90 days to fortune.

[Tape Reader]

From memory.

There was a book written about 50 years ago that got me hooked on option trading.

https://www.amazon.com/90-days-fortu.../dp/B0007DTZ92

It was about a professional dancer that new little about the market but was convinced it was about to make a big move and loaded up with options.

The recent moves in the market have me digging for my old copy.

[Tape Reader]

Bumped this old post for relevance.

[davew]

did they have many options 50 years ago? Is it worth $10 if you are interested in trading?

[Tape Reader]

Originally Posted by davew

did they have many options 50 years ago? Is it worth $10 if you are interested in trading?

I don’t remember it as a “how to” book. It was about the tremendous leverage put and call options offered.

They did not have listed, exchange traded options then as we have today. “Writers” would write them for you, sort of like booking the bet, for a premium.

I would scan the NYT Sunday edition for ads that had them for sale. There were quite a few ads.

About thirty-years ago (from memory) the SEC allowed a test market on CALLS only, and only on 10 hi cap stocks. It took and interminably long time before they added 10 PUTS.

Today's, efficient, low cost, point and click, instant executions, put Vegas to shame. The absolute best gamble in the world. Minimum risk with lottery-like rewards.

[ReplayRandall]

Originally Posted by Tape Reader

Today's, efficient, low cost, point and click, instant executions, put Vegas to shame. The absolute best gamble in the world. Minimum risk with lottery-like rewards.

Tape Reader, you have permission to brag....Tell us your best "lottery-like" reward story...

[sammy the sage]

Originally Posted by ReplayRandall

Tape Reader, you have permission to brag....Tell us your best "lottery-like" reward story...

I'll go THE reverse...on options trading...both times...I was right...but the timing was roughly 6 weeks off...I lost...both times the bet was to the downside...$50k for a cool $1000k...ie....1 million pre-tax...1999 and 2007...

[davew]

Originally Posted by sammy the sage

I'll go THE reverse...on options trading...both times...I was right...but the timing was roughly 6 weeks off...I lost...both times the bet was to the downside...$50k for a cool $1000k...ie....1 million pre-tax...1999 and 2007...

options have big risk if you sell or short and it goes the wrong way.

if you buy or go long, you know your maximum exposure (like buying a $xx dollar betting ticket). puts for going down, calls for going up.

[lamboguy]

my very first and only experience with options was on a company called TELEX.

the stock price was under $20 and i spent $10.000 on out of the money calls @$25 strike price from the VERY STRONG recommendation of an associate of mine. i had to put up all the money and this other guy was getting half the action.

4 trading days after i bought the calls, the stock price ran up to $28. my position in this trade was worth about $50k. i asked my associate if i should clear out of the deal. he told me there was more to come and wait it out. 3 days later at the end of the trading day the stock price went to $32. the next morning the stock was halted from trading. low and behold i found out that afternoon that the CEO Roger Wheeler of that company was murdered on a golf course in Oklahoma. the stock opened back up 2 days later @ $10 and my options were now worthless.