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The Income Trader - The World's Best Covered Call Investment Strategy
Must Reading For Any Serious Investor:

Cheat the Market...

... with an options trading strategy that's so 'dead on',
it has churned out winners 88% of the time - and so
safe, the government allows you to use it in your IRA
account.
Qualify to trade it and you'll join an elite group of
investors who are able to grab market-beating profits
practically at will.
In fact, this may be the only risk-adverse options
trading strategy that is almost certain to make you a
multi-millionaire.

Dear Reader,

Professional investors use this trading strategy routinely.

Warren Buffet, the world's richest investor and committed 'buy and hold' guru,
once used this strategy to earn an extra $7.5 million in profits in less than a
year. (I'll tell you how he did it in a minute - and how you can use the same
technique to pad your trading account.)

Most use it in 'soft' or volatile markets - like the one we're in now - as a way of
doubling and tripling the returns the market is giving... while offering
unparalleled downside protection.

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That's why so many professional investors are refocusing on this strategy in

droves... now that the 'mania' investing of the 1990s is a thing of the past.

They use it because it's not only safer and more conservative than owning
stocks - it produces profits with such regularity that it's almost like you're
'cheating the market' every time you use it.

Yet it's not complicated.

Any investor can trade it.

Although it may sound more sophisticated when you first learn about it, it is in
reality no more difficult that buying shares in any U.S. company. (By the end
of this letter, you'll be one of a few investors to truly understand this strategy.
It is knowledge that will not only make you a more sophisticated investor... it
can make you very rich as well.)

In fact, this strategy is so safe... so conservative... that the government allows

you to use it in your IRA account, which can save you hundreds of thousands
of dollars in taxes on the profits you earn.

A Serious Strategy For Serious Investors

There is one thing about this strategy that will preclude all but the most
serious investors from being able to take advantage of it. And that is that it
requires more capital than most investors have. How much do you need?

To trade this strategy effectively you should have between $25,000 and
$50,000 in ready cash. The reason is simple: in order to realize the large
cash profits this strategy can generate, you need to be free to trade larger
blocks of shares... and carry two, three of four positions at any given time.
But because of the downside protection offered by the strategy, the money
you invest is infinitely safer than if it were sitting is stocks or mutual funds
alone.

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Because it requires more capital than the average investor can typically
afford is precisely why it is the elite strategy that it is... and one that's rarely
practiced by your everyday investor. In fact, as you're about to learn - it's the
greed and folly of so many ordinary investors that make your profits possible
with this strategy.

So if you're in a position to commit $25,000 to $50,000 of your investment

capital to this strategy - you're in for one heck of a ride.

Safely Double Your Money Every One to Two Years

You could very easily double your money every one to two years. And,
thanks to a 'built in' safety factor that protects you on the downside, your
money would be better protected than if it were sitting in stocks or mutual
funds.

And there's never been a better time to use this strategy.

A lot of people who lost money in the market meltdown - or who got to a late
start saving for their retirement - are wondering how they're going to retire in
style...

Maybe you're one of them.

Well, if you're 45 or 50 today - and you have $100,000 in cash to invest - you
could use this strategy to build a $3.2 million nest egg by the time you're 55
or 60... or a $12.8 million egg by the time you're 60 or 65.

If you're younger, it's all the better.

A 35-year old could turn a $50,000 stake into over $6.4 million by the time
they're 50... and over $14 million by the time they're 55!

And remember: if you're trading this system in your IRA - the gains are tax
deferred. You don't pay taxes on a penny of the profits until you start drawing
on them as income.

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It's Me - Mr. Conservative

My name is Karim Rahemtulla.

I've been recommending investments and trading strategies to Oxford Club

members for 10 years now. Anyone who knows me knows I'm probably the
most conservative investor you'll meet.

I hate taking unnecessary risks with my money.

I hate to lose money.

I'm not into 'get rich quick' schemes either. You can gamble with a small
portion of your portfolio - but my success has been predicated on the belief
that to be a winning investor you need to have the bulk of your wealth
growing in the kind of investments that put every possible profit and safety
edge at your disposal.

This is why at any given time at least 70% of my own personal portfolio is
traded using this strategy.
It's the best way I know to consistently beat the market, without putting your
cash at undue risk.

I've been a believer in this strategy ever since it was introduced to me six
years ago by a gentleman who owns and operates one of the largest and
most successful independent brokerage firms in the country. He made
millions for himself and his clients trading this strategy on a very large scale.

Over the years I've tweaked his basic strategy... and, most notably, found a
way to trade this system with an even higher degree of safety, without
sacrificing the profits this trading technique is known for.

