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E.
I couldn't agree more. However, i should trade more in the manner of
position trading!
It is SO MUCH LESS stressful. A few months ago I shorted 10 canada $'s at
6970's,
I remember waking up each morning, here in Hawaii, a few hours into
trading,
for just ONE initial shock.......am i up or down. If i'm down, i quickly
re-assure my self
this is a MAJOR bear and based on bla, bla, bla, i still feel we are headed
lower.
or i'll wake up and see one day a few months ago we were down 50+ points,
just a few days after i shorted. My broker thought i was nuts for not
taking any profits, or using any stops for that matter. I just looked at
the charts (price action?) and was convinced we were headed even
lower.........never once did i comunicate to my self, wow i'm up $,
instead just "knew" it was going lower.
TWO PROBLEMS arose!!!:
#1- ....................................BOREDOM
#2-.....................................BOREDOM and feeling like i needed
to do something
because i'm literally "working" for about 3 seconds a day: wake up, get
the initial
shock of if i'm up or down, then go and try to make a friend and waste the
rest of the day (ha,ha?)
what we are seeing right now (july29th) with canada 350 points below where
i shorted
i totally "saw" in the monthly chart.......it was SO obvious..........
unfortunately i covered in the upper 6800's...................oh well, live
and learn....
"E.", please write me back directly when you get a chance. I think i have
attention deficit disorder because very seldom (never), can i read the 40+
e-mails a day
we receive. I was just scanning through with my finger on the "delete" key
and caught a glimps of this.
charlie@xxxxxxxxxx
gary
Hawaii
----------
> From: Essan Soobratty <trader@xxxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Re: Major Question?
> Date: Wednesday, July 29, 1998 5:10 AM
>
>
>
> T-BONDTRADER wrote:
>
> > But to position trade it, is as impossible as any other market. How
the
> > heck any private individual can make a living out of that, I do not
know.
> >
> > I can understand how you can speculate. No problem. With large
amounts of
> > capital, the ability to withstand drawdowns and using a blend of
> > fundamentals (COT, Open Interest, Volume, etc) and technical analysis,
I can
> > see how one could make sizeable chunks of loot position trading. But
making
> > a private living out of it......
> >
>
> YOU CAN MAKE DOUGH position trading as an individual but you must be
> sufficiently capitalized and you must discipline yourself not to be
distracted
> by hour-to-hour shifts in sentiment. Yes stops tend to be larger, but so
do the
> rewards when right.
>
>
> > Every day, I do what I do do and my brand of TA in a truly liquid, near
> > slippage free market allows me to make a living. Over night, I sleep -
but
> > I do need to know what the Globex High and Low are the next day - but
that
> > is my sole interest in what happens when the day has ended. The next
day,
> > I do what I do do, again. It is not a stressful way of putting bread
on the
> > table. Believe me!
> >
>
> Whether short-time-frame is stressful or not is very much dependant on
the
> persons psych. I have done both. Have 'jobbed' the market as a
market-maker
> while at the same time taking proprietary 'long term' positions. I found
the
> latter less stressful and hence that is what I do now (as an individual)
for a
> living and is what I did for my own account while employed for an
institution.
> My house and cars are paid for and my wife and I are able to live a very
> comfortable lifestyle. All from position trading. So, to imply that
"making a
> private living out of it" is very difficult/not possible is misleading.
>
> There are some very good day-traders. There are some very good position
> traders. There are some that can do both. Just like there are some very
good
> baseball players that cannot play cricket etc..etc.. Depends on the
individual
> and how he is made-up I guess.
>
> I sleep fine too. I usually have substantial risk overnight, I sleep
with a
> pocket reuters-thing under my pillow (before that I had a pc on the
bedroom
> desk) and trade at least once during the night. But I have lived that
way for
> many years. During my time working for a bank I was 'on-call' 24hrs and
was
> regularly woken up during the night by one of the overseas offices. At
first
> interrupted sleep made me feel 'important'. After a couple of years it
became a
> pain-in-the-ass. Now its just the way I live. In fact just after I
married I
> received a call from an overseas office. Made a price. Dealt. Woke up
in the
> morning and didn't even remember the call or trade until my wife asked
who the
> call was from!
>
> > But guess what? The only indicator you need is called PRICE ACTION.
The
> > only indicator that works consistently is called PRICE ACTION. The
only
> > indicator that doen't lag is called PRICE ACTION. And where does the
PRICE
> > ACTION count most? At major support and resistance levels. And
where do
> > you find those? Where the PRICE ACTION has shown you where the PRICE
ACTION
> > has been.
> >
>
> Agree...Agree and Agree. Couldn't agree more. Agree. I hope others on
this
> forum read this bit of your post carefully and with a little thought they
may
> finally come around to realising the beauty and simplicity of K.I.S.S.
Good
> point here Bill. Nuff said..... :)
>
> > Trading is not complicated, but by Fibonacci, traders try and make it
so...
> >
>
> Trading is as complicated as you make it. Like anything in life I guess.
>
> E.
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