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<DIV><FONT size=2>>I take the same trades each day, but how I manage each
trade is dependent upon my read of the environment (discretion). You
cannot trade the exact same size and exit the exact same >way for every
trade/environment. For example, a trending market requires a different
approach than a range bound market. In the end it boils down to your
ability to read the PRICE >action and adopt your game plan to the current
conditions - AND THEN EXECUTE. </FONT></DIV>
<DIV> </DIV>
<DIV>Many successful money managers trade systems that do take the same trades
without trying to measure 'market environment'. The size of the trade is
determined by the money management parameters which again are systemized
rules. They do not change from trade to trade. One could also build
rules to react differently to different 'market environments'. That would
be part of the system. System or mechanical trading is not limited to
anything but a set of rules that govern each and every trading decision.
These rules are decided before hand.</DIV>
<DIV> </DIV>
<DIV>This example also assumes that one has a system that provides a market
edge. This also assumes that the trader has the ability to correctly
follow the system. Both of these are large assumptions and would be
excellant discussions in themselves; however, they are outside the scope of this
discussion.</DIV>
<DIV> </DIV>
<DIV>A system will have winning trades and losing trades, but the winning trades
either from their number or their size, will make up for the losers and leave a
profit. From this scenario the trader MUST trade the exact same way for
every trade/environment. He/she has an edge. If the edge is used the
same way every time over a large enough set, a profit will be made. The
trader acts as the HOUSE in a casino. The edge works for him. You
apply the edge the same way over and over. While you know certain market
action will produce losing trades, you also know that the winning trades will
overcome that. You do NOT want your judgment getting in the way. If
someone was paying you 7-5 every time you correctly guessed heads but only 4-5
every time you correctly guessed tails, you would not sit out flips or throw in
some tails guesses. You would sit and guess heads until you had all the
money you wanted. IF you can correctly determine 'market environment',
then you should work that into your system. </DIV>
<DIV> </DIV>
<DIV>Most good systems have fewer than three parameters, filters etc. They
are very simple which adds to their 'robustness'.</DIV>
<DIV> </DIV>
<DIV>Scot Billington</DIV></FONT></DIV></BODY></HTML>
</x-html>From ???@??? Mon Jan 24 06:43:35 2000
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Date: Mon, 24 Jan 2000 09:00:03 EST
Subject: [RT] Re: Penny Stock Update
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In a message dated 1/23/00 5:15:15 PM Eastern Standard Time, clydelee@xxxxxxx
writes:
<< Ben,
I know you know what you mean by:
> just went to bigcharts.com
> selected intra day new high in the bulletin board
but I can't find whatever it is you looked at on the
site.
I little help please.
Clyde >>
hi
here is the url for it
http://www.bigcharts.com/markets/screener.asp?exchange=118&screen=5&x=39&y=24
(must be activated 25 minutes after market open)
Regards,
Ben
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