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Pete:
By the way, reading how you approached the day reminded me...I came into
yesterday already short the SPs, although a small amount, so I had a running
start on the day. IF I came into yesterday with no SP position, I am certain I
would not have traded SPs. I would have shook my head and thought: Well, there's
always tomorrow. I'm not initiating a trade in this slop.
Here's what I think of electronic trading in its present configuration: Yes,
globex trades all night. And you have CUBs, etc during the day. But none of
these give me the flexibility and reliability of what I have during the day. So
if I do go home with an SP exposure or a bond exposure, it is only an exposure I
feel comfortable with knowing I have left NO stops resting in the market. And I
don't watch the markets all night. Not now. I used to get calls all night. Now I
keep what I am comfortable with knowing I don't have a stop in. [I do have a
broker that will call me if the world looks like it is ending. But that's
professional courtesy.]
So, if I had walked in flat, I would have passed on yesterday. The market will
be there long after I am just dust. There will always be more trades....as long
as you don't blow your account out.
Best,
Tim Morge
Peter2150@xxxxxxx wrote:
>
> In a message dated 98-08-28 09:51:43 EDT, tmorge@xxxxxxxxxxxxxxx writes:
>
> > Someone [I think TJ] said that people trading single contracts in the S&Ps
> > should just not trade on days like yesterday. 95 percent of the people that
> > read
> > this won't like hearing that. I know most people aren't sitting on large
> > margin
> > accounts. I really do understand how difficult it is to make money trading
> > from
> > a small account.
>
> Tim
>
> RIght on. I am one of those folks, and it is the wisest and only
> course of action. I allow my stops to guide me. Since it is folly to set
> stops based on dollar risk, but wise to set them where the market noise won't
> get them, I then look at the dollar risk of setting them there. When that
> exceeds my tolerance I just stand aside. Yesterday it was easy to make that
> decision. I was a spectator, not a speculator, yesterday.
>
> Pete
>
> PS. Some very very good advice in that thread. Guys take heed.
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