Sick of my job. What do you suggest?

[DocL]

How about going back to school and getting an advanced degree?

Education is the one thing that can never be taken away, and it can only help in in obtaining your desired goal. Nothing compares to being your own boss and having the ability to make a difference in peoples lives. But then again, not everyone has the motivation to complete 21 years of education and then struggle for the first 5-10 years after obtaining a doctorate degree.
After all that, it's a walk in the park.

 

[NemesisX]

If that's not exciting or challenging enough, you could always try trading the S&P500 futures

I smell a SPoo's trader in da house!

Exciting, challenging, maddening, frustrating, liberating, exhilarating, exhausting, confusing, electrifying........

and thats only the first 15 minutes after the open!

 

[O-Ace]

I smell a SPoo's trader in da house!

Exciting, challenging, maddening, frustrating, liberating, exhilarating, exhausting, confusing, electrifying........

and thats only the first 15 minutes after the open!

That's a pretty good way to put it

 

[O-Ace]

Oh, and if you thought the S&Ps moved...just have a peek over at those crazy Europeans (DAX). Makes the S&Ps look pretty tame

 

[vike]

I 'm a dealer,I love it because it gives me a chance to own almost every kind of cars out there.I don't mean sell for a lot ,start your own.

 

[O-Ace]

I 'm a dealer,I love it because it gives me a chance to own almost every kind of cars out there.I don't mean sell for a lot ,start your own.

How much of an up-front investment are we talking here if one were to start an exotic car dealership? Just curious...

 

[D'Ecosse]

Hey Ace I thought you may chime in here. Hope all is well.


It makes no difference where IMCL closes you always get to pocket the money collected from the sale of the calls.
The way Ace has explained this is the way I prefer to have things happen. This leaves you open to sell the next months calls and do it all over again. The bonus here is now you own the shares at a lower level because of the 1.95 per share you collected the month before. The lower the cost basis the broader the range of calls you can chose from and still be ahead of the money.

Argument a little flawed here - to quote your example, if IMCL falls below your purchase price, then sure, you still pocket the $1.95/sh, however if it falls below $34.05, then you now have a net loss (at least in value) compareed to just having kept your money in cash; you can argue that you just repeat the exercise again but say same things continually happens, perhaps the stock even goes into freefall - potentially you lose a large % of your stake and the premium on calls the next month is lower because no-one is betting on the stock going back up.
OK - the reality is, you are ahead of the game by selling the covered calls, than if you simply did nothing but hold it after buying the primary stock (unless of course it goes over $41.95, in which case you would have gained more profit by not selling the covered calls) - but it is not wise to trivialize this as a sure-fire guaranteed win-making proposal; as with any equity purchase, the potential is always there to lose as well as to gain.

Actually, when the stock falls below $34.05, the situation is even worse - if you don't sell the stock, you will realize a loss on paper while realizing an actual gain on the calls, on which you will owe the government their piece - in CA, with Fed & state, collectively this could be getting on for as much as half, or another $1/sh under water!

 

[Carguy!]

Argument a little flawed here - to quote your example, if IMCL falls below your purchase price, then sure, you still pocket the $1.95/sh, however if it falls below $34.05, then you now have a net loss (at least in value) compareed to just having kept your money in cash; you can argue that you just repeat the exercise again but say same things continually happens, perhaps the stock even goes into freefall - potentially you lose a large % of your stake and the premium on calls is lower because no-one is betting on the stock going back up.
OK - the reality is, you are ahead of the game by buying the covered calls, than if you simply did nothing but hold it after buying the primary stock (unless of course it goes over $41.95, in which case you would have gained more profit by not selling the covered calls) - but it is not wise to trivialize this as a sure-fire guaranteed win-making proposal; as with any equity purchase, the potential is always there to lose as well as to gain.

Actually, when the stock falls below $34.05, the situation is even worse - if you don't sell the stock, you will realize a loss on paper while realizing an actual gain on the calls, on which you will owe the government their piece - in CA, with Fed & state, collectively this could be getting on for as much as half, or another $1/sh under water!

Very well put!

 

[O-Ace]

D'Ecosse, that's exactly why money management is KEY. I know I would not hold onto the stock if it fell below my cost ($34.05). I would dump the stock, or possibly even reverse to short and buy back the calls for cheap; which would still result in a Loss but nothing major. I wish there was some bullet-proof way to get a 10% return every month without any risk

 

[O-Ace]

I'm not an expert on stocks/options...it'd be great if Steve could chime in and post what he would do if IMCL were to drop below his cost.

Thanks.

 

[steveny]

I'm not an expert on stocks/options...it'd be great if Steve could chime in and post what he would do if IMCL were to drop below his cost.

Thanks.

One of two things.
1. sell the covered call at the next lower strike level.
2. dump the stock

Here is a good site to recoup losses by selling calls.
http://www.coveredcalls.com/

Car guy what were the figure you used to come up with that huge figure. You are correct there is no way that I am making that kind of money. Then again I do not always reinvest the money either. I have also lost money on many occasions, and a huge loss in 99-00.

There was a web site that I can not find now but I really want to post it so I will keep looking. There was an actual case where someone had turned 6K into 6M selling covered call over a 6-7 year period.

 

[NetViper]

I was acutally thinking of starting a conseignment business for exotics. Not sure how that would work.. but it sounds fun!...

Basically I shop for the millionaires that don't have the time to shop...

As much as i love cars... I think it would be great..

The question is, would they use the service and could I make money at it?

