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I am out of that short straddle of 7 calls and 7 puts I sold yesterday. I took the lazy way out. I took the $1500 gain and closed out the position. The credit yesterday was about $7700. Could have made more if I waited - I think. But, it would have been more work while I adjusted. That's...

I meant to say and you expected it to come down closer to to STATISTICAL Volaltility..... John

Rallymode, I appreciate this post and your previous post. Studying the concepts of your last post and reviewing the link in this post I am responding to will indeed have to be weekend endevour. I am tied up the most of the rest of the week. By selling for the right reasons, I am...

I am going to trade options. It is that simple. You think I am making the wrong decision. Think what you want. Post again as you please. If you can provide some useful guidance that I can use regarding options, I would be very appreciative and will respond. But, if all you you can give me...

Thanks, Richard.

Perhaps I have more capital than you think. I am just allocating a limited amount to it while I learn. :)

Some of the more experienced traders may correct me and if I am wrong I will carefully consider what they say, because I respect their opinion. But, I would think applying a strategy used for underlying stocks to apply to options would be a loser's game. You could be paying too much for the...

Thanks. And rallymode, I want to thank you for a post you made a few weeks back when you recognzed that it was my interest in the subject that was driving my pursuit in this area and encouraged me to continue. I appreciate your post of encouragement.

Sorry. I don't agree. To me stocks or more risky than options, if one really knows what they are doing with options. I am confident I have the aptitude to reach this level, even though I am not there yet. "Don't confuse brains with a bull market." What I like about as directional if one...

Thanks. I agree with your post. Like you suggest, I do not leverage naked positions out of being unable to cover them with the underlying. You and I are on the same page. I am not afraid. I've just sold a straddle again, but committed less money, than the last trade, I commented on in...

Thanks for the advice. However, I have already been over this ground with posts earlier on in this thread. I have traded stocks for quite some time.

Momoney, I appreciate you taking the time to respond to my post. Like I have with Richard, I have read a number of your postings. I read carefully what you both have to say and not just your response to this post, but other postings as well. One known event having a significant impact in...

Richard, I appreciate the counsel and encouragement. I look forward to us exchanging posts in the future. John

postscript to my KCI trade. Long post. Sorry. I don't post often. When I do, I go on and on. As I mentioned last week, it was not over yet on KCI. There was a week left to go. Bottom line, is I was able to squeeze out about a $1000 last week for a total gain on this series of trades for...

Thank you for the encouraging words. I am especially interested, in the fact I should have sold the $40 straddle or in my case the the 40 put and the 40/50 call. I have not as of yet followed Riskarb or his "combo fly conversion." I will certainly investigate. I will also look at the...

I can understand. I am sorry. I guess I should pay more attention when writing a post to such fine distinctions as "buy" and "sell." I entered into a short position on a strangle: 50 KCI July 45 calls. 50 KCI July 35 puts. I also bought 50 July 50 calls. On Thursday the stock...

I appreciate the suggestion. It makes sense. I am going to think about it and analyze it. If I do something like this it will be on a much smaller position. IV is unbelievably high - for good reason. I do appreciate the suggestion and I am going to look at it carefully. Obviously the...

I meant to say I sold the $60 call. There was no 60 put.

OK. A few a couple of things have happened regarding my trading. I made a couple trades that I do not feel bad about. I’d like to say it was because brilliance but a lot of it comes down to dumb luck. Secondly I have learned about myself in this area. I know there is a separate forum here...

Rallymode and Dadddy'sBoy, Thank you very much for the input. I have read your comments with interest and they are informative. I am going to respond in depth. But, in the next week or so, I am going to be tied up mainly with work. I plan to get back to you probably in and around the end...