|
PureBytes Links
Trading Reference Links
|
True but considering my trading style, what would you suggest as a good money
management strategy.
Harley
Liu,Marshall,GLENDALE,Finance wrote:
> It appears that money mgmt rules are not in place or not important for
> certain traders. Preservation of trading capital is essential for longevity.
>
> Thanks,
> Marshall M. Liu
> Sr. Systems Analyst
> (818) 549-6269
> marshall.liu@xxxxxxxxxxxxx
>
> > "Well for one you should never cover a short on a run up."
> >
> > Gee, Harley, I got really "screwed" in corn today. I shorted a couple of
> > weeks ago and have had a little profit in it until yesterday. The USDA
> > released a really bearish report yesterday and the market started on the
> > downside after the opening. I had a few contracts and my "closest
> > friends"
> > had some also. We were all going to get rich on this one. I had about
> > an
> > eight cent profit for a while yesterday. Finally, today, I got stopped
> > out
> > two cents above my entry point (above the fib retacement and downtrending
> > line) and ten cents above yesterdays low. I need for you to explain a
> > better way to protect myself from the conspirators at Cargill (those
> > bastards bought out Continental yesterday and I'm sure they decided to
> > specifically go after my corn stops). In the future, should I let my
> > losses run in a short position? I was in a similar position a couple of
> > weeks ago when I was short the yen. I was in a "short" position and I
> > kept
> > moving the stop down and the market started to "run" up and I got stopped
> > out with a $1,200 profit. Maybe I should of stuck around. Remember you
> > say:
> >
> > "Well for one you should never cover a short on a run up."
> >
> > If I would of taken your advice, I would of only been out of pocket an
> > $13,000 a contract. But hey, the yen's coming back down and who
> > knows...one day it might even come back down to the level I got stopped
> > out
> > at.
> >
> > Harley, you seemed mystified why Rick would take a shot at your postings.
> > I can't speak for Rick, but I think a lot of what you say is very
> > dangerous.
> >
> > Steve Karnish
> > CCT/CTA
> > ----------
> > > From: Harley Meyer <meyer@xxxxxxxxxxx>
> > > To: Metastock list <metastock-list@xxxxxxxxxxxxx>
> > > Subject: NWAC, KEA, AMAT
> > > Date: Wednesday, November 11, 1998 12:40 PM
> > >
> > > It looks like I have a few more minutes. Rick had suggested that I cover
> > > these losses and move on. After taking a break over the weekend, I have
> > > decided that this is not the time to be covering any of these shorts.
> > > Well for one you should never cover a short on a run up. If it is going
> > > to be a loss then cover it while the stock is taking a breather. Also
> > > the market is due for a correction, so it doesn't make sense to cover
> > > any of these until a correction is over with. I also believe that we are
> > > not going to get a rate cut on the 17th of November. This will also drag
> > > on the market a little. So in a nutshell now is not the time to cover.
> > >
> > > As far as AMAT there is a pretty good stochastic divergence and past
> > > experience tells me that the stochastic eventually wins. Also AMAT comes
> > > out with earnings around the 17th or the 20th of November. So it is
> > > worth waiting at least until then. to make any decision.
> > >
> > > KEA is a little bit more bothersome to me because they are fundamentally
> > > a better company than NWAC and AMAT.
> > >
> > > NWAC I had explained earlier.
|