|
PureBytes Links
Trading Reference Links
|
<x-html><html>
<bgsound src="http://users.snip.net/~chorgey/MIDI/kashmir.mid";>
<marquee>
now playing : Led Zeppelin's ---Kashmir---
</font>
<br><br><br><br>
</marquee>
<a href="http://www.angelfire.com/ri/steve6969";><font
color="white">click here to goto<font size="+3">Steve's place</a>
</html>
</x-html>From ???@??? Thu Nov 26 01:17:42 1998
Received: from list.listserver.com (198.68.191.15)
by mail02.rapidsite.net (RS ver 1.0) with SMTP id 24479
for <neal@xxxxxxxxxxxxx>; Mon, 23 Nov 1998 00:57:58 -0500 (EST)
Received: from localhost (localhost [127.0.0.1])
by accessone.com (8.8.5/8.8.5/PIH) with SMTP id VAA07543;
Sun, 22 Nov 1998 21:57:44 -0800 (PST)
Received: from mail.wgn.net (mail@xxxxxxxxxxxx [207.213.0.9])
by accessone.com (8.8.5/8.8.5/PIH) with ESMTP id VAA07460
for <realtraders@xxxxxxxxxxxxxx>; Sun, 22 Nov 1998 21:56:20 -0800 (PST)
Received: from default (du107-pcap-nca01.wgn.net [207.213.5.107])
by mail.wgn.net (8.9.1/8.9.0) with SMTP id VAA24353
for <realtraders@xxxxxxxxxxxxxx>; Sun, 22 Nov 1998 21:56:18 -0800
Message-Id: <3.0.5.32.19981122215621.00870820@xxxxxxxxxxxxx>
Date: Sun, 22 Nov 1998 21:56:21 -0800
Reply-To: ktata@xxxxxxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: Peter G <ktata@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Day Trading aspects
Mime-Version: 1.0
Content-Type: text/plain; charset="us-ascii"
X-Sender: ktata@xxxxxxxxxxxxx
X-Mailer: QUALCOMM Windows Eudora Light Version 3.0.5 (32)
X-Listprocessor-Version: 8.1 -- ListProcessor(tm) by CREN
X-Loop-Detect: 1
X-UIDL: 82f965dc3a5287cc83adefbc0d8524f5
RTs:
I had an ill-fated one month trial with daytrading the E-Mini. After a
month, I wasn't getting where I wanted, so I quit. However, I learned a
couple good things.
One was that if I was trading breakouts (buying new highs, selling new
lows) it was the risk control that made the strategy work. Frequently, the
market broke out, made a spike reversal and then turned around. If it
didn't and kept going (I don't know what the % of this is) I was in.. if it
turned, my stop saved me and I waited for the next trade. When the
volatility stepped up, and I started giving it more room I started losing
money big time.. I should've just called it quits.
Another thing was that breakouts were good from tight consolidations.
For trend trading I would use about 4 higher highs or lower lows to define
the trend. When I started second-guesssing and opinionating, it would mess
it up. If I stuck to the 4 h/l rule I would usually capture the first leg
of the trend until it started to retrace, where I would exit.
The other notable thing was that I did better watching the ticker (i.e.,
straight time and sales) for managing the trade than by watching the chart.
When I started watching the chart, I would let it retrace too much.
Well, anyway that's my two cents... I'll probably give it another shot when
I've developed a more disciplined approach. By the way, my big mistakes
(and fatal ones) were overtrading (looking for trades where there weren't
any) and poor risk control. If the market's all choppy and crazy, or way
too volatile I'll just sit it out next time.
Thanks for your patience.
PG
|