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Strategies & Market Trends : Trading SPY and DIA for Fun & Profit -- Ignore unavailable to you. Want to Upgrade?

To: Dnorman who wrote (85)	12/20/1998 11:07:00 AM
From: James F. Hopkins	Read Replies (2) \| Respond to of 130

Dennis; I use Waterhouse , ( WEB Broker )..now all of the e-trade programs I know of are growing fast and having some growing pains, including web-broker, but all in all they do as good as any and better than most. When they do have problems I can call in and still get the web broker commission. Only once in the most 3 yrs I've used them did I get an extra charge for using the phone , and they corrected that as soon as I noticed it. My trades are $12 up to 5000 shares , options are higher, and I don't "think" WH is hot on OTC:BB stocks, but I don't trade them any way. There are many no load mutual funds I can go in and out of for no fee there is a clause about if you go out of a fund more than twice in six months they can charge a $25 service fee to get back in , but they have so far not charged me , ( I always ask ) and have the impression that as long as I leave them in house name , I won't be held to that more than twice 6mo service fee. I find it easier to trade funds via the broker than direct, except there is a 2:15 EST cut off on orders, ( as they have to pool them ) I take it they get a small discount by pooling, for quantity, and that's how they make their end. I have the same restrictions on the IRA as you do, can only sell covered calls in it and not short. However I run two accounts, and the Tax advantage of the IRA makes me keep her. I may go long the IRA , and short in the Regular account, it all comes out in the wash, I can add 2k profit from my reg account to the IRA a year to keep tax down , and if I have a bad year I could then pull some out of the IRA, ( I'm 61 so there is no penalty) ------------------- I believe I heard some talk that the Amex may soon start options on the SPY and MDY, but I'm not sure , at any rate if they do I could only write covered calls in the IRA, they won't let me write puts. But that's federal regs, ( and seems stupid to me ) I can understand the IRS not wanting to let people buy options in a Tax free account, but all else even, writing puts is no more risky than writing calls. --------------------- Jim