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----- Original Message -----
From: "Trader Mike" <mtepper@xxxxxxxxxxxx>
To: "[ tradergirl ]" <tradergirl@xxxxxxxxxxxxxxxxxx>
Sent: Tuesday, May 23, 2000 12:18 PM
Subject: question
> Tradergirl,
>
> You mentioned yesterday that you were short the S&P. Last week you had a
> currency position.
I started on the CME, IMM, so this is what I know. Actually, I tried some
Forex, and I didn't have a good feel for the SP, and when some
self-proclaimed old-fart told me I didn't know what I was talking about, I
decided to play it that day. I got filled somewhere in the 1405's, and rode
it down to its Limit Down. If I remember correctly, the currencies I was
watching was helping me make the SP decision. There is some minor
correlations between Bonds, the Dollar Index, and the Stock indices, as you
probably know. It was an easy trade. Maybe too easy. I made too much
money on my first SP, I think it might have given me too much confidence.
So I am just studying it now carefully. I think some minor losses in the
market may do me some good so I better understand and get a feel for the
market.
> You seem to have an incredible self-confidence.
I used to lose when I first traded. Account, up from $4,000 to $8,000, down
to $2700, down to $1,700, up to $3,000, etc. This was terribly emotional.
I then started instead waiting for the real deal and betting all my money on
things I believed that would do good for me (with stops of course). So
basically, I bet as much as I can now.
> If you would, tell us a little about your money management techniques.
I don't manage money, I have no system for this. All I do is look for an
opportunity and try to punch it for all its worth. If I had to think about
money management, I would not be able to focus on trading so much. My
stops, and my betting is my money management from what I can see. Once I
got over $30,000, trading became a joke, because I could lose $5000 and not
even flinch, so that is when it got fun and I got confident. Before, losses
hurt a lot. I got depressed about them.
> And about yourself. How long have you been trading? When did you start?
I started trading stocks when I was 16 under my brothers account. I did
really lousy. I then started reading books, and found out about TA, and
started reading that, which then told me there was something besides stocks,
called Futures.
> Which markets did you start in? What early success or failure did you
learn
> most from? What principle(s) do you consider (in trading) most important?
I used to trade erratically. Now I trade consistently. The market ebbs and
flows and has such nice order sometimes, and if you can spot the wave
coming, all you do is position yourself when you get a 'feel' for it. It's
like you are staring and the screen and your mind goes blank, and you know
exactly what to do.
I started in stocks (mentioned above), and now currencies, I am now
considering moving into the SP for a bit to see how I do.
> Do you use systems?
No. I use TradeStation 4.0, realtime data, and support/resistence lines. I
also watch correlations from other markets. If the Japanese Yen is shooting
straight to the moon, and the Dollar is on the verge of falling, it might be
a good time to sell the Dollar Index (DX). I once made a lot of money
shorting the Dollar. It is not for everyone though, because you really have
to play 10-lots to make it worthwhile.
> Are you systematic? I hope I didn't missed all this in an early exchange.
Nope, sometimes I look at the market, and it looks like ****, so what I do
is maybe go eat breakfast, and come back, if it still looks bad, I just web
surf, answer mail or goof off and download some music from Napster.
> Thanks,
> Mike
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