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Hi Nate,
At 08:25 AM 5/8/01 -0400, you wrote:
Hal-
I promise to keep this one short.
AAaahhhh!! What fun is
that?
Bought Al Thomas's book on trading mutual funds per your
suggestion. He
blows me away! Many thanks for that- I owe you one.
I love his directness and
sincerity... also the straight skinny about the market
"hypers" and how to stay away from them.
To the point, are there
any particular indicators you use to time the entry
of mutual funds? I don't want to assume that the indicators that
are
appropriate for stocks are necessarily appropriate for
funds.
I am a complete FLOP in timing FUNDS,
my problem is that I'm too "short term" oriented. Al, tends to
use them in "down market" times simply because you can use some
of the funds which oppose the market, hence you can keep gaining (in
theory) while the general market is going down. I found that I lost too
much in switching (didn't use Al's system). So I'd say, use HIS system
for your long term funds, while you keep enough out to work with stocks
-- to keep yourself busy!
One more item that I'm very enthusiastic about the new broker I've just
started with. I suggest you investigate to your own satisfaction,
www.interactivebrokers.com
. Only 1 cent a share commission for Stocks, something like $2.75 for a futures contract! Trade 100 shares for $1.00. Better than that, YOU control your funds directly -- by a computer screen. When you go there, load up the java screen (demo workstation) and see how their system sets with you. You make your trades, you put them in, you are responsible. Each trade takes maybe 20 seconds, and you are FULLY responsible. Minimum account $2.5K.
There is one thing that is different. It has to do with STOP LIMITS. Therefore, before you enter your first trade with them, please give me a shout and I'll provide the understand that you, or anyone else might miss, in setting STOP LIMITS with their system. I was stopped out my first 3 times - at prices I did NOT want to be stopped out at -- before I raised enough cain to find out why. It WAS my problem. The usual one of assuming too much! Therefore before anyone reading this epistle trades with Interactive Brokers, be sure and give me a SHOUT, and I'll forewarn you of the potential problem area.
The greatest thing about this operation is that it only cost me $2.00 to get stopped out, then buy back again..(100 share lot).. where can you beat that? The worst thing about IB is that their "info@xxxx" is not responsive, but their 800 number is. I happened to call them at 8pm (California, USA) time, the phone was picked up immediately -- and after talking for a minute I learned I was talking to IB in Hong Kong. Furthermore, they provided the information I needed. So one can't really complain about their information service. One more item, you receive NO postal mail from them. On days that you are active, you receive an e-mail detailing your account activity -- and the results. You also get a monthly e-mail with totals for the month. Needless to say, I like their service and methods. Therefore if you want to assume the total responsibility for your trades, IB may be the place for you.
Regards,
Hal
Best regards, Nate
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