|
PureBytes Links
Trading Reference Links
|
Hi Tom,
Long time no hear! I talked to Refco today and they said they have
electronic trading now, and to call you. Last I heard anything about it was
in January. What's the story?
Best,
Michael
----- Original Message -----
From: Tom Alexander <gta3@xxxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 04, 2000 09:40 PM
Subject: [RT] Re: Richard Dennis and Aberration
> There are people out there that successfully day trade. They are very,
very
> rare. There are far more people successfully position trading.
>
> But what a great business! Can you think of any other business that can
> produce "experts" in such a short period of time? In many cases these
> self-appointed experts have less experience than their customers.
>
> Trading requires the same elements to be successful as any other
business -
> hard work, study, CAPITAL, planning, perseverance, time,etc. There is no
> magic bullet, and there is no dispenser of magic bullets. If I do ever
find
> one, believe me , you'll never know about it!
>
> Regards,
>
> Tom Alexander
>
>
> Alexander Trading & Management
> ----- Original Message -----
>
> From: Jeff Kingery <taotrader@xxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Wednesday, October 04, 2000 10:08 AM
> Subject: [RT] RE: Re: Richard Dennis and Aberration
>
>
> > Bill E. wrote:
> >
> > >...and if you take that very sensible logic
> > >and advice to its ultimate conclusion
> > >you end up day trading a single market!
> >
> > Well done, Bill! I loved the way you took the wisdom of Mike's
excellent
> > post and twisted it into yet another sales pitch for your book!
However,
> > although you refer to "logic," your statement is a "DNF," i.e. Does Not
> > Follow (unless you've got books to sell!).
> >
> > The issues to which Mike referred will arise whether one trades a dozen
> > markets from daily charts or a single market from tick charts. One big
> > difference is that in the latter case it happens much more rapidly.
> Faster
> > is not necessarily better. It will be better for some, and worse for
> > others... in some cases much worse.
> >
> > One can make a strong case that slower is better for those who are
> "learning
> > the ropes." It can be very difficult to fully evaluate, psychologically
> > process and learn from each and every trade when you're making two or
> three
> > trades a day, day after day. Also, a shorter time-frame generally
yields
> > smaller average trades, which give less margin for error. This can be
> very
> > costly for a new trader, because the less practice you've had at
trading,
> > the more mistakes you're going to make. If you're new to trading it's
> quite
> > possible that you will make mistakes on every single trade. Having time
> to
> > learn from your mistakes before repeating them could save a lot of $$$,
> and
> > perhaps a lot of grief.
> >
> > I'm sure we'll now hear from Bill that nothing could be further from the
> > truth, and that day-trading the T-bonds is the best of all possible
> worlds,
> > because he wants to sell his book. Not having seen his book I don't
have
> > any opinion on its value. However, these endless sales pitches about
the
> > "best" way to trade miss the point completely. There simply isn't any
> > "best" way to trade. The question is not "What's the best way to
trade?"
> > but rather "What's the best way for <me> to trade?" It's quite a
> different
> > question.
> >
> > My guess is that for <most> new traders, the best answer is <not> going
to
> > be "Day-trading the T-bonds using a purely discretionary method."
> >
> > Your mileage may vary.
> >
> > Cheers,
> >
> > Jeff Kingery
> >
> >
> >
> > Mike wrote:
> >
> > <snip>
> >
> > > Remember, it is never enough to test a trading system,
> > > see a 30% drawdown and say "well, that's not too bad -
> > > I can handle that." Make sure you can handle that
> > > if you're in the drawdown for 6 months to a year,
> > > and you're required to continue to put trades in,
> > > day after day, with the result of most trades
> > > being losers. That will happen with EVERY TRADING SYSTEM
> > > at some point (although the drawdown duration will differ)
> > > - do you have the stomach to endure?
> > >
> > > Make absolutely sure you can say "yes" before you
> > > put a cent into any trading system and start trading.
> > > Just my two cents.
> > >
> > > Michael Strupp
> > > Chicago IL
> >
> >
>
>
>
>
|