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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: Jorj X Mckie who wrote (3038)1/23/2000 9:51:00 AM
From: Patrick Slevin  Read Replies (1) of 7434
 
Yes, I've been known to take offense quickly. Perhaps you are correct.

It's very difficult, in my imagination, to position trade the SnP and I know of several well known traders that won't do it. Matter of fact I would venture a guess that it's more prevalent that the SnP is day-traded rather than positioned.

Tom Trader, for example, is one of the few who is able to do it and even Tom gets hurt now and then. Of course Day traders get hurt as well, it's just the extremes suffered by each vary in size. I might be reluctant to lose more than 2 points where Tom may get a bit concerned at 20. Further, I think Day traders can be more profitable in the SnP Futures than Position Traders. I think during a discussion with Zero a year ago I pointed out a page that Temple Williams made available at the time....it isn't available any longer except to his subscribers. It is a trading record going back over perhaps the trades from 1998 through the present and the point count in 1998 was in the the neighborhood of 650 points or so. I think '99 was greater. I don't think you will see position traders pulling in 650 points a year.

Of course Williams is a good day trader. But it certainly isn't chicken feed. For him that bulldozer is out of gas, perhaps.

I can understand that he would not want to provide day trading charts. I can also understand his caution about day trading to an extent. He is a broker by training and it's necessary to know your client. His presumption is that caution is required with the bulk of his clientele. But that can have some backfire in the futures arena; I think (not quite certain) that O.J. was waving his hands a week or two ago about the BP being okay and all was right with the market. Which may be. The SnP was in the 1480 range around that time so if we had taken it to position it we would have been down over $10,000 a contract at times since.

What Tom Dorsey knows is stocks. In stocks that's an excellent idea, to try to buy at the correct time and hold as long as the idea is feasible. The Futures market is a bit different. His PnF Charts would get a SnP trader in too late, I would think, and out too late.

But sure I probably was irked more than I should have been. After awhile I get tired of off-hand remarks like that because day trading is a lot of work. It's an easy 5 plus hours each day before and after the market closes plus time on the weekends. I don't think position traders work as hard so sometimes I get annoyed at what I consider to be flip remarks.
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