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Phil Bailey wrote:
> "The S&P500, considered deadly poison by trend
> traders, is slightly below average but not
> in the bottom ten."
>
> ES is the fairest market with Sure Demand and no
> Specialists/Insiders/Floortraders.
Yes, the Globex system offers a fair market. Yet CME won't close down
the floor and charges OUTRAGIOUSLY HIGH fees for each emini contract,
just to keep people from moving to Globex. And ofcourse, specialists etc
still get to play their games in the cash market, so by trading ES you
are subject to those games, indirectly. But they won't affect your
execution, so yes, ES is a very fair market.
> And it has long TA learning curve which is not only valuable in itself,
> but it is also the means to a fairly reliable income.
If you're making a ***reliable income*** in SP, I would be very
interested to hear about your trading style, i.e. scalping, daytrading,
1-3day swing etc. Because there has been a period (Sep-2003 to Mar-2004)
when I've found the lack of volatility very challenging. I couldn't make
a "reliable" profit in 5pt daily ranges.
> *********************************************
>
> "Non-US markets occupy more than half of the
> top ten slots for trendiness, 38 of 70!
> (7 ADX lengths times 10 slots equals 70 total
> slots). If you don't trade the non-US markets,
> maybe you might reconsider."
>
> I get unanswered calls from commodity Brokers often.
> Sometimes the trendiest markets are not the fairest and might have the most
> slippage;
> since if its been trending, where does it go now?
>
> But the trade volume characteristics, order mechanisms, and exchange
> integrity would mean allot to me.
> Floor traders, Specialists, Insiders, or low volume forget it: not with my
> money.
Not all non-US markets are the same. It's different to be ripped off by
traders in London Metal Exchange or NYMEX, who may have a license to
steal. And it's a different case to experience slippage, because some
markets are thin.
US markets aren't the most liquid either. Bund (EU interest rates)
traded in Eurex is the most liquid futures contract in the world. For
many years now.
A transparent, electronic exchange is #1 priority for me too. Which is
why I trade only electronic markets. I would look forward to EurexUS
offering commodity futures like Crude or Gold. I would like to trade
Crude, but I have no confidence AT ALL in NYMEX, they have earned
themselves the worst reputation of all US exchanges.
> I have heard, for example, the Euro, YM, and NQ are good markets as well,
> and may well be so.
> My concern is the lighter "Non-US" markets can be 'floor traded' easier,
> since (i.e.) doesn't Europe have
> a high tech chip on credit cards of EVERYONE that's collects data on one
> large computer (in Scandanavia I believe)
> that knows everything about everybody's history/purchases/etc... up to any
> point in (real) time?
> And its a disciplined offense (added surcharges) for someone not to have one
> of these high tech jewels,
> if I'm not mistaken.
Well, to get facts straight, "Europe" is a continent ;-) If you are
referring to "European Union" (EU), it isn't as coherent in terms of
legislation as the US, so there are differences between member
countries.
Incidentally, it's been my impression that privacy laws are MUCH, MUCH,
MUCH stricter in EU than in US. In fact, the current US administration
has imo used the 9/11 to take away many personal freedoms from US
citizens.
I've never heard about what you wrote, about a "computer in Scandinavia
tracking CC use", but it's obvious that the credit card company (e.g.
VISA, Mastercard, AMEX etc) and the bank which issued your card, will
have a full record of your CC history. Due to massive CC fraud (thankt
to e-commerce), CC companies have taken some measures to protect
merchants (not just customers) against fraudulent chargebacks, e.g. VbV.
In my non-trading biz ventures, we deal with CCs from all over the world
and for high-priced services (i.e. >$1000 each) and nothing has changed
wrt CC.
E.g. in my country, Greece, sine 1997 there is independant authority
which oversees collection and use of "personal data"
(http://www.dpa.gr/home_eng.htm) and EVERY company, organisation etc has
to inform the people it deals with about its use of personally
identifiable information. I can ask (and they HAVE to comply) any
private institution, e.g. my bank, to give me all information they have
about me. I can ask that my record be deleted from their database. And
I, as a businessman have an obligation to let people I deal with
(customers, suppliers etc) know about the data I keep on them, if they
ask me.
MT
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