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John,
I spent two Dow Jones/Telerate seminars attending only workshops that
focused on futures trading. I studied the workbooks provided, poured over
countless futures charts, asked countless questions. Listened to other
traders describing trades, time set ups, etc. while others enjoyed Las
Vegas. After a bit over two years, I made my first trade in live cattle
and it was a very sucessful trade. Next trade was on Globex trading the
Swiss Franc. Netted a tad over $700 in less than 30 minutes. Then I spent
the next year paying the tuition and understanding all that I had listened
to but had not learned. Found I could trade the Bonds and the DM
successfully because of pattern similarities and focused on learning the
nuances of these two futures.
When the Bond went to 127 and the Euro would soon be making it's debut, my
trade opportunities were not commensurate with the risks involved and
started looking at certain types of stocks. Found I could use the same
methods I used in Bonds and DM and make more money easier.
A major lesson I learned trading futures is how to take a loss. Futures
will teach you this. With futures, there is the long side and the short
side. There is no side called "hold" as in stocks. ( Was once taught that
a hold is simply a long trade that went bad.) Let a $225 profit turn into
a $4387.50 loss on a British Pound trade. Took 702 points ($6.25 points)
to teach me the pain of not taking a loss. That was a defining point in my
trading. From there, I learned what I had been taught, know that
preserving capital is my primary objective, and my job is to manage risk.
I read oh so many posts on this list about entry and predictions at to
where a stock or the market is going.
I also read where 90% of all futures traders lose money. With all of the
technology and information available today, these are the same statistics
that were cited 20 years ago. It is one thing to analyze and another to
trade. Futures will teach you this. These are my lessons learned.
Al Taglavore
----------
> From: John Manasco <jmanasco@xxxxxxxxx>
> To: Metastock List <metastock@xxxxxxxxxxxxx>
> Subject: Trading Futures
> Date: Saturday, May 01, 1999 8:26 AM
>
> Al
>
> How did you learn futures trading? Did you just pick up a book and start
> reading? Did you have a mentor to help guide you or a broker to teach you
> the ropes? A friend to share ideas with? I've been investing in stocks
for
> about 10 years and for the last two my focus has been in trading options
and
> some of the spreads I use would be easier using futures instead. How does
> one make the leap to futures?
>
> John Manasco
> ----- Original Message -----
> From: Al Taglavore <altag@xxxxxxxxxx>
> To: <metastock@xxxxxxxxxxxxx>
> Sent: Saturday, May 01, 1999 2:23 AM
> Subject: Re: Reuter Trend Datalink problems
>
>
> > Successful futures traders can trade stocks successfully. Stock
traders
> > must re-learn trading to be successful in futures. The reasons being
the
> > futures trader understands that he is trading, not investing. Also,
the
> > futures trader, if he is successful, has learned a discipline that is
very
> > rigid. The stock trader has a slower time factor in trading. A "fast
> > market condition" in bonds or the S&P or most any futures contract is
far
> > different than IBM or MSFT making a breakout.
> > I traded stocks successfully, then spent two years to learn bond and
> > currency trading and paid the necessary tuition. Trading stocks is
much
> > easier and rewarding now because I trade them like I would the T-Bonds.
> > Just my opinion and my answer to your question.
> >
> > Al Taglavore
> > ----------
> > > From: John R. <Johnonetoo@xxxxxxxxxxxxxxxx>
> > > To: metastock@xxxxxxxxxxxxx
> > > Subject: Re: Reuter Trend Datalink problems
> > > Date: Friday, April 30, 1999 11:35 PM
> > >
> > > Guy...
> > >
> > > If I didn't follow stocks I could see using Compuserve as I look at
> > > several hundred symbols for various opportunities. As the Spyder's
come
> > > into their own they may become my main focus and at that point my
needs
> > > may change to something much simpler. If that happens my data needs
will
> > > change. I guess the ultimate would be the S&P futures you're so
> > > successful at, aaahhhh... someday. Do successful stock traders make
> > > successful futures traders, anybody have any stories?
> > >
> > > Appreciate the info, Best Regards... John
> > >
> > > Guy Tann wrote:
> > > >
> > > > I've been using CompuServe for commodity quotes and except for a
> couple
> > of
> > > > glitches recently, haven't had a problem in several years. Only
> > download a
> > > > few stocks and indices so I can't vouch for that part of their
> service.
> > As
> > > > I remember, it cost me $9.95 a month plus $.01 a quote.
> > > >
> > > > I also tried Prophet and couldn't get a reliable download via the
> > Internet.
> > > > Would make several attempts before I was able to get most of my
data.
> > On
> > > > other days, I had no problems whatsoever. Finally gave up. Their
S&P
> > > > Continuous contracts were wrong also, but they did correct them.
I'm
> > not
> > > > sure if they went back and actually fixed their history.
> > > >
> > > > Most of the other futures data providers suffer from many problems,
> > just
> > > > look at Reuters.
> > > >
> > > > I might take a look at Pinnacle. Willing to try anyone if I can
get
> > off
> > > > CompuServe and drop that account.
> > > >
> > > > Guy
> > > >
> > > > -----Original Message-----
> > > > From: owner-metastock@xxxxxxxxxxxxx
> > > > [mailto:owner-metastock@xxxxxxxxxxxxx]On Behalf Of John R.
> > > > Sent: Friday, April 30, 1999 9:45 AM
> > > > To: metastock@xxxxxxxxxxxxx
> > > > Subject: Re: Reuter Trend Datalink problems
> > > >
> > > > Thanks for the info!
> > > >
> > > > It's to bad we don't have a single quality data service that can
> > deliver
> > > > stock, fund, index and commodity quotes with one download.
> > > >
> > > > Best... John
> > > >
> > > > Justin Case wrote:
> > > > >
> > > > > > Justin/All...
> > > > > >
> > > > > > What is the procedure to quit Reuters? Must it only be done at
the
> > end
> > > > > > of the month? I'm considering ProfitDirect, does anyone use
that
> > > > > > service?
> > > > >
> > > > > A called 1-800-521-2471 this morning, and simply requested
> > cancellation.
> > > > The
> > > > > representative on the other end was pleasant and cordial and
> informed
> > me
> > > > > that as of midnight tonight, my service will be cancelled. The
> > procedure
> > > > > took about 45 seconds. I believe you may cancel at any time of
the
> > month,
> > > > > but you still pay for the full month (I may be wrong about this;
> call
> > and
> > > > > ask).
> > > > >
> > > > > I signed up for ProphetDirect a couple of months ago and did a
spot
> > check
> > > > of
> > > > > random commodities...not one of them had the correct volume
figures,
> > and I
> > > > > cancelled the service the same day. Again, Pinnacle is known to
have
> > the
> > > > > cleanest futures data, and I have heard the same about CQG,
though
> > the
> > > > > latter is pricey.
> >
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