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Tim,
Yet another great post from one of the best traders on this list, whose
insights should definitely be considered. Thanks.
Your thoughts express exactly what I think when I see the advertisements
from Omega and others about the ability to use pagers so you can stay in
touch with the markets any time, any place. Of course, there could be some
good limited use of this technology, but I think it gets much more abuse
than use.
Neil
| -----Original Message-----
| From: Timothy Morge [mailto:tmorge@xxxxxxxxxxxxxxx]
| Sent: Monday, August 03, 1998 9:22 AM
| To: Neal T. Weintraub; omega-list@xxxxxxxxxx
| Subject: Technology calls...
|
|
| 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
|
|