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If that is your rate of success, stay with it. At 80% you win 8 and lose
2, therefore for every 12 points you make at 1.5 you lose 4 points for
a net 8 points. If my math is right that is $2,000, times 22 trading days,
that's $44,000 per month. Not a bad income. If you can get 10 trades in
a day, even at 5 trades a day you would not be doing bad. If all
you say is true, you have found a wonderful way to go broke. I bet you
friend would love to go broke that way. Ira
<P>Gary Kramer wrote:
<BLOCKQUOTE TYPE=CITE> <I><FONT COLOR="#000000"><FONT SIZE=-1>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></FONT></I><I><FONT COLOR="#000000"><FONT SIZE=-1>
BTW, I always have a 2 point stop in!</FONT></FONT></I> <I><FONT SIZE=-1>Any
words of wisdom would be most appreciated!</FONT></I> <I><FONT SIZE=-1>Thanks</FONT></I>
<P><I><FONT COLOR="#000000"><FONT SIZE=-1>Gary Kramer</FONT></FONT></I></BLOCKQUOTE>
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</x-html>From ???@??? Tue Jan 12 16:52:03 1999
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Subject: Re: Scalping Help!
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<DIV><FONT color=#000000 size=2>I have to agree. My mentor is someone who
trades with at least $500k, compared with my abysmally small fraction of this
amount. He frequently has three-four open equity trades and mixes position
trades with day trades. He is VERY successful trading only bellwethers,
which are usually of a price range which allows me to buy no more than 100-300
shares at one time. Scalping 1/8 - 3/8 as he regularly does with his 1,000
share trades is simply not a viable option for me and never was.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT size=2>I spent 5 months of being almost consistently in the hole and
falling hard every time I managed to climb out, most times waffling somewhere
between 15-35% beneath my initial starting capital. I varied approaches,
set up rules and violated them whenever I tasted success for more than 2 or 3
sessions in a row. For months though, I tried eking out an existence with
100-300 shares of the bellwethers, mirroring my mentor's method.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>After experimenting with all kinds of techniques and preferred
plays (all of which work well for professional traders who have been in the game
4-5 years), I decided that what works for me is what they all STEADFASTLY
recommend against: newsplays in the under $20 category. My successes
have been recent, but very consistent. My return on capital for the week
after Christmas was 87.5%.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>I used specifics to illustrate an important point - ignore all
the noise (no matter how respectable the source) and do what works best for
you. That's the only approach which can ensure your prosperity as a
trader. </FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Best regards, Paul Szilassy</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>Terry S. Smith <<A
href="mailto:tesla@xxxxxxx";>tesla@xxxxxxx</A>><BR><B>To: </B>RealTraders
Discussion Group <<A
href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>><BR><B>Date:
</B>Tuesday, January 12, 1999 12:57 PM<BR><B>Subject: </B>Re: Scalping
Help!<BR><BR></DIV></FONT>
<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></BLOCKQUOTE></BODY></HTML>
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Reply-To: ketayun@xxxxxxxxxxx
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From: Ketayun <ketayun@xxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Webstreet Securities
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Hi,
<p>I am considering using Webstreet Securities for both real-time info
as well as execution.
<br>Would greatly appreciate any comments from users past and present.
Oh by the way, as far as pre-market or after market trading and using the
Level 11 providers, isn't that only for Nasdaq stocks or does INST execute
NYSE orders too? When I was trading with DATEK they would fill marketable
Nasdaq orders before the opening bell but not NYSE.
<p>Thank You,
<p>Ketayun Rustom</html>
</x-html>From ???@??? Tue Jan 12 17:09:34 1999
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Subject: Re: Scalping Help!
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Gary,
"leaving money on the table" is a "S___load" better than not taking any $
off the table! rather scalp for teenies, 8ths & 1/4s in the pocket than go
south on the trade which in daytrading is not to difficult to do either...
I'd say from my own experince that 80% hit ratio is extraordinary, and I'd
like to know more about your strategy of trade selection, and
decision/timing to enter the trade...
David
-----Original Message-----
From: Marcelo Martinez <marcelom@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, January 12, 1999 3:49 PM
Subject: Re: Scalping Help!
>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 8!
>0%
>> 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/
>
>
>
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