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

To: flickerful who wrote (31004)	10/9/1998 8:48:00 AM
From: Vitas	Read Replies (1) \| Respond to of 94695

Flick, >>> i have been assured by my broker that once i see a print higher than my own, i may be sure i have been executed; technically, that would be accurate then, only if the 5 minutes has elapsed, yes?<<< Yes. It probably really takes a couple of minutes in a normal market, but brokers love to quote the five minute rule when something goes wrong. The delay can work in your favor if you are selling puts into a futures spike down, or are selling calls into a futures spike up, especially in a fast market. >>>i find when the momentum is there, i have little choice other than to have in place a limit in order to be satisfied i have not been swept in unfairly.<<< I always buy options to open at a limit price only. >>>assuming the market condition supports my price, is it the wiser play i think it is? also, when i am playing more than 10 ( or 20 now) how can i have any control ? i never feel equitably treated in a go to market oex option trade.<<< Selling them is always a problem. If the market is moving against me I usually just bite the bullet and sell them at market. If the quantity is the RAES limit or less (still 10), that's the best price you are going to get at that instant. It is always a good idea to check in the morning and make sure that option is on RAES that day. If the quantity is over the RAES limit, you may want to split the order up so that each order meets the quantity limit. However, you should check to make sure your broker prorates all the orders for the day instead of charging a separate commission for each order. Even then, if there is a wide spread on a higher priced option, like 8 x 8 1/2, you feel you are getting the shaft by hitting the bid, but if the market is moving at the time sometimes you just have to do it. You may be able to get floor access with some brokers if you are a very active trader. >>>thank you in advance for your patient explanations....<<< Don't know if this helps, but you are welcome. Vitas