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I was short SnP Mini, at 2 lot at 1093. I watched for a breakout of the small
consolidation. My risk when trade entered was 20 points, 2k. I was stopped
out on Mondays small up move, but I still caught 60 points, or 6k. I remained
short one lot, I am still short right now with a stop at 1005 . If taken out,
fine, I will go short 3 lot at a higher level with much less risk. My profit
ratio is always 3:1. Not as wild as yours, but this is one move, I am always
in the market, long or short, and consistently pay my mortgage with my
profits. I work for Reuters, and meet with a lot of traders in the Boston
area. Of all, not to many were fully short, most had convered profits and
remained with slight short positions. Good money management will keep you in
the game longer.
MM
khanitha wrote:
> hi again !
>
> Listen, one BIG mis-interpretation on your behalf (peter). That is, I do
> NOT trade options, i too am a futures trader, in fact, i have not touched
> an option (not even futures options) or stocks/stock options since probably
> 1993 ! I thought i explained that in one of my posts BEFORE i ever even
> considered the "oex". My point was and is this: IF we got a decent crash,
> why sell spooz or mini's??? especially considering you have to have some
> type of stop right? How many of you tried to catch this down-drop but got
> "stopped-out", or got scared for a potential countermove, or worse yet,
> got a margin call ! Also, my total risk was ridiculously low !!! HELLO ???
> I "anticipated" this move and therefor planned properly ! Even if you had
> only $2,600 or even 5k, you would of shorted just 1 little e-mini, now
> let's say you did NOT get stopped-out at ANY point of those 2
> weeks.....which is highly, highly, very highly unlikely. Some-how you
> "thred the needle" perfectly like a quarterback. You did NOT get emotional
> at any point during those 2 weeks, again highly highly unlikely. Also, you
> watched globex ridiculous moves and still didn't make a slight adjustment
> to your goal. What is the BEST case you would of done here, "honestly.
> Digest these points thoroughly. Here it is an "opportunity of the decade"
> and what did you walk away with and how did you cope those 2 weeks. Again
> BEST case on your one mini: maybe you caught 20, 30, 40 handles, or 50,
> i'll give you 100 !!! you caught 100 handles then covered. Did anyone you
> know on real-traders or any-one you know with brokerage statements next
> month prove they did??? Even if you find some-one the % will be extremely
> rare, right?! o.k. your 2.6 to 5 k was risked and got all 100 handles that
> gives you only a 5k profit. Because i did NOT use Hindsight , and planned
> accordingly i knew that the "oex" would give me more bang for my limited
> buck !
> That's what i did. makes sense now, right?
> gary
> hawaii
> ----------
> > From: Peter G <ktata@xxxxxxxxxxxxx>
> > To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Subject: RE: $2600 to... etc. Don't Try This At Home
> > Date: Tuesday, September 01, 1998 3:00 PM
> >
> > RTs:
> >
> > Good for Gary. I'm glad he had a good payoff. I too had a score in OTM
> > options the last time we had a big sell-off. It was a smaller overall
> move,
> > but the percentages were probably similar. However, the market continued
> to
> > rally and I dumped my strategy of pre-guessing "the Crash" and holding
> > useless options.
> >
> > Talking about managing money is little tacky, though.. I understand he's
> > excited and that's great, we can all understand getting jazzed, but there
> > are other channels for soliciting capital.
> >
> > That said, for anyone to try and emulate his trading on his vague
> > description would be dangerous. I trade futures, that's my way. A lot of
> > RTs trade options, like Gary. That's what they do. If you're just looking
> > for an approach, you have to search for yourself without biases and
> without
> > hoping to make 1000% returns in three weeks.
> >
> > I've been watching the S&P and Dow for a while, looking for weakness, as
> > I'm sure we've all been. It is a once in a lifetime opportunity. I'm
> hoping
> > we'll have a nice rally at some point and then get to short again.
> >
> > To trade consistently though, you need to find more common and less
> > spectacular opportunities. As I mentioned earlier, I'm much better off
> > going for consistency and smaller profits than I am waiting for "The Big
> > One". That allows me to control my drawdown. Maybe it's different for
> > someone else... I'm just learning my own style.
> >
> > PG
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