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TJ:
My wife just moseyed into the trading room and looked at the SPs and shook her
head. She asked what I was doing and I told her I was out of my SPs and just
long bonds and tens. We talked about exactly what you just said, namely, pros in
these markets trade smaller knowing they are on the edge. Or they don't trade at
all. I certainly don't make the majority of my profits on days like yesterday,
but I get the impression most people think experienced traders make all their
profits on those 50 big figure wild days.
Best,
Tim Morge
Trade Jack wrote:
>
> tim and pete (not the one in france)
>
> yesterday, like always, i was flat on the s&p opening. the opening
> was normal enough, but i could sense unbelievable tension on the
> floor. i went short anyway, following my methods and instincts, with
> only a 5 lot instead of my usual 10 or 20. contrary to popular
> belief, pros generally cut back on size if they suspect a very
> volatile day. i figured i could add on later.
>
> i knew the market would crater (but not to the extent that it did)
> because good ole bob prechter gave a huge sell signal the previous
> night on his short term advisory. i don't normally follow 95% of his
> forecasts, but nevertheless he does have an incredible institutional
> following, and i follow the institutional money. his forecast of a
> third of a third hard down off the opening was enough to scare the
> shit out of the institutional traders. plus add in russia and wild
> rumors.
>
> the rest, as they say, is history.
>
> TJ
>
> now sweating out another short, but ya gotta go with the flow!
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