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-----Original Message-----
From: Pete Hallock <hallocd@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, August 07, 1998 7:15 pm
Subject: FUTR - T-BONDS
Hello Bill,
I've followed your posts for several months with great interest. You make
it seem like day-trading the T-bonds is "easy pickings".
You mentioned recently that your profit objectives are more than just quick
scalps.
This leads me to believe it might be feasible for those of us on a 10 minute
intra-day chart delay(and with unlimited live quotes via phone) to be able
to successfully use your methodology - particularly if trailing stops are
aggressively used. Comments?
Pete Hallock
Hi Guys
Here we are, in England, with our first week-end of Summer. Yes, finally,
all that heat in the US of A has decided to make it over here. However, as
a result of all the dismal dank weather we have been having, the swimming
pool is green and it is only because we have to wait for the gallon of
chemicals to work, that I am inside and at my computer. But before I give
my 'comments' as requested, let me please say this...
I had an enormous private response to my last post and I have now had to
give up trying to reply individually. I simply do not have the time. So,
for all those who have not heard from me, please be assured that you will
get a 'blanket' reply and, yes, your name, I promise, will be on the list of
people to be sent details about my manual, just as soon as it is out - in
September.
Right, now, to answer this post:
Anyone who has taken in what you have said, Pete, will know only too well
that there is just nothing in trading that can be called "easy pickings".
The T-Bonds, for sure, can never be described as that. Never, ever! The
word 'easy' is certainly within the title of my manual, but that is in the
context of an 'easy living' - because for me, trading is 'a hard way to make
an easy living'. The 'easy living' being compared with leaving home,
commuting to some town or city, working for an employer and (using the words
of that most English of writers, Rudyard Kipling) to sum up coping with that
attitude of "Yes, sir," and "Oh, sir," an' "No, sir" an' "Please,
sir". Trading, if you are able to do it successfully, allows you to stay
at home and make your living.
But it is NOT easy pickings. It is, indeed, a hard way... What I hope
the manual will be able to do for the 'newbie, for whom it is written, is to
show that through study and understanding of a very particular market
(selected for very important and vital reasons, which are explained in
detail) it is possible to read the tape and get the 'edge' everyone needs -
and I mean 'edge' not 'grail' and, crucially, not 'system', nor 'indicator'.
The manual will show you how, as it were, to set out your stall each day,
how to approach the market in real time, and how to enter a trade with
proper prospects of exiting with a profit - certainly more times than not.
Now...
Whether this can be achieved on a 10-minute delayed feed, I suspect not. I
have to admit that I have never tried it. While one is certainly not trying
to scalp the market, I find the set-ups on tick and one minute charts are
vital to the main trading on the five minute chart. There are definitely
times when one thinks that a delayed feed would not make a lot of
difference, but I, personally, would not want to try it. When you are
actively trading you need all the information you can get - all the latest
information and that must include current prices.
I have no doubt there are plenty of position players that rely on end-of-day
data, but would much prefer to have a 10-minute delayed feed, but probably
not many the other way round. I don't say it lightly when I say that day
trading is 'a hard way' to make a living. BUT... I have found that for
various, important reasons, not only can the T-Bonds be traded daily, but
the stress factor can be highly reduced when you see that it is possible to
extract more from the market than you give back. That you can make a
profit. Make a living.
It ain't easy pickings and I don't know that you could attempt it with a
delayed feed.
Having said that, what I shall be presenting in the manual is a methodology
that is certainly easy to pick up, easy to assimilate, and I think one can
go as far as to say, easy to trade, providing... and I have tried to
cover as many of the provisos as possible. For me (and I am sure it will
turn out to be the same for an awful lot of people) the whole concept is
easy to appreciate, with guidelines and parameters which are clear, if not
easy, to understand. The main difficulty is believing what you see and
believing in yourself. It is always easier to believe in a system, because
you can blame it when it doesn't work. You can blame an indicator, when
that doesn't work. But blaming yourself for not doing what you were 'told'
to do is not easy. But then earning a living never has been, has it? And
earning a living that could lead you to doing rather well... well, that
certainly won't be easy.
I had the most tortuous route to get to where I am - and, if nothing else, I
will save the newbie all that. And that that is quite a that, that's for
sure!
The week-end has now come and gone. England beat South Africa in the last
test and won the series (so you can understand why this is being sent out
rather 'late')
Happy Monday...
Bill Eykyn
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