[2] Where it says “for the account,” it applies to the custom of the London Stock Exchange, where all the buying and selling is for the account, say generally the middle or end of the month.
H. W. R.
[3] According to this principle, operations conducted on options are more certain to result in profits in the long run than margin operations. If I assume to make a profit in only one out of every three operations, and each option costs me 1¼ per cent., I will make a profit, if the third option only yields me a profit of more than 3¾ per cent., which is nothing unusual.
H. W. R.
[4] This depends whether it is a bull or a bear market.
H. W. R.
[5] See definitions of these terms, page 20.
[6] Operators means here, what is called in New York, “Insiders” and members of the Stock Exchange.
H. W. R.
[7] I consider this most important, and maintain that “options enable the operator to hold out for the event, or at least for a long time, especially if the process is once or oftener repeated.”