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<DIV><FONT color=#000000 size=2>I'm simply playing overhyped inet-related news -
to name a few such plays of recent memory: AAGP, SHRP, SKYM, RMII. My method
could not be simpler. I check <A
href="http://www.briefing.com/Schwab/inplay.htm";>http://www.briefing.com/Schwab/inplay.htm</A>,
starting at about 1/2 hour before the open. I check for news releases
about (for the most part) rinky dink companies establishing a web presence OR
companies whose CEOs will appear on CNBC. The impact of blurbs about these
two events can have irrationally spectacular short-term effects on share
price. </FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Take AAGP. On Christmas Eve the stock
closed @ 1 3/8. They had a release the following session before the open
about establishing a Website. The stock opened above 2, rocketed as high
as 15, then closed at around 12. The next day it gapped open @ 18 and went
as high as 25, to close at around 19. The following day it gapped down and
went into a freefall after the open, closing at around 13. In the next 3-4
sessions it continued its massive downtrend and dropped to below 5!</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Such plays are not without significant risk, but
I am not a risk averse type. Also, never forget the time-honored dictum:
"The trend is your friend until it ends". I am convinced that
such opportunities will evaporate entirely within the next couple of quarters,
but for now they more than keep food on the table!!</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT size=2>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>S&P 500 <<A
href="mailto:sp500@xxxxxxxxxxxxxx";>sp500@xxxxxxxxxxxxxx</A>><BR><B>To:
</B>szilassy@xxxxxxx <<A
href="mailto:szilassy@xxxxxxx";>szilassy@xxxxxxx</A>><BR><B>Date:
</B>Tuesday, January 12, 1999 1:32 PM<BR><B>Subject: </B>Re: Scalping
Help!<BR><BR></DIV></FONT>
<DIV><FONT color=#000000 face="Comic Sans MS" size=2>Great post
!!!!!!!</FONT></DIV>
<DIV><FONT color=#000000 face="Comic Sans MS" size=2></FONT> </DIV>
<DIV><FONT face="Comic Sans MS" size=2>What type of news plays are you
talking about??</FONT></DIV>
<DIV><FONT face="Comic Sans MS" size=2>Internets, Techs or are you using
options???</FONT></DIV>
<DIV><FONT face="Comic Sans MS" size=2></FONT> </DIV>
<DIV><FONT face="Comic Sans MS" size=2>Thanks</FONT></DIV>
<DIV><FONT face="Comic Sans MS" size=2>Rob</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>Szilassy <<A
href="mailto:szilassy@xxxxxxx";>szilassy@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 4:25 PM<BR><B>Subject: </B>Re: Scalping
Help!<BR><BR></DIV></FONT>
<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></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Tue Jan 12 18:39:31 1999
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Date: Tue, 12 Jan 1999 18:46:07 -0700
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Subject: Re: Scalping Help!
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<DIV><FONT color=#000000 size=2>I day trade the S&P in a similar manner. If
I want to start digging a hole I have my choice of a) buying breakouts, b)
waiting for a hesitating trade to go my way, c) trying to run a small winner
into a big one. When the hole gets deep enough, I go back to entering on
retracements, getting out if momentum does not build quickly, and getting out
when my first price objective is hit. The whole question of profit size seems to
come down to the very reason we day trade short time frames - the ability to
tightly control losing trades with very small losses. Taking longer trades
requires using larger time frames and being willing to accept larger losses on
the losers. There are times when one can identify, using multiple time frames,
those trades where the odds are highly favorable to a larger move.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT size=2>Earl</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 12:56 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 16:52:37 1999
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Subject: Re: Castles in the Sky
References: <01dc01be3e5e$a855dd40$13cb2599@xxxxxxx>
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RobertBu wrote:
> Not a web site, but a book. I've not read it
> yet, but it is reported to contain accounts
> of the tulip mania and the South Sea
> Trading company mania plus several
> more.
>
> Extraordinary Popular Delusions and the Madness of Crowds : And Confusion De
> Confusiones (Wiley Investment Classics)
> by Charles MacKay --- $11.20 plus shipping at Amazon.
>
> Book Description
> A complete repackaging of the classic work about grand-scale madness, major
> schemes, and bamboozlement--and the universal human susceptibility to all
> three. This informative, funny collection encompasses a broad range of
> manias and deceptions, from witch burnings to the Great Crusades to the
> prophecies of Nostradamus.
>
> == Rob ==
Another good book along these lines is Manias, Panics, and Crashes, by
Charles P. Kindleberger.
Maniacally,
Norman
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