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

To: the options strategist who wrote (19789)	9/1/1998 4:56:00 PM
From: IQBAL LATIF	Respond to of 50167

Jen-- Let me tell you how I got out of my trades today -- at 964 I decided to leg out from major chunk-- got 54$ for it-- left 1/3rd position in tact for market fall-- Covered at 985-- 910 's which I was short for 12 and half I lost 2 $ on this trade but wanted to reduce exposure-- Covered above 990- rest of my positions at 33-- and let the naked position run under anticipation that we break 1000- 1003-- I covered remaining 920's short at 7 1/2- Risky but that is how I play these markets-- I will do it in and out every day every trade, the reason being I hate to be whipsawed- never like to give premiums but ofcourse I go thru tense times but today I knew we are home my 7500 support was solid like a rock and I could see that we had seven tries before we broke it as resistance. It is just for education however one or two long puts nver hurt- it always protect your portfolio- howvere once you buy a put or a call work around it---get maximum out of it-- it will come slow and steady we were also novice and have paid our dues to the markets..Markets are for education not money I would not mind losing money but I will not sleep if a I loose opprtunity that is one problem I have now... Best of luck --At your service Ike.