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<DIV><EM>Approximately how much slippage can one expect on a stop in the bond
pits?</EM></DIV>
<DIV><EM></EM> </DIV>
<DIV><EM>Thanks</EM></DIV>
<DIV><EM><FONT color=#000000></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000></FONT></EM> </DIV>
<DIV><EM><FONT color=#000000><BR>Gary Kramer<BR>Oak Park, IL
60302<BR>708-401-0382 (Voice mail and Fax)</FONT></EM></DIV></BODY></HTML>
</x-html>From ???@??? Thu Mar 04 12:40:08 1999
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From: "Tom Stein" <comfut@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Day-Trading/Investing
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Someone had asked me my comments on the day-trading stuff they had been
seeing on CNBC.....Don't you just love how they follow up a piece on...
day-trading as gambling.... with a commercial featuring a kid who lives at
home being grounded from flying his helicopter..............
Anyway.....I thought I would forward my response to the RT forum...........
1)In our society the difference between gambling and investing usually
depends on the outcome.....if you are making money....you are
investing....if you are losing money....you are gambling........
2)My guess is that over 90 per cent of the public believe a stocks' price is
based upon its' earnings.......that is only half of the equation.......they
don't understand the concept of P/E ratio.........ie:If company A earns 1.00
and trades at a market P/E of 23, then it is priced at 23.00........IF the
market P/E becomes 14...which is entirely possible.....that company would
have to increase earnings by 65 per cent just to maintain its' 23.00
price....more likely is that the price would drop to 14.00 IF it just
maintained its' earnings.
IF gambling implies misunderstanding the game....then I guess most people
who are in the stock market are gambling
3)Day-trading is NO different than long term investing.......both take
tremendous discipline and a STRATEGY to enter....exit....and use
stops...........IF anyone is not using a defined strategy that includes
entry, exits, and stops....then they ARE gambling whether their time frame
is 10 minutes or ten years...........
Tom Stein
comfut+AEA-.msn.com
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