 

[O-Ace]

I was acutally thinking of starting a conseignment business for exotics. Not sure how that would work.. but it sounds fun!...

Basically I shop for the millionaires that don't have the time to shop...

As much as i love cars... I think it would be great..

The question is, would they use the service and could I make money at it?

Hmm, not sure if anyone would pay you to shop for them...I guess it'd be a pretty exclusive and limited clientele.

 

[KGP]

I was acutally thinking of starting a conseignment business for exotics.

Sounds like a tough biz to break into and really profit from.

Not to hijack Netviper's thread, but since the subject has already been broached...

As to trading: I find it absolutely fascinating, and would love to attend one of the trading schools out there. So far I've read a few books and they only make me want to devote some serious time to it (should I find some ); Van Tharp's Trade Your Way to Financial Freedom, Market Wizards and New Market Wizards, as well as Nassar's books to name a few. I'd love to spend some time with some of these guys.

Sounds like a few of you are pretty experienced. You guys have any recommendations for trading schools?

 

[huckster]

well, this sounds pretty much like what high end dealers already do.

Two different guys, who specialize in mostly lambo,ferrari, porsche and a little viper, offered to go after vipers for me when i was considering that. They were more than willing to find me what i wanted. And both did even though i told them not to bother with it.

One of the two actually called me six months later to followup.

Im not trying to say this isnt a good idea--you could try to differentiate yourself as a 'buyers agent' or just work harder as a small guy without the overhead of actual inventory.

 

[PorknBeanz]

If you want to make money in the market, hire me as your stock consultant. Listen to any advice I give you on stocks, and do the exact opposite! In two years you will make as much money as I have lost, which is a few million.

 

[O-Ace]

KGP, also check out Trading In The Zone by Mark Douglas.

I don't know of any good trading schools. I think the best way to learn trading is by doing it. Just start small so you don't lose too much $$$ or do it on paper/simulator.

Good luck.

-Awais

 

[tararan]

my specific job is Bioenvironmental Engineering. it's very interesting and full of good information. the problem is that the carreer field is so wide that it takes forever to learn the whole damn job. i've been doing it for 4 years and barely getting hold of it.

sometimes it's very tiresome but when i think about what other people's jobs are i just smile and go drive my NSX and be grateful about it.

 

[NemesisX]

Sounds like a few of you are pretty experienced. You guys have any recommendations for trading schools?

MY experience in making a small fortune was to start out with a BIG fortune!

Seriously, If you are going to want to trade, im not sure trading schools would help. Ive often found in trading, those that cant trade, TEACH! (IMO)....
Spend ALOT of time learning the markets, soak up EVERYTHING you can, and if you can, find a MENTOR, someone who is successful! (that might be tough, cause some traders dont want to give away there hard earned experience).....
AND the biggest....KNOW THYSELF...cause if you dont, you DEFINATLY will lean thru trading!

 

[O-Ace]

MY experience in making a small fortune was to start out with a BIG fortune!

I think that's the only way to make a fortune in the markets

 

[steveny]

I think that's the only way to make a fortune in the markets

Patience, slow and steady, build a fortune over time. Hitting a home run is almost impossible.

I can hardly wait to cash in my csco calls tomorrow.

 

[KGP]

Seriously, If you are going to want to trade, im not sure trading schools would help. Ive often found in trading, those that cant trade, TEACH! (IMO)....

I know what you trying to say, but to throw a blanket statement over all potentials would be non-sense, IMO. Although, I can remember quite a few professors I wouldn't give a dime for to help run my business. I think we have to evaluate everything involved, including what their past and current trading record might be. I would look at a school as another way of receiving the same knowledge as I might get from a book.

Spend ALOT of time learning the markets, soak up EVERYTHING you can, and if you can, find a MENTOR

Amen to that.

AND the biggest....KNOW THYSELF...cause if you dont, you DEFINATLY will lean thru trading!

Yep, EVERY book I have read says as much. Actually, I think I have a fair idea of what my tollerances would be, and also think I know what type of trading would suit me best. To me trading is NOT investing. That takes little time, and already do invest.

Really it's a time issue for me. None to devote to it. But, that's a good thing! I'm beginning to think I'm one of very few who actually loves what they do, and the more time I put into what I currently do, the more reward there is.

 

[Spider]

Let's assume that it is much harder to find good stocks than it is to find bad ones. If this is the case, then wouldn't that imply that it is much easier to make money by short selling stocks than it is to go long?

What am I missing? Do you have to pay margin interest when shorting stocks?

 

[Carguy!]

One of two things.
1. sell the covered call at the next lower strike level.
2. dump the stock

Here is a good site to recoup losses by selling calls.
http://www.coveredcalls.com/

Car guy what were the figure you used to come up with that huge figure. You are correct there is no way that I am making that kind of money. Then again I do not always reinvest the money either. I have also lost money on many occasions, and a huge loss in 99-00.

There was a web site that I can not find now but I really want to post it so I will keep looking. There was an actual case where someone had turned 6K into 6M selling covered call over a 6-7 year period.

I came up with my figures by calculating a 120% return per year, reinvested for 20 years. It just seemed from your earlier post that is was very easy to make large returns every month with little or no risk.

I have also made and lost a lot of money in the market and I am sure that you and I want everyone reading this post to be careful with their money before jumping in head first.

 

[PoohBEAR]

look into mortgage banking....buddy!!!


kevin, i got a speeding ticket in aaaahem...your town!!! hahahahaa...j/k