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Jerry,
After my brief response a few minutes ago, I have been contemplating your
thoughts. In many, if not most contexts, they are wise council. And perhaps
even for me!
My situation though is different (don't we all think so), and I will
elaborate, as I am interested in your thoughts again.
I am a relatively novice trader in the shark (S&Ps) pit, and am using Ed
Moore's "Rhythm" method of looking for 4-6+ point intraday moves (3or 4 a
day), based on various retracements, time of day, and other signals. Another
RTer I know and trust uses Ed's discretionary approach (and has for some
time), with success.
It is getting better for me, with lots of help and insights from you RTers,
and I found that before I was trading electronically, I was tying up my
brokers line in various states of indecision.
With (a functioning) PMB, and because I am comfortable using technology
having been in the business for 10+ years, I am able to hesitate all I need,
till I decide to enter, or exit, and have NOT had serious problems to date
this way.
I use DSL at 768k, and I always run Ping Plotter to check the accessibility
of their site via IP, and with the electronic entry, I have all the
undisturbed freedom I need to contemplate the viability of the setup I see.
As I get better, I do notice that I can anticipate the moves somewhat, and
thus this may allow me to place trades via a phone line in the future. Ed
does this himself.
For now, it is a fine line between the benefits of the software, and the
very apparent downsides for me as a (young in experience, but not in years)
S&P daytrader.
I invite and appreciate any and all constructive thoughts!
Eliot
> Eliot,
> There has been discussion all week on this forum concerning e-trading vs.
> broker assist.
> The cost difference is $10 to $15, but in the long run e-trading will cost
> you thousands as it already has for a number of realtraders on this forum.
> That is what prompted the discussion.
> If $10 to $20 is going to make or break your trade, something is seriously
> wrong.
> We are talking less than one tick to make up the difference.
> I believe in real time live brokers with good clearing member houses who will
> watch your back.
>
> All the Best,
> Jerry
>
Eliot Kaplan
Voice:310.455.3950
Integrated Solutions Unlimited, Inc. Fax:310.455.3085
20211 Croydon Lane email:eliot@xxxxxxx
Topanga, CA 90290
www.isu.com
Apple, HP, IBM, & Compaq Reseller/Apple Authorized Service Provider
Specializing in Architecture & Graphics Systems
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