sorry for rambling- just a small experience- shorts are the longs unfortunately this is what I want to say- it is the longs who make the most even in falling markets. And once loaded with new found wealth they have liquidity to buy......