to your post about your option strategy. I don't know if you are a hedger or spec but that is probably irrelevant. On the surface, options are a logical low risk way of trading, especially for those that are limited on funds. I should know, because I started my addiction to trading with $1000 that I had no business risking. In my ignorance of how dangerous or ruthless the markets can be, my first trades were in Feeder Cattle. I threw caution to the wind with a futures contract. Lucky me, that 25% of Irish blood flowing through my veins, really shined with the Luck of the Irish. The hard painful lessons would come later, after the markets allowed me substantial winnings to convince myself I was a genius and could do no wrong. It's been 22 years of learning, relearning and continued education on the path of rounds of pain and rounds of gain, a year older and a year wiser.

When the hard lessons set in as I struggled to gain back loses with little to risk, I turned to options. Between 1999-2002 I traded options a lot and in the end I began to realize the truth behind the statement that most options expire worthless. Which is what I had experienced. I didn't lose large sums quickly like I did with futures that went against me but in the end I still ended up losing as much or more with options because they were cheap and I had more positions to capitalize on if they became winner---which they seldom did and at times when they were profitable, greed made me hold them rather than make a deposit. I have learned that selling options in the later stages towards expiration, has a lot of potential and have had consistent success but there is also marginable risk if/when wrong. I have been ZAPPED a few times. That's a different subject and not the point I feel compelled to make.

The last 10 years I have very seldom bot any options and I seldom even entertain the thought except in the grains. In my humble, sometimes incorrect opinion, options tend to be like throwing money down a rabbit hole and feeling good while doing it. I have seen some, only a handful that I work with, buy options and come out ok at times but if they had made the trade with futures, their bank account would have doubled the same investment in options. I even go so far as to try and talk all clients out of using livestock options. That money would be put to better use donating to some charity.

I know there are some guys that just can't afford or handle the risk, mentally or financially involved with futures. That's understandable and I have no argument or recommendation to counter that except that the options track record reputation is valid------they will probably end up losing those funds most of the time anyway------it's just a Slow Bleed rather than a Knock Out Punch. I've been in Slow Bleeds to many times and prefer a get it over with Knock Out Punch. To each his own, pick your Poison.

I don't want to sound critical but because of my own experience, I feel compelled to give you my take on options, the same story I give to every person when the subject of options comes up.