April 2008– I’d been messing with the markets for 20 years on a part-time basis. Some good years, some bad. We sold our waterfront house at the absolute pinnacle and it was my big chance to retire. I plowed about $350,000 into mostly GE and sold slightly OTM calls (no put protection). Laughingly I considered myself an “experienced” investor.
I watched the calls become worthless almost overnight, thankfully I kept rolling them down… down… down… My losses were gut-wrenching but those calls cushioned the blow and quickly opened my eyes to the power of options. I also learned (burned into my soul being) that how much you don’t lose is infinitely more important than how much you make. Somewhere in the middle of that nightmare I came across your Options for Rookies book. Everything changed.
Now I manage 2 accounts. One is entirely iron condors. The other consists of high dividend companies– who’s dividends pay for low gamma OTM puts, while I sell calls every month against the stock. Boring? Yep. It works.
I’ve learned that, I personally; don’t have the psychic power to predict where the markets are headed next (duh). Your book and your blog has helped me immensely. I truly believe you’re waiving the keys to the kingdom to your readers.
This is your chance to tell your options story. Take advantage by sending that story to blog (at) mdwoptions (dot) com