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<DIV><FONT color=#000000 size=2>dont know if previous mess , got 
thru</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT>&nbsp;</DIV>
<DIV><FONT color=#000000 size=2>but the book sales for about 70$$, from WINDSOR 
BOOKS,( ISBN-0-930233-69-7)</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT>&nbsp;</DIV>
<DIV><FONT size=2>WITH A 1YR $$&nbsp; BACK&nbsp; so they say</FONT></DIV>
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size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
good trading</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Sat May 15 19:50:08 1999
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Date: Fri, 14 May 1999 12:57:58 -0400
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From: cb <cpbow@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Stops
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gary bodnar wrote:
> 
> Hi all
> 
> My gambler friend once wrote something about the stops..."It is like leaving
> your wallet on a street in New York City. You can be sure it will be gone."
> Prefer to use mental stops...
> 
> Gary
> 
>

Seems to me that  a mental stop only makes sense if you intend to
exercise a significant amount of discretion at the time it is hit, or
need to "work" the order because of large size.  Otherwise it makes no
sense (to me) to not have the stop in the market.  The market is going
to go up and down whether or not your order is in there.   You might as
well be protected.  The assumption I make is that the locals try to
guess what the market is going to do and part of that is guessing where
the stops are so they can get in ahead of time.  I assume they don't
*know* the content of the floor brokers orders.  Am I wrong??

Are the locals doing the same things we are (a mix of trend
following/anticipating, support/resistance, breakout trading), just on a
shorter time scale?  Or are they thiefs taking your money.  With the
arguable exception of the true hedgers we're *all* trying to take money
from the other guy/gal.  How you view the locals probably just depends
on how bitter you want to be.

As a (not yet successful) moderately longterm trader, if I'm doing
futures I try to keep my stops out of the daily "noise" of the market
and even allow for some retracement.  So I'm not impacted as much by the
intraday movement, or at least not as often.  There are definately
exceptions, but a lot of times I am stopped out the trend has in fact
reversed.  I may wish I had gotten out sooner, or not at the lower end
of the daily range that day, but many times the fact I'm out is good. 
(Currently to due to very small size I'm just buying options - here i do
use a mental stop in the futures to tell me when to give back the option
since stops in options don't work very well.)


Conrad Bowers