Needless to say, I'll be forever grateful to this gentleman. I'm virtually certain
that by the time I'm 55 (I'm 40 now) I'll have several million dollars tucked
away thanks to this amazing strategy.

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But enough of the preambles...

Let's get down to the matter at hand.

Let me share all the details on the only strategy that can grow your wealth by
millions - safely and with the highest degree of certainty.

The Miracle of Covered Calls

Imagine, for a moment, if you could buy stocks at a discount.

By that I mean... imagine if you could pay $3.35 for a stock the rest of the
market was paying $4.60 for. And if that stock went to $5 a share, you'd
make a 49% profit, instead of the 8% profit everyone else made.

Or conversely, if that stock fell to $4 a share, you'd still be up 19% -- while

everyone else was down 13%.

Well, you can - thanks to a trading technique involving 'covered calls.'

Now you may have heard of covered calls but maybe you're not sure what
they are. Or you think there's some great secret to using them.

There isn't.

In fact, it's very simple.

As Simple as Two Transactions

With covered calls you're simply making two simultaneous transactions.
You're buying the stock... while at the same time selling the call option
attached to that stock back into the market. The money you receive for the
option is added to your trading account, in effect, discounting the price you
paid for the stock.

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Take the scenario I just mentioned. It's actually from a trade I recommended
to my subscribers very recently on a company called Nortel Networks. You've
heard of them. That's the Canadian communications company that fell on
hard times when technology companies took a bath in 2000/2001.

But earlier this year, the company's fortunes were turning. And the market
was taking notice. The shares had climbed from below a buck to $4 a share.
Brokerage firms were upgrading Nortel right and left.

With all this good news and the company trading at one times sales, we could
have bought the shares outright. But could the company sustain triple digit
growth? Not likely. My research suggested the company would trade in a
narrow range while the company 'caught up' to the triple digit gains the
market had just given it.

Given that, there was a better way to profit from Nortel. One where you could
make good profits, with just a fraction of the risk involved with buying the
stock.

Here's what we did.

We bought Nortel shares at $4.60. Then, we sold the Nortel January 2005 $5
calls into the market and received $1.25 for them. That reduced our net 'cost'
of the stock to $3.35 a share.

So what does this mean?

Simply this: because we sold call options against the shares, the people who
bought those call options now have the right to buy our Nortel shares from us
for $5 on or before those options expire the third week of January 2005. So if
Nortel is trading above $5, the option will be exercised and we'll get $5 for
Nortel. Fine with us. Since we only really paid $3.35 for them - our net profit
would be 49% in just a little over a year or less.

But here's the thing.

As I write you today, Nortel is trading at $4.29 -- which means there's a

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chance the Nortel $5 call option we sold into the market won't be exercised.
But do we care? No sir! That's because we would own Nortel free and clear
for $3.35 - with no obligation to sell it. We can either sell the stock and make
quick 28% profits (assuming it stays at today's price) - or we can sell another
call option against the stock and further reduce the actual cost of our Nortel
shares.

What's more, we're wonderfully protected on the downside. Nortel would

have to drop nearly a $1 a share - practically 25% -- for us to be in a negative
position!

Do you see the tremendous advantage this play has given us?

We were able to own a $4.60 stock for $3.35 - giving us 27% downside
protection... thanks to risk-taking option buyers willing to pay us a $1.25
premium, in the hopes Nortel moves more than 30% higher within a specific
window of time. It's a bet we wouldn't want to make given the stock's sharp
move recently... but we'll sure take it!

If Nortel happens to take off - and our option is exercised - we'd make a
nice 49% gain on the play.

If the stock went nowhere - or traded in a narrow 50-cent range - we'd
make 22% or more if we sold...

And if our option was not exercised - we will own the stock without an
obligation to sell it to anyone... and we can sell another option into the
market, further reducing our cost of share ownership. (Indeed, if we sell
enough Nortel options into the market, we could theoretically end up being
paid to own the stock!)

That's why we say a good covered call strategy is akin to 'cheating the
market.' By selling the right option, you can pay 15%, 20%, even 50% below
market value for thousands of brand name stocks, giving you unparalleled
downside protection - yet grab profits if the stock goes up... doesn't move at
all... or even goes down!

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But that's not the only thing we did with Nortel. I saw another opportunity - a
sure fire way to pick up what I consider to be 'no brainer' double-digit profits.

So we bought another block of Nortel shares and simultaneously sold the

January 2005 $2.50 call, for which we received $2.45 from option buyers
looking to make a big hit. That made our actual cost of owning the shares
$2.15 - and gave us better than 50% downside protection.

