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Neal:
I've seen several posts here, as well as on a smaller 'trading technique'
oriented list, by people that were 'souping up' their laptops and beepers to
give them 'instant' access to the markets wherever they went during the day.
Don't people understand that when they are this obsessed with 'plugging in' to
the markets for second to second action, they are addicted to something akin to
gambling? Just because it is technologically feasible to be in contact with the
markets doesn't make it a good thing.
Look--if people think they can take their laptop in their briefcase and then
stop at a restaurant and plug it in and while eating lunch, scalp a few S&Ps to
pay for the mortgage...Even the sound of it as I write it makes me wince. People
need to wake up and be realistic! They are trading against the best traders in
the world. These traders have tens of years of experience each and are well
capitalized AND they do this full time for a living! They are either standing on
a trading floor and taking these profits, or sitting in their well-built trading
rooms and taking in these profits or watching their well-designed systems and
taking in these profits. People that think they can get a beep on their beeper
and make real-time trading decisions are living in a dream world.
When you are day trading, be in a well-structured area that ius used for day
trading. Period. And trade. Pay attention to the markets and learn from the
markets. If you are doing anything less while you day trade, your money is being
managed by a fool. Fire him.
If you have to be away from your trading area, be out of the market. If you are
a longer-term trader/investor, have a stop-loss in the market. Do what you have
to do, then trade when your full attention is on the markets. I you lose your
trading capital, you are out of the game. Period. And if that capital was your
mortgage payment, how will you pay the mortgage? And why were you trading
futures with that money?
Just because my Jaguar goes 125 mph, I don't drive it to the corner store flat
out, running over thirty people on the way. Why do people think they can plug
into the markets for ten minutes and make scalp trades while they eat lunch or
while they are between calls on customers...or whatever? These people, if they
want to trade futures, should redefine their time frame and trade daily data or
weekly data. Otherwise, they are simply gambling at a game that is stacked
against them.
Tim Morge
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