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Yuki,
Just curious, what is the purpose of imposing a 6 month term limit on a margin position?
Jason
<<To answer your question, all margin trades in Tokyo are for a maximumterm of 6 months. The position must be closed by the end of theterm. You can immediately create a new position of course, if youlike.>>Yuki Taga <yukitaga@xxxxxxxxxxxxx> wrote:
Hi DIMITRIS,Interesting subject, but I find the idea of beating a descendingmarket kind of odd. Not the idea of beating it of course, but theidea that my positive return has to exceed the market's negativereturn. Shorting is just a different animal. Far fewer peopleparticipate on that side than on the long side, and it's against thenormal bias anyway (at least normal for this past century).Yes, B&H is for inactive investors, but there should probably be alot more of those than there are. ^^_^^ Every trader shouldprobably take a look at the past 5 years. If you didn't beat puttingyour money in an index fund over that period, maybe this isn't foryou. Many probably would not want to hear that however, and I willadmit that one great killing in the future could potentially
reversethe numbers. But I think you know what I mean.To answer your question, all margin trades in Tokyo are for a maximumterm of 6 months. The position must be closed by the end of theterm. You can immediately create a new position of course, if youlike.One thing I have watched for in the past is a sudden spike in shortinterest. If I catch it quickly, and it holds, I start the timer andstart watching. But of course the subsequent covering action can beall intraday as they just cover and reshort immediately. From apractical standpoint however, few ever reach term on marginpositions. I don't have stats on it, but there is an old saying hereto the effect that if you reach term on a margin trade, you areprobably dead. Would not always be true of course, but I'll bet it'strue a lot.YukiWednesday, January 14, 2004, 2:59:40 PM, you wrote:DT> It would
be more fair to speak about the S&H [Short & Hold]DT> technique also. Do you have any statistics about the average timeDT> interval the potential Short Sellers keep their Short positionDT> in the Japanese market ? Is it a week, a month, 6 months or aDT> year perhaps ? In this sense, it would not be that easy to beatDT> the descending market, you should make Short profits better thanDT> the S&H for the last 5 years. This information would be quiteDT> important and could form a crude basis for the ^N225 periodicityDT> [1Long/2 Short or even 1Long/3 Short periods] and then applyDT> timeseries analysis, a quite flexible statistical tool. SomeDT> systems #buy every 20 days/sell every 24 days# are successfulDT> because they immitate this behavior by dividing a time intervalDT> into rolling unequal parts.Send BUG REPORTS to
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