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Earl:
You hit the nail on the head. When skid starts to swamp your trading
expectations...WHY TRADE? It makes no sense to sell at the market, get a 5 or 7
big figure slippage and then set a reasonable stop loss on the position, KNOWING
that if your stop is hit, it will be ANOTHER 5 or 7 big figure slippage to get
out. That's 10 or more big figures of skid alone and TONS of wasted emotion and
attention. How many people here average 10 big figures in the SPs on their
winning trades? Not me.
Best,
Tim Morge
Earl Adamy wrote:
>
> 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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