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<DIV><FONT color=#000000 size=2>I have obtained information from Jake Bernstein
regarding seasonal trades for about a year, but made no money at it (lost none
either). Recently I have been following daily recommendations on futures
derived from one of his mechanical trading systems (trades 8 different markets)
and have a 33% gain on an account of $10k year to date. I'm sure with
proper money management this figure will multiply. I find him ready and
willing to answer any questions weather by phone or e-mail which is quite
refreshing compared to other vendors out there.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Just my opinion,</FONT></DIV>
<DIV><FONT color=#000000 size=2>Neal C.</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Wed Feb 25 22:27:50 1998
X-Persona: <Neal-Halcyon>
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Date: Wed, 25 Feb 1998 22:15:34 -0800
Reply-To: kalalex@xxxxxxxxxxxxx
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From: "kevin sheen" <kalalex@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: FUTR - working at a futures exchange?
In-Reply-To: <5942775e.34f4d890@xxxxxxx>
References: <5942775e.34f4d890@xxxxxxx>
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Status:
Hello,,,Mr. Hamer and RTs.
If I ask you to enlighten me about your money management and systmatic method, would I ask for too much??,,,or to review my methodology???
I recently started daytrading S&P with a method based on floor traders' pivot prices and Gann 50% retracement rule only. I don't think I can call it a system yet because there are so many moments that I have to depend on my discretion. But I have done a little better than breaking-even so far.
However, I can't put this thought away,,that this method is not really dependable and stable.
First,,,I have to resort to my discretion so many times,,,second,,,this method doesn't employ sound and robust money management strategy. The only managemet I use is that if after I put my orders and price doesn't move in my favor within my time frame,,(usually 15 to 20 minutes,,,according to the volitility for the day) I liquidate the position. If price moves in my favor,,,I put another enforcing order after the first 50% or whatever retracement I have,,,(I usually start with 3 contracts and then 2,,,then 1 contract). I liquidate all these orders if the price touches and doesn't penetrate next level of Resistance or support and retrace more that 50%,,,then I close all the positions.
so far,,,it worked with about 38% winning ratio in realtime with many small losses and a few large winnings,,,,,but I think I'm walking on shaky ground.
Any comments will be appreciated.
*********** REPLY SEPARATOR ***********
On 2/25/98, at 6:55 PM, HamerJP@xxxxxxx wrote:
>In response to the value of working at a futures exchange:
>
>I didn't work there, but I traded in the S&P pit for 1 vear (as a local). I
>broke even trading, but I still had my seat lease (850/mo. at that time) and
>my living expenses. It was in 1988-89 when a lot of the volume had dried up
>after the crash.
>
>I gained some good experience about how the pit system works. How locals will
>gun for the stops; what happens when a broker is working a customer order;
>how the pit will explode when a few big orders hit it.
>
>It was helpful, but I still lost money for several years afterwards. I think
>developing a good risk management plan and developing a systematic approach to
>trading is more important. That's when I finally began to make money.
>
>Good luck to you,
>Jim Hamer
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