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Don,
I also trade in the discretionary style you mentioned here. However I
feel the need for better short term pattern recognition skills. Is
there any text that you or other discretionary traders might like to
recommend for short term pattern recognition. Comments appreciated.
Ron
Don Thompson wrote:
>
> John,
> Your first catostrophic stop loss is $3000 or 12 S&P Points? Whew.. that
> takes alot of balls to trade that level of
> a stop. My inclination is to get it down to two points or so.. no more than
> that. I can see you might have to make
> a system do this kind of stop loss if you aren't looking at the actual
> prices during the day trading it. The
> day traders I know who are successful don't have more than a 2 point stop
> loss and when in doubt they get out
> at 1 or .50 at best. But they are purely discretionary traders that work off
> of price and pattern.
>
> Don Thompson
> ----- Original Message -----
> From: "profitok" <profitok@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, March 20, 2002 1:52 PM
> Subject: Re: [RT] S&P Day Trading
>
> > hello john
> > I can not see how you can make money if your profit objective is SMALLER
> > than your stop loss
> > nice day
> > Ben
> > ----- Original Message -----
> > From: "John Cappello" <jvc689@xxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Wednesday, March 20, 2002 6:44 AM
> > Subject: [RT] S&P Day Trading
> >
> >
> > >
> > > My system has not performed at max this year so far and I am doing
> > > adjustments to current market conditions mainly related to psychology
> > > of the market and ranges. I am still trading it at a low contract
> > > levels 5% of asset allocation. After debugged will step up.
> > >
> > > Adjustments being made.........entry and exits not limited to Level 2
> > > and 3 Supports and Resistance.
> > >
> > > Widen trading ranges..............expected today [1179 to 1183] sell
> > > points [1165 to 1169] buy points. No trade if total range beyond
> > > 1183 to 1165 at open.
> > >
> > > My personal stops are $3000 ; min profit target $2000 ; trailing stop
> > > once $1500 profit reached is $750 ; MOC or OCO if tweaked.
> > >
> > > John
> > >
> > >
> > > To unsubscribe from this group, send an email to:
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> > >
> > >
> > >
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> > >
> > >
> >
> >
> >
> > To unsubscribe from this group, send an email to:
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> >
> >
> >
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> >
> >
>
>
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>
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