As long as Nortel is trading above $2.50 when the options expire in January
2005, we're obligated to sell the stock at that price. But since our net price
was only $2.15 - we stand to make a very safe and easy 16% profit!

If there's an easier way to make a 16% gain - I want to know about it!

But Nortel's not the only stock we stand to make solid profits on...

As I'm writing to you, all nine of the open positions in our portfolio are set to
reward us with the profits we targeted in the next few months - anywhere
from 4% in a couple of months to 18% in six months.

The Wealth Building Power of Market Beating

Profit......
Now, you may be thinking: how can I get rich making 4% gains in a few
months here... 18% gains in six months there?

Quite frankly, how you view those profits will tell a great deal about what kind
of an investor you really are. Ordinary investors - the ones that are always
looking for 'the next big thing' and who almost always end up disappointed,
broke or both - will look at those numbers and say 'who cares'.

But seasoned investors - those who understand how rich a 2% to 4% gain

every month, month after month, can make you - will see the incredible
wealth-building power in those numbers.

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After all, 2% to 4% monthly gains add up to 24% to 48% annual gains - which
can double your money every one-and-a-half to three years. That's a better
return than even the most accomplished investors are able to earn - John
Templeton, George Soros and Warren Buffet included.

If you have any doubts, take a look at the chart. It shows how quickly
$100,000 grows into millions when you're able to realize those kinds of
profits:

Capital Growth at 24% and 48% Annual Gains

$100,000 @ 24% $100,000 @ 48%

Year 1 - $124,000 Year 1 - $148,000

Year 2 - $153,760 Year 2 - $219,040
Year 3 - $190,662 Year 3 - $324,179
Year 4 - $236,421 Year 4 - $479,785
Year 5 - $293,162 Year 5 - $710,082
Year 6 - $363,521 Year 6 - $1,050,921
Year 7 - $450,766 Year 7 - $1,555,363
Year 8 - $558,950 Year 8 - $2,301,938
Year 9 - $693,098 Year 9 - $3,406,868
Year 10 - $859,442 Year 10 - $5,042,165
Year 11 - $1,065,708 Year 11 - $7,462,405
Year 12 - $1,321,478 Year 12 - $11,044,359
Year 13 - $1,638,633 Year 13 - $16,345,651
Year 14 - $2,031,905 Year 14 - $24,191,563
Year 15 - $2,519,562 Year 15 - $35,803,513

And then there's this...

Covered calls are ideal for boosting your profits in a volatile or slow moving
market. Investment experts agree it'll be some time before we return to
double-digit annual gains in the stock market - if we ever do in our lifetime.

Warren Buffett said: 'If you own equities, over the next twenty or thirty years

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you'll get a reasonable return... maybe its 6%, maybe its 7%. People who
expect 15% a year are doomed to disappointment.'

Sir John Templeton recently said: 'Over the next century you should expect
your share prices to average 6% (return) a year. Over the next five years, ten
years, I think you'll be lucky to come out even on share prices.'

John Bollinger recently told CNBC: 'The Dow has gone absolutely nowhere
for three, coming on four years now. I think this will last maybe for another ten
years.'

Depressing news for most stock investors to be sure. But it's great news for
us. Why? Because being able to own the right stocks at substantial discounts
using covered calls can quickly turn these 0% to 6% stock market
performances into 12% to 19% covered call profits.

Take a good solid company whose stock is trading for $4.50 today, for
example.

If you're able to sell a 3-month option with a $5 strike price into the market for
50 cents, your cost of owning the share drops to $4. If the stock moves 6% to
$4.77 - you've made 77 cents on the play. That means instead of the 6% gain
a stockholder would make, you get a 19% profit.

If the stock didn't move an inch, you'd still be up 12.5%...

If the stock reaches or exceeds $5 - instead of an 11% profits, you've made

25%.

Take a 10,000-share stake in a play like this for $40,000 and you'd walk away
with a quick and easy $10,000 profit!

That's why so many investors who use covered calls never stop using them.

And don't forget...

You get the potential for these market-beating gains with the benefit of

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tremendous downside protection! In fact, for us not to be in a profitable

position in any of our nine open portfolio picks come January 2004, prices on
our stocks would have to fall 26% on average over the next month!

88% Winners So Far In 2003

My focus on selecting trades that offer unparalleled downside protection is
why so many of our recommendation end up winners...

