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Strategies & Market Trends : NetCurrents NTCS
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To: CharlieChina who wrote (255)10/4/2000 9:04:26 AM
From: Patrick Slevin  Read Replies (1) of 8925
 
Yes, I agree about Discipline. The core is to create a workable Plan and trade the Plan. The primary reason I decide what I intend to do prior to the Open is because once the market is trading it is too easy to allow emotion to take over.

Today for example I believed the Bond would top early and so I just exited a Long. By chance, it hit my high end target of 98^08 already. I tend to think the SP will be up in the morning and then probably come down into mid-day so I would like to be Short around 1455 on the SP Dec Futures and out by mid-day, possibly Long then but looking over my shoulder for a late drop.

I will not trade any other way. If the SP does not approach my Entry Price then I will not trade it. If it fails to give me my Entry by 10:45 EST or so I won't do it. If it fails to look Long mid-day I won't change my mind and get Short there instead.

The reference to Micky Dee's is merely because I prefer to eat every day rather than eat well once a month. The big runs, the 20 point extravagant meals in the SP occur too infrequently for my taste. I'd rather make 3 or 4 points every day for a month than catch the 20 point run once a month.

Not to say it isn't great when it happens, it just happens infrequently enough that it makes more sense to me to be able to trade the small moves. It's like golf, you keep the ball in play and you probably will score well. Once in awhile the ball will roll into the cup for an ace, but day to day you are happy with your score.

Well, good trading to you. I did not intend to take up this much thread space.
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