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<DIV><STRONG><FONT color=#000000 face=System size=4>I AM wondering why the
DOW and NASDAQ are not traded as much?? in terms of
liquidity</FONT></STRONG></DIV>
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</x-html>From ???@??? Tue May 18 14:10:41 1999
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Message-Id: <003d01bea170$d1155d80$e24d95c1@xxxx>
Date: Tue, 18 May 1999 21:55:12 +0100
Reply-To: t-bondtrader@xxxxxxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: "T-Bondtrader" <t-bondtrader@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: FUTR: T-Bonds: Living to Play, or Playing to Live?
X-To: "RealTraders Discussion" <realtraders@xxxxxxxxxxxxxx>, <eadamy@xxxxxxxxxx>
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You obviously did not understand what was said in the first place, but the
way you do things is, quite properly, your business. If you just re-read
what you have said, you will see that you have put forward a whole
life-style that is probably not the same as many on this list. It doesn't
take a chip to recognise the block, I assure you.
Staying out of the market is not trading breakouts. Couldn't be more far
from the truth. But that is not the point. For most people conservation
of capital is more important than anything. I don't doubt that you prepare
very carefully for the market. That again is not the point. It is a
question of what you prepare, for what market and the needs and motivation
for trading it.
The day trader earning a living is clearly a very different person to
yourself. That in no way is a criticism of yourself. I am quite sure that
many might very much prefer to be in your situation - but they are not.
They have to grapple with the market, daily, because they have chosen to
earn their living from it that way. I was interested for the strand to
develop in that direction. What you did, in the way you did it, over a
couple of days is very different from day trading, as you know.
>From the day traders perspective, Today, was not a day to be in the market,
until the "Fed Watch" on CNBC was over. The only trade, so far as I am
concerned was from the retracement of the southerly move to Yesterday's
Low -
but I doubt one could be called a know-all for that. The measurement was
precise, the r/r of the trade was acceptable and the result put bread on
the table.
While I do not play golf, I most certainly have an excellent life outside
the market. But this is not a forum for personal matters. However, let
me say that virtually all the writing I do is along side the trading, so
that doesn't count. Over here, in England, we are lucky to have all
morning to do other things before the market opens at 1.20 pm.
Anyway, anyone else got a day trading - hopefully of the bonds - point of
view?
Bill Eykyn
www.t-bondtrader.com
-----Original Message-----
From: Earl Adamy <eadamy@xxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, May 18, 1999 8:42 pm
Subject: Re: FUTR: T-Bonds: Living to Play, or Playing to Live?
>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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