Of 24 trades recommended in 2003 - 21 are winners or headed for

gains in the coming months. That's an 88% success rate! Our only
three losers were tiny... just 1.28%, 3.79% and 4.94% respectively.
That's more proof of the benefit of using an investment strategy with
strong downside protection!

That's why The Income Trader - A Covered Call Strategy, my private trading
service that issues my covered call recommendations - is such a loyal group
made up of some of the most knowledgeable investors around.

They've come to see the value of having a good, sound and safe investment
strategy to anchor their portfolio - and they stay with us year after year.

How Our Covered Call Recommendation Win 88% of

the Time
I hope I've made clear the fundamental reason The Income Trader is one of
the most successful and consistently profitable trading services around. If not,
let me say it again: it's the downside protection that gives us an enormous
advantage over all other investors!

It's not brain surgery.

If a stock goes down 10% and you have 25% downside protection -
you're still up 15% on the play.

If the stock does nothing and you bought the stock at a 25% discount -

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you're up 25% on the play

If a stock goes up 10% and you bought the stock for 25% off the market
price - you're up 35% on the play.

It really is that simple.

Of course no strategy works if you don't pick the right stocks. For a stock to
qualify for an Income Trader recommendation it must meet some strict
qualification criteria:

First, the companies I choose must have strong fundamentals, including good
earnings, low debt and strong market share. There's no pressure for us to
find stocks that are going to 'take off like rockets'. We just want good
performing stocks that aren't likely to fall in price in the near future.

Also, volatility and turnaround situations - where the options premiums are
'out of whack' with the share price potential - make for very good profit
opportunities. For example, we were able to see fast 21%, 17%, 15% and
19% returns recently on Oracle, Cisco, Motorola and Intel simply because
there was a two-week window where options premiums were priced in such a
way we were able to own the stock at up to a 50% discount!

Deep-in-the-money calls are the cornerstone of my covered call strategy. By

that I mean I look for opportunities where buyers are willing to pay a high
premium to own the stock at, near or below where it's priced. The premium
option buyers (gamblers, as I call them) are willing to pay is typically the
highest in this range, which gives us the best possible downside protection.
Anyone who trades with me needs to know that I'll always sacrifice a little on
the upside in order to gain a lot more protection on the downside.

And we don't chase highly speculative stocks - just because the premium is
attractive. A speculative stock can wipe out any downside protection you may
have received in a matter of days. Remember, I have 70% of my personal
portfolio in this strategy at any give time. I want to preserve my capital as well
as grow it.

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Own Stock for Free!

There's also this to consider...

One of the best things that can happen to you when you use a covered call
strategy is for the stock not to reach the option buyer's desired strike price...
and for the option you sold to expire worthless. That means you truly own the
stock at a discount - with no obligation to sell. And if the opportunity arises,
we can sell another option into the market, further reducing our price. With
the right stock and a little bit of luck we can keep doing this until we own the
stock for nothing!

Right now the volatile nature of the market is producing outstanding

opportunities for covered call traders. There are dozens of situations where
the option prices on fundamentally sound companies are 'out of whack' with
the share price.

As I write you today I'm working on a new batch of recommendations that I'm
confident will reward us with substantial profits, while greatly protecting our
risk to the market. I'll be issuing those in the weeks to come... to replace the
eight of the trades our subscribers are getting ready to close out - trades that,
barring a complete market meltdown, will have produced $27,197 in cash
gains in a matter of months.

Subscribe today and you can be in on my latest picks - and each of the 30 to
36 yearly trade recommendations we issue on average with The Income
Trader.

What Does It Take To Get On Board?

I mentioned the capital requirements. You need $25,000 to $50,000 to work
this strategy to its fullest advantage. If you're not comfortable committing that
kind of capital to one strategy - or you simply don't have it - then I would
suggest you hold off on this for now.

Of course you'll need to be on-line or have a fax machine, so I can rush you

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my recommended trades as they arise and any profit taking instructions.

Count on two, sometimes three, trades a month.

Understand The Income Trader is a premium trading service. It costs $695

per year to join and there are special discounts for Director's Circle and
Chairman's Circle members.

In addition to receiving new opportunities as they arise, we'll send you all
current recommendations that are still good buys, and have strong potential
for solid, beefed up short-term profits.

Your 'Covered Call Primer'

I'll also e-mail you my 'Covered Call Primer' which is a fast-reading special
report aimed at giving you a complete overview of my covered call trading
techniques - how they work, how to trade them... and everything you need to
know to become an expert covered call trader.

While your Covered Call Primer is recommended reading, it's not necessary
reading - since my recommendations are about as clear cut and precise as
they could be. Just read the 'Action to Take' section to your broker and he or
she will know what to do.

