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It is very rare to see the ES market "jumps 25 pts or 50 pts or even 100 pts
against you". The vast majority of wild price fluctuations come on the days
there is the release of government economic numbers. These key indicators
are almost always publicized as to time and date of release. As a
beginner-and even seasoned pro for that matter-it is prudent to be on the
sidelines when this info is released. Being in the market before the
announcement of NEWS is as close to gambling you can come when trading the
markets IMHO. I believe the last time the market was caught unaware was
several years ago when the Fed (FMOC) took the unusual step of announcing a
rate change during RMH between their very publicized to-time-and-date
regular meetings. Maybe someone could refresh my memory as to how much the
market moved instantaneously on those between meetings rate changes.
Harry
----- Original Message -----
From: "mjs720" <mjs720@xxxxxxxxxxxxx>
To: "Charles Meyer" <chaze@xxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, May 06, 2004 12:34 AM
Subject: Re[4]: [RT] Re: DAYTRADING THE QQQs
> Hello Charles,
>
> No I trade the SP emini's but not based on a system. My type of trade
> is called discretionary. I do use some technical analysis, but it is more
> price, vol, and time of day. I'm in and out many times a day.
>
> The other traders make some good points, and you can spend all the
> time in a simulator or paper trading. But when you are behind the yoke
> of the plane or in a trade...and you get caught in a wind shear and
> get set upside down in the plane or the market jumps 25 pts or 50 pts
> or even 100 pts against you...no amount of paper trading will prepare
> you to deal with it. I'm not trying to scare you...just want you to
> also get prepared mentally to trade...that is again 90% of
> trading.
>
> Wednesday, May 5, 2004, 6:10:00 AM, you wrote:
> CM> Thank you for the favor of your valued and appreciated
> CM> feedback. This is indeed a great analogy! Do you trade the Qs?
> CM> I note this appears to be a private e-mail; but I couldn't
> CM> get your address to take so I am sending it via the group.
>
> CM> Chas
> CM> ----- Original Message -----
> CM> From: mjs720
> CM> To: Charles Meyer
> CM> Sent: Wednesday, May 05, 2004 2:21 AM
> CM> Subject: Re[2]: [RT] Re: DAYTRADING THE QQQs
>
>
> CM> Hello Charles,
>
> CM> I'm inclined to offer up a different view of paper trading. You can
> CM> read about flying an airplane all day long. You can go to all of the
> CM> ground schooling that is offered. You can spend days talking to
people
> CM> who fly and ask all of the questions. That will in no way help you
> CM> when it is time for you to climb behind the stick/wheel of that
plane
> CM> and fly it. No different with paper trading. Until you actually
place
> CM> your real trade you wont discover what most of us have discovered.
The
> CM> issue is not your system...it is you. 90% of trading is dealing with
> CM> your own psychology/experiences when taking a real risk.
>
> CM> Your true training starts with puting on real trades with real bucks
at
> CM> risk.
>
> CM> At sometime any system all systems experience downturns...losses of
> CM> real dollars. What will be formost at that moment is the question
what
> CM> will you do?
>
>
> --
> Thank you,
> MS
>
>
>
>
>
> Yahoo! Groups Links
>
>
>
>
>
>
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