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Geesh, I'm glad to hear someone else thinks the S&P has been hard to trade
recently!! I look at all those big moves over the past week and wonder why I'm
not taking a lot more out of the market. The number of trades I've done and the
profits I've taken out day trading have been a pittance by comparison. The
intraday trends are intermittent, the fib retracements are intermittent, and
even some of the price patterns are intermittent. I've been forced to exit
perfectly good shorts as the spoo move up quickly 20-30 big ones while volume
and NYSE issues action screamed "non-confirm", then collapse. Tick size has
expanded to .50 from .10. Slippage is tough - I've bailed out of a couple of
"right" trades because slippage reduced my ability to absorb a post-entry
reversal while sticking with my risk parameters. Bottom line, picking the trend
and direction is not that difficult, but accomplishing entry without getting
killed by tick+slippage or a sudden reversal is tough.
Earl
-----Original Message-----
From: Timothy Morge <tmorge@xxxxxxxxxxxxxxx>
To: Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>
Cc: Peter2150@xxxxxxx <Peter2150@xxxxxxx>; Nchrisc@xxxxxxx <Nchrisc@xxxxxxx>;
omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Thursday, August 27, 1998 8:23 PM
Subject: Re: CME Class Action
>And last, if you are trading an E*mini, WHY would you possibly be caught long
on
>a day like today?? These market conditions are not for small accounts. They
>really aren't for large accounts. They are sloppy and hard to trade and even
the
>people that are making money are in a bad mood. Sometimes, it's wise to get,
>look at a market, and say to yourself: Hmmm...maybe I'll just skip this market
>today. And boy, the last thing to do is pick a bottom....
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