|
PureBytes Links
Trading Reference Links
|
<x-html><!DOCTYPE HTML PUBLIC "-//W3C//DTD W3 HTML//EN">
<HTML>
<HEAD>
<META content=text/html;charset=iso-8859-1 http-equiv=Content-Type><!DOCTYPE HTML PUBLIC "-//W3C//DTD W3 HTML//EN">
<META content='"MSHTML 4.72.2106.6"' name=GENERATOR>
</HEAD>
<BODY bgColor=#ffffff>
<DIV><FONT face=Arial size=2>Trade more than one contract and cut half as you do
now and let the other run. There are many trailing stop strategies
you could use but it will depend on the type of charts you use (what works on a
5 min may not work on a 1min) and your own personality.</FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>Gary Kramer <<A
href="mailto:gmkramer@xxxxxxxxxxxx";>gmkramer@xxxxxxxxxxxx</A>><BR><B>To:
</B>RealTraders Discussion Group <<A
href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>><BR><B>Date:
</B>12 January 1999 20:03<BR><B>Subject: </B>Scalping
Help!<BR><BR></DIV></FONT>
<DIV><EM><FONT color=#000000 size=2>I have been day trading Spoos for about
5.5 months now and have a dilemma. When I first started out, I scalped
the market and made 1-2 points per trade and was making money
consistently. I was using retracements as the basis for my
trades. Everything I read and everyone I listened to suggested that in
order to succeed, i needed to let profits run. I noticed that I left a
lot on the table so I investigated a whole bunch of other systems.
Nonetheless, even though the systems worked, they did not work for me.
I just couldnt let my profits run and I wasnt good at implementing the
strategies. My confidence soured and I reverted back to the scalping
to get my equity and confidence back. Again, I tried other strategies
and failed. I am back to scalping and feel real good about
it. I have a friend who guarantees that I will fail if i scalp.
I have looked back at hundreds of charts and recognize that based on my
strategy of buying or selling pullbacks, the success rate is near 80% with
objectives of 1.5-2 points. The question is: can I make
money? I have done so, am doing so now, but its bothering me
that this buddy of mine insists that it cant be done.
</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM><EM><FONT color=#000000
size=2> BTW, I always have a 2 point stop in!</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT size=2>Any words of wisdom would be most
appreciated!</FONT></EM></DIV>
<DIV><EM><FONT size=2></FONT></EM> </DIV>
<DIV><EM><FONT size=2>Thanks</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000 size=2><BR>Gary
Kramer<BR></FONT></EM></DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Tue Jan 12 16:51:56 1999
Received: from list.listserver.com (198.68.191.15)
by mail05.rapidsite.net (RS ver 1.0.2) with SMTP id 24868
for <neal@xxxxxxxxxxxxx>; Tue, 12 Jan 1999 16:06:49 -0500 (EST)
Received: from localhost (localhost [127.0.0.1])
by accessone.com (8.8.5/8.8.5/PIH) with SMTP id MAA21593;
Tue, 12 Jan 1999 12:55:26 -0800 (PST)
Received: from repop2.jps.net (repop2.jps.net [209.63.224.239])
by accessone.com (8.8.5/8.8.5/PIH) with ESMTP id MAA21508
for <realtraders@xxxxxxxxxxxxxx>; Tue, 12 Jan 1999 12:54:00 -0800 (PST)
Received: from tlc (209-63-188-136.phx.jps.net [209.63.188.136])
by repop2.jps.net (8.9.0/8.8.5) with SMTP id MAA04006;
Tue, 12 Jan 1999 12:54:45 -0800 (PST)
Message-Id: <001601be3e6e$c660a620$88bc3fd1@xxxxxxxxxxxxxx>
Date: Tue, 12 Jan 1999 14:01:49 -0700
Reply-To: tesla@xxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: "Terry S. Smith" <tesla@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Scalping Help!
MIME-Version: 1.0
Content-Type: multipart/alternative;
boundary="----=_NextPart_000_0013_01BE3E34.18FE67E0"
X-To: <gmkramer@xxxxxxxxxxxx>,
"RealTraders Discussion Group" <realtraders@xxxxxxxxxxxxxx>
X-Priority: 3
X-MSMail-Priority: Normal
X-Mailer: Microsoft Outlook Express 4.72.3155.0
X-MIMEOLE: Produced By Microsoft MimeOLE V4.72.3155.0
X-Listprocessor-Version: 8.1 -- ListProcessor(tm) by CREN
X-Loop-Detect: 1
X-UIDL: 8dc06f61a11bd910cb8322a621d9c60c
<x-html><!DOCTYPE HTML PUBLIC "-//W3C//DTD W3 HTML//EN">
<HTML>
<HEAD>
<META content=text/html;charset=iso-8859-1 http-equiv=Content-Type><!DOCTYPE HTML PUBLIC "-//W3C//DTD W3 HTML//EN">
<META content='"MSHTML 4.72.3511.1300"' name=GENERATOR>
</HEAD>
<BODY bgColor=#ffffff>
<DIV><FONT size=2>How about getting a new buddy? Just kidding, actually who you
hang around can influence your success or lack of success. I ended a
relationship many years ago when the woman I was with constantly criticized my
trading, even tough my method was making money. Had she ever traded a futures
contract in her life? No. Therefore, she really was not qualified to comment on
my trading activities. And even if she was a successful futures trader her
method is not my method. Happy trading. </FONT></DIV>
<BLOCKQUOTE
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
<DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From:
</B>Gary Kramer <<A
href="mailto:gmkramer@xxxxxxxxxxxx";>gmkramer@xxxxxxxxxxxx</A>><BR><B>To:
</B>RealTraders Discussion Group <<A
href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>><BR><B>Date:
</B>Tuesday, January 12, 1999 1:00 PM<BR><B>Subject: </B>Scalping
Help!<BR><BR></DIV></FONT>
<DIV><EM><FONT color=#000000 size=2>I have been day trading Spoos for about
5.5 months now and have a dilemma. When I first started out, I scalped
the market and made 1-2 points per trade and was making money
consistently. I was using retracements as the basis for my
trades. Everything I read and everyone I listened to suggested that in
order to succeed, i needed to let profits run. I noticed that I left a
lot on the table so I investigated a whole bunch of other systems.
