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Sorry for the double post, but in reading my last note, I decided I should
clarify a little. I did not actually go short at 972, I exited one of my 3
longs. I re-entered (bought it back) yesterday at 920. I'll buy another if
the price drops to around 850. Of course it would have been more profitable
this time to have reversed all three contracts and been truely short, but
what if cocoa had continued to climb, as it someday will. This way I don't
have to predict the turns, I just have to have patience and be sure that I'm
adequately capitalized to ride out a larger that expected drawdown.
Larry
>I also went short cocoa, but at 972, earlier in the week. My method is also
>simple...it's called scaletrading, and it has made me a lot of money in
cocoa. (Have >to admit, other commodities have been tough for scale traders
the last two years. >Deep pockets, which I don't have, help.) So there are
lots of ways to trade, many of >them can make you money. Although I must
admit that, in the last year, a system >which allows you to be short has
worked better in cocoa.
>
>Larry
In a message dated 09/03/1999 4:11:51 PM EST, tinyeung@xxxxxxxx writes:
> ndeed I went short cocoa yesterday and it seems working so far.
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