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Hi Lawrence,
I was not in any way complaining about Friday, and in fact I had a very good
day. And I am not a scalper in any way shape or form.
As for the rest of your points, we agree to disagree.
Have a nice weekend,
Bob
-----Original Message-----
From: Lawrence Chan <stnahc@xxxxxxxxx>
To: Omega List <omega-list@xxxxxxxxxx>
Date: Sunday, February 20, 2000 10:35 AM
Subject: Re: Trend Days
>
>bob is mesg is toooo long,
>i think all he means is, as a discretionary trader,
>
>1. be unbias
>2. once hop in, use money management to ride, then great thing will come.
>3. he got whack big time friday.
>
>most discretionary traders I know, do countertrends, thats how they
>make money 90% of the time. They do not ride a "trend".
>Effectively, they scalp here and there. Cut loss fast. Hopefully by end of
>day make some, and cumulatively making ok. The characteristics
>is more winners than losers, win small, lose small. Most locals do that
>and they usually give back 80% of their profit on a trend day.
>
>Then it is in contradiction to #2, because #2 is mechanical traders'
>motto - winners and losers are about the same but winners win
>huge while losers lose way smaller in ratio ...
>
>For most seekers / hopefuls in trading - YOU CANNOT BE BOTH.
>Be consistent in one of them only - the key word is consistency.
>
>be a scalper then keep scalping and be happy to got whack once to
>twice a month big time - learn to stop trading when being whacked
>more than normal!
>
>be a trend rider and accept the statistically behaviour that at the end of
>a month after ups and downs you should net some.
>
>Scalpers always complain about losing on a day like friday,
>and very happy on sideway days.
>
>Trend riders always complain about losing on sideway days,
>and very happy on trend days.
>
>as long as you do not flip between the two, consistently doing one
>only, as long as your setups or whatever has a bias, you should win
>in a cumulative basis.
>
>-Lawrence Chan
>
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