[RT] Re: [astrofin] Re: [e-mini_traders_anon] Re: Taking Profit Questions

[Ben <profitok@xxxxxxxxxxxxx>]

it was based on a combination of sentiment, statistics, volatility, and overbought conditions,

the trick is to be able to make money , EVEN if you are wrong on the direction,

so at 10 am this morning when advdecv.ny from quote .com livechart showed a strait up in up volume. I closed  all the shorts and stayed with the long  1210 calls

I have lost  1.5 points  times 4 or  or  6 points 

6*250=1500 plus commission,

when we were +10   I sold 1 call at   8 points profit  minus commission,

this took care of the loss and left  a few hundred in my pocket,

at plus  12   I sold another call  at 2500 profit minus commission,

now still have 2 long calls at nice profit

When we make a higher hi tomorrow will sell both calls and enter short 4 big contracts

and  for protection will buy calls again,

Ben

 

----- Original Message -----

From: del iver

To: astrofin@xxxxxxxxxxxxxxx

Sent: Wednesday, November 02, 2005 2:59 AM

Subject: Re: [astrofin] Re: [e-mini_traders_anon] Re: Taking Profit Questions

thanx Ben.

do you choose swing tops/btm for your slo or is it monetary bsed on volatility ?

Ben <profitok@xxxxxxxxxxxxx> wrote:

Taking profit is a matter of money mgt, discipline,  overcoming greed,

and   following your written plan,

lets take tomorrow for example,

today I shorted 4  big contracts at 1207

and bought at close 4 dec  1210  calls

if we close  -10 tomorrow, will close only 1 short, and sell at loss my calls

if we continue lower, will move stop loss at 7 points  above lowest low,

when we are down -15

will close 2 more  shorts

the rest will most likely get stopped out,

if

I am wrong and mkt goes up,

when it closes +10 will close all shorts, and sell at profit 1  call

when +15 will sell 2 more calls

and +20 sell rest of calls

you must face reality

trading is a business, you must plan all your moves ahead of the  order placing

and

it better be  covering all bases, what if up what if down

if you don't do it, you are fooling no one but yourself

and DO not blame anyone for failing, it is YOU who is responsible for ALL  of the outcome(good or bad)

best regards

Ben

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