Nonetheless, even though the systems worked, they did not work for me.
I just couldnt let my profits run and I wasnt good at implementing the
strategies. My confidence soured and I reverted back to the scalping
to get my equity and confidence back. Again, I tried other strategies
and failed. I am back to scalping and feel real good about
it. I have a friend who guarantees that I will fail if i scalp.
I have looked back at hundreds of charts and recognize that based on my
strategy of buying or selling pullbacks, the success rate is near 80% with
objectives of 1.5-2 points. The question is: can I make
money? I have done so, am doing so now, but its bothering me
that this buddy of mine insists that it cant be done.
</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM><EM><FONT color=#000000
size=2> BTW, I always have a 2 point stop in!</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT size=2>Any words of wisdom would be most
appreciated!</FONT></EM></DIV>
<DIV><EM><FONT size=2></FONT></EM> </DIV>
<DIV><EM><FONT size=2>Thanks</FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000 size=2><BR>Gary
Kramer<BR></FONT></EM></DIV></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Tue Jan 12 16:51:47 1999
Received: from ha1.rdc1.sfba.home.com (24.0.0.66)
by mail02.rapidsite.net (RS ver 1.0.2) with SMTP id 3917
for <neal@xxxxxxxxxxxxx>; Tue, 12 Jan 1999 15:47:21 -0500 (EST)
Received: from home.com ([24.1.105.32]) by mail.rdc1.sfba.home.com
(InterMail v4.0 201-221-107) with ESMTP
id <19990112204720.EZXW21127.mail.rdc1.sfba.home.com@xxxxxxxx>;
Tue, 12 Jan 1999 12:47:20 -0800
Message-ID: <369BBC63.5BA8B14E@xxxxxxxx>
Date: Tue, 12 Jan 1999 13:19:32 -0800
From: Marcelo Martinez <marcelom@xxxxxxxx>
Organization: @Home Network
X-Mailer: Mozilla 4.02 [en]C-AtHome0402 (Win95; U)
MIME-Version: 1.0
To: neal@xxxxxxxxxxxxx
CC: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Scalping Help!
References: <3.0.3.32.19990112122614.00d17b20@xxxxxxxxxxxxx>
Content-Type: text/plain; charset=iso-8859-1
X-Loop-Detect: 1
X-UIDL: 0a6705c0b525752c97bbed2740469b9a
Gary:
I don't think there is a dilemma , you have found your way of trading that works !
How profitable is your buddy?
I do similar trading and I always have to fight this " leaving money on the table" demon.
The only dilemma is fighting your on personality.
Marcelo
Neal Hughes wrote:
> At 01:56 PM 1/12/99 -0600, Gary Kramer wrote:
> >>>>
>
> I have been day trading Spoos for about 5.5 months now and have a dilemma. When I first started out, I scalped the market and made 1-2 points per trade and was making money consistently. I was using retracements as the basis for my trades. Everything I read and everyone I listened to suggested that in order to succeed, i needed to let profits run. I noticed that I left a lot on the table so I investigated a whole bunch of other systems. Nonetheless, even though the systems worked, they did not work for me. I just couldnt let my profits run and I wasnt good at implementing the strategies. My confidence soured and I reverted back to the scalping to get my equity and confidence back. Again, I tried other strategies and failed. I am back to scalping and feel real good about it. I have a friend who guarantees that I will fail if i scalp. I have looked back at hundreds of charts and recognize that based on my strategy of buying or selling pullbacks, the success rate is near 80%
> with objectives of 1.5-2 points. The question is: can I make money? I have done so, am doing so now, but its bothering me that this buddy of mine insists that it cant be done.
> BTW, I always have a 2 point stop in!
>
> Any words of wisdom would be most appreciated!
>
> Thanks
>
> Gary Kramer
>
> <<<<
>
> Gary,
>
> First, if you're making a profit, keep doing it! Most people can't make a profit
> consistently, don't listen to them! Congratulations on beating the odds!
>
> Second, (I don't trade the S&P, but individual stocks), taking a profit is
> the best way for me. I use pre calculated profit objectives (most often),
> subject to price action of course (can be over-ridden by thrust or lack of).
> And don't care "how much I leave on the table". I can always initiate
> another trade to capture the rest of the move (trend).
>
> It depends on the trader's personality. Taking profits is great for
> your peace of mind and "job satisfaction". Having a profitable trade
> turn to a loser because of attempting to "let your profits run" consumes
> your emotional capital. Trying to exit with a trailing stop can
> increase your slippage because you are getting out after the trend,
> with all the other panicking traders etc..
>
> Hanging on to a trade without a profit objective is like trading without
> a framework (for me). It's more emotional, more risky, less calm/logical.
> Emotional trading is too risky for my liking.
>
> So there's nothing wrong with having an order in the market to take
> you out at a pre calculated profit objective. If the trend still looks good
> after you've exited, enter on the next retracement, make another profit.
> These are businessman's profits, there is no need to hope for the
> "big one".
>
> Just do what works for you.
>
> Best wishes,
> -Neal.
>
> -----------------
> Neal on the 'net.
> Trade well. Train hard.
> http://www.halcyon.com/neal/
|