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<DIV>the position trader needs to be better capitalized than the day
trader<FONT face=Arial size=2></FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>I think, Earl, that is really an
understatement. From your constant flow of posts about a
myriad of markets, you clearly devote a considerable amount of capital to
trade the way you do. I may be wrong, but I reckon any position trader
is going to be using some form of cyclical, wave or similar wiggly style of
trading, as well as probably having a fundamental input as well. To
me that is using information that lags the market and, while such
indications are often proved to be right with hindsight, I do not understand
how they are used successfully with foresight. If that view, and my not
understanding it, is having a dig at you, I am sorry, it wasn't the
intention..</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>As you know, I post fairly infrequently, by
contrast, and I am only involved in one market. So far as I am
concerned it is a market that has excellent characteristics, not just for
people to learn on, but to trade in as well, and with as large a line as you
wish, without having any effect whatsoever on the market. But it has to
be said that, while I can trade the bonds very well on an intraday basis, I am
in the same boat as anyone else when it come to position play.
</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>I suppose the point I am trying to make (without
getting at anyone!) is that position players have to devote much more money to
their trading and, at the same time, are in a more difficult
environment. For example, people recently have been saying we now are in
a bear market - all we are seeing is a sucker rally and then bang, down
we go. But stocks seems to be in very high country and going
higher. Is this just a dip in the bull, or a bear hug!
Difficult choices for the position players. </FONT><FONT face=Arial size=2>How
they come to their conclusions, I know not.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>For the day trader (on the bonds, anyway), once
you understand the characteristics, the way it moves and knowing that you have
a reasonable chance of getting filled where you want and can come out the same
way, then you can graft along and make a living, without putting up very much
capital. As you succeed, you can beef up your
account. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>The main and regular contributors to this list
are quite big players, by comparison to those who make up the silent
majority. Many of the latter need to </FONT><FONT face=Arial size=2>get
going with the minimum of capital up front and that cannot be done so easily
with longer term trading as it can with day trading - but (and it is a big
but!) if you day trade something like the Spoo without adequate knowledge, you
just won't have any capital!!</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Bottom line, I mean no offence to position
players with my day trading posts, and they are meant to be
helpful.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Bill Eykyn<BR><A
href="http://www.t-bondtrader.com";>www.t-bondtrader.com</A><BR>"Learn to read
the tape</FONT></DIV>
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