If You Like, Use My Broker

If you don't trust your broker to do it right, you can use mine. He follows each
and every one of my recommendations and trades them on behalf of many of
our subscribers. And because you're an Oxford Club member, you'll be
charged less than what most full service brokers would charge you. (You'll
find his contact information in your Primer. Also know that neither The Oxford
Club nor I receive any compensation should you chose to use him)

Your Questions Answered

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If you have any questions about how to execute specific trades, you can call
the Income Trader member services hotline 1-800-992-0205. It's staffed with
a team of covered call experts hand picked by me to answer your questions.
And if they don't know - they'll come to me directly with your question.

A Complete Guarantee

And finally I want you to be assured that covered call trading is for you. And
the only way I can do that is to refund your money if you're not happy.
Therefore, if after 30 days you conclude that The Income Trader and covered
call trading isn't for you, simply let us know by fax, phone or e-mail and we'll
refund whatever you've paid us. Don't return the Covered Call Primer either.
That's yours to keep.

As an investor, you owe it to yourself to learn more about this remarkable

strategy. I've only scratched the surface as to the sheer profit potential of this
strategy. There are many ways to use covered calls to grow your wealth.

For example, you can use covered calls to leverage profits on stocks you
already own. Here's how one investor you may know did it...

How Warren Buffet Used Covered Calls to

Pluck a Fast $7.5 Million from the Market
Remember I told you Warren Buffett used this strategy to make an extra $7.5
million in less than a year. Mr. Buffet's a man who keeps his trades very
secret, so it's difficult to know how often he uses this strategy (remember,
he's a dyed-in-the-wool buy and hold value investor, and not known to be a
market trader.)

But there is this known instance...

As you know, Mr. Buffett is a major shareholder in Coca Cola. In April 1993,
with Coca Cola stock hovering around $39 per share, Mr. Buffett determined
that he would be interested in buying more shares if the price fell below $35.

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But instead of waiting for the price to fall, he simply wrote 5 million 'put'
options with a $35 strike price. If Coke stock were to fall below $35, the
option takers would 'put' their shares to him, which would have meant Mr.
Buffett would be forced to buy the stock at $35. This was perfectly fine
because he wanted to buy at that price anyway.

But if Coke rose instead, Mr. Buffett would be happy enough, since he
collected a $1.50 option premium ($7.5 million). In other words, Mr. Buffett
wins on both sides. If the price falls, he gets the stock at his price. If it goes
up, he makes $7.5 million.

In fact, Coke never did fall to the targeted price, so Mr. Buffett did not get to
buy the stock at $35. But he did pocket the premium when the options
expired, and ended the day $7.5 million richer.

You Can Do It Too!

Perhaps you own a stock you'd be willing to add to at a lower price. There's
nothing stopping you from doing the very same thing Mr. Buffett did... which
uses covered calls to either own the stock at your desired price, or pocket the
price others paid you for the premium.

My point is this. Covered calls are a powerful market tool that any investor
with a decent amount of cash can use to substantially strengthen their capital
position.

And when you subscribe to The Income Trader... and read through the
Covered Call Primer... see the various kinds of trades I recommend... make
them yourself... pocket the profits as they arise... and begin to understand the
enormous profit potential this little known trading technique holds - you'll
wonder why you ever invested without them.

You'll learn all the various ways covered calls can help you line your pockets
with market-beating profits - while offering outstanding protection against any
market turns.

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To subscribe today, please click on the link at the end of this letter.
Remember, you can pay for a year and be done with it.

There's No Risk To You

Which ever option you choose, you get everything I've described in this letter
- all the picks... the Covered Call Primer... access to The Income Trader
subscriber hotline (in case you have questions)... even the name of a broker
who's been trading my covered call recommendations on behalf of
subscribers for years.

Plus you get the guarantee: if this is not the thing for you, just let us know
within 30 days and we'll refund all your money. The Primer's yours to keep,
and you'll have insight into a trading strategy that will serve you well for many
years to come.

I look forward to you joining our small circle of investors... and welcoming you
on board in the days to come.

Sincerely,

Karim Rahemtulla
Founder, Editor, The Income Trader - A Covered Call Strategy

P.S. As I write you today, we've just closed out 8 winners - with gains as high
as 18% in just a few months holding time. And we're weeks away from
closing out another recommendation that should net us what amounts to an
annualized 28% gain. These proceeds come as no surprise. Remember, The
Income Trader has a long-standing track record of being right in 4 out of 5
picks. Get in on the action by subscribing today.

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