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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (10727)	5/11/1999 3:35:00 PM
From: David Wright	Read Replies (1) \| Respond to of 14162

"So even though you intellectually know that it is better and more efficient, you still can't sleep at night...this goes back to the mind and psychology of a trader and how there are numerous instances" I think you are overgeneralizing in your response to Roger's and my posts on selling naked puts. Roger is off doing doctor things to people's faces, so I will answer in my own terms. We each have our own situations in life to deal with. In all of the books that I have read about the personal psychology of trading, the better ones clearly emphasize that you find a trading strategy that fits your life situation to the point where you are confident in your trades, and willing to execute every time according to plan. As you gain confidence, and as you learn to maintain discipline, no matter how simplistic your strategy is, you will gradually become one of the very few successful traders. You appear to be one of them. I am surprised that you would be advocating a strategy that many of us on this thread are not familiar with, and most obviously have little confidence in, else we would be over on the Selling Puts thread. Yes, we should be open to other ideas, and I personally read Mark Douglas's "The Disciplined Trader", Chapter 8, "The Three Stages to Becoming a Successful Trader" rather frequently. I quote: "In the market environment YOU have to make the rules to the game and then have the discipline to abide by those rules, even though the market moves in ways that will constantly tempt you into believing you don't need to follow those rules THIS time." I also like: " The market can't do anything to you if you trust yourself to act appropriately under any market conditions. Learning this is the key to gaining the level of confidence every trader needs to be successful." So, why am I quoting this stuff. Maybe just to let you know that some of us have read the literature too, and do have our own touchstones...and still like to do covered calls. 'scuse me, gotta go do one of them inefficient covered calls. Confidently.