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Your comments are pretentious, to be kind. You come across as a know-it-all
who believes there is only one way to trade and you make assumptions which
are not yours to make. If you were less aggressive in your self promotion
and marketing of your "manual", you would not need to carry such a large
chip on your shoulder. Not that the chip garners many friends for you or
that successful professional traders need a second business.
Whether day trading or position trading, the hours I spend in preparation
and trading are every bit as long as the hours I spent running several
businesses which I founded and operated. Trading is not a hobby, it is a
living for which I have prepared myself by making a significant investment
of time and money in learning my way around the markets. I am well
capitalized because only a fool goes into the trading business without
adequate capital and adequate capital is a lot more than a couple of
thousand dollars and a prayer. I'm happy that you're happy not to be in the
markets during announcements. Trading breakouts is often a loser's game and
not one I play. I am either pre-positioned when the odds are in my favor or
out of the market waiting for a retracement. I managed to walk away filled
at 117^28, a risk of 7 ticks from the day's wedge against a probable reward
of 18-34 ticks. Given the pattern of the market, I considered the risk of
holding overnight as minimal so I was nicely compensated for not selling on
close at 117^15. Further, my ability to earn a living is diversified across
a number of markets which gives me the opportunity to trade in market which
are most likely to be friendly. My ability to play golf during market hours
is due to proper planning and preparation. If you don't have a life outside
of trading, perhaps you need to find one.
Earl
----- Original Message -----
From: T-Bondtrader <t-bondtrader@xxxxxxxxxxxxx>
To: <eadamy@xxxxxxxxxx>; RealTraders Discussion Group
<realtraders@xxxxxxxxxxxxxx>
Sent: Tuesday, May 18, 1999 12:02 PM
Subject: Re: FUTR: T-Bonds: Living to Play, or Playing to Live?
> Earl Adamy wrote:
>
> >I've both day traded and position traded futures and see no conflict
> >between the two, nor do I see any reason to differentiate in categorizing
> >whether one earns a living doing so. I find two major differences between
> >day and position trading: tighter stops in day trading and more time to
> play
> >golf while position trading.
>
> Tighter stops for day trading and more time to play golf sums up the
> postion quite well - if you are fairly cavalier about trading. The
> specialist day trader is probably earning his living and the guy who has
> time to play golf has already earned it... in a different field
altogether.
>
> Most day traders of the bonds, I know, will not sit there in the market
> while it goes sideways waiting for the FOMC meeting to announce the
results
> of its deliberations. Successful day traders are only in the market
while
> the attainment of a carefully constructed trade with the right
> risk/reward/ratio is in progress. One of the keys points about trading
the
> T-Bonds is knowing when and when not to be in the market. Tight stops is
> far too trite an answer for most people and certainly not the way for
> anyone new to the market to learn.
>
> As a day trader, staying in over night is not on. But the breakout of a
> wedge, with a night of trading in between would not have had the r/r/r I
> would have required, if I did. It would have been fifty-fifty in my book
> and that is not my bag! The gap and breaching Yesterday's High would have
> had a major bullish significance, except for Greenspan factor, today.
>
> Of course there are many like Earl who day trade, postion trade and mix
and
> match markets, the lot. My point was that most position players (not
> employed by funds, etc) are doing so from money set aside. Most day
> traders are probably spending time in front of the computer - as per a job
> through all seasons, regardless - earning their living from home.
Whether
> that is feasible with other instruments or not, is another matter, but it
> is certainly quite viable in the T-Bonds, if you do it in a well thought
> out and professional way.
>
> Bill Eykyn
> www.t-bondtrader.com
>
>
>
>
>
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