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Tom,
Your response is that of an experienced trader. It resonates totally w/ my
experience. Taken as a business & a lifestyle, trading simply improves when
you treat yourself with respect. That means telling the truth about what
truly makes the greatest difference in the bottom line -- not only
financial but in your well being. When I learned to pay attention to what
stressed me most in trading (and then reduced or eliminated them) my
quality of trading increased.
If it's so important to scalp every tick then I think you're going to end
up frustrated. I prefer taking a strategic approach that minimizes risk &
pursues highest probability, with the goal being consistency. A knowledge
of market orders is essential to getting results, of course. When combined
with an effective electronic order entry system a trader can achieve
acceptably fast fills (approx 20 secs), adjust their position as often as
necessary (without annoying the brokers), and utilize exit strategies only
dreamed of in the past. How much is this worth? A few dollars here or there
in commissions is not what makes the biggest difference. It's peace of
mind, great service, & execution that matter more to me. When I'm risking
hundreds of dollars to make thousands I don't distract myself with whether
this trade cost $12.50 to execute or ???? Many traders spend years
searching for the best "team" to execute their trades, and are willing to
pay several dollars in "giveups" just to get a particular clerk or broker.
Let's keep our priorities straight. Tom definitely has his priorities in
order.
Michael Guess
At 10:39 PM 7/31/97 UT, Tom Stein wrote:
>I have a few disagreements with the amount of importance the comments
>below have placed on worrying about a tick or two when day-trading the
>S&P's....I guess what I have learned to do is lower my anxiety level when
>trading(very important for my health and longevity).....I don't worry about
>the bid/ask when I'm trading....why????It's just another reason to get my
>"blood pressure" to raise up over nothing. NOTHING????? yep...let me
explain
>why........
>
>If I called my order in two seconds earlier I would have a different
>fill....so why get all riled up about something that basically I have done
to
>myself or if I will only pay a specific price...then I put in a limit
>order......Also, on a day like yesterday when we had one beautifull
move...why
>should I get upset about a tick or two when I have the possibility of
scoring
>1000 points(how would I have felt had I missed the move cause I was screwing
>around for 1 tick???)???????
>
>My trading results got a lot better when I took responsibility for all of my
>actions and stopped worrying about the stuff that is beyond my control.
Yes,
>it's nice to pay low commissions, but ya know what????? Whether I pay
>$12.50...$25.00..or even $45.00 a round turn won't make me a better
trader....
>I could care less if other people are making a living off of me. The object
>is to make money, not to see if I can get a great fill or pay low
>commissions(great fills and low commissions don't do anything for me when
I'm
>wrong....and I don't care about em when I'm correct)......Of course, I care
>about getting good, fair service....lowering your anxiety level by taking
>responsibility for all of your actions will in the end make one a better
>trader...........
>
>Tom Stein comfut@xxxxxxx
>
>----------
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