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Sean,
I think you are right, you should go with
trading the E-Minis. Of course, if you don't like working so hard, I would
just buy futures on some of those rediculously depressed commodities
that on any any thought of economic recovery will sprint at least 20-40%.
I have been extolling the virtures of Coffee,
Cotton, Copper, Soybeans, Silver, & Sugar on this and other lists for
several weeks. For example, since the low about two weeks ago, Dec. Cotton
has rallied from 2820 to 3223 = over $2,000. Most of these markets have margin
requitements that are between $1,000 - $1,500. Of course, I don't
recommend using all equity for margin, in fact I try to maintain a 5 to 1 ratio
of equity to margin. When I get very agressive, I may let this ratio drop
to 3 to 1. Anyway, there are still some great deals out there and all you
have to do is put on the positions and wait. Some of these markets are at
30-40 year price lows. If you buy them now, and they only get back to
their old support levels, you will make lots of money without much work or
spending a fortune for brokerage commissions.
Of course past results is no guarantee
of future performance. . This type of investment may not be appropriate for
your retirement account, your kid's college fund, or Aunt Tillie in Toledo's
bingo fund. You can lose everything you have ever had or will ever hope to
have trading futures or stocks, especially if you follow my advice and everyone
stops eating, drinking coffee, using electronics, or stops using clothing or
blankets.
Best Wishes,Norman
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Sean Cassidy
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, November 07, 2001 2:10
PM
Subject: [RT] The SEC just regulated me
out of a job........
I was just informed by my broker that I am
fortunate enough to meet the SECs rewuirements as a "Day Trader". I have been
essentially swing trading a small account because, well, I dont have enough
cash to open a big account. I tend to get out of my losers very quickly and
hold on to my winners for 2 or more days. I thought thats what trading was,
cut your losses, let your winners run. For example I had 2 longs and 1 short
going into yesterdays rate cut. My short (INTU) was stopped out for a $1.30
loser but one of my longs (WEBX) made me $3.50 and another (EBAY) is currently
up about $2. This of course makes me a day trader although i held WEBX for 3
days and have had EBAY for 2 and counting. The reason is that about 5 times a
week a trade goes bad and I have to get out in the same day. My plan is
working very well, I am up about 5 points this week already and make at
least a little money almost every week. But because I do not have $25000 the
SEC has forced my broker to shut down my account for a week. I am currently
averaging a return of about 10 -13%....per month. I think I know the answer to
this but outside of finding a loan shark.........is there anything I can do
about this?
By the way......I am allowed to trade futures
and/or options. I think I am about 2 for 20 on options trades over the years
and accept the fact that, at this point, I just dont have enough knowledge to
make money with them. Or I could trade the E MIni S&P, with its margin of
10:1...that is obviously much less risky than doing 50 to 100 share lots of a
stock with a proven method (sarcasm).
Any help would be appreciated...or maybe I just
needed to vent a little....looks like I am shut down after making 10% most
months. I am now going to look for my man Huggy Bear to see if I can get one
of those 88% (per month) easy payment loans.To
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