Steve,I much appreciate the time and effort which went into your response of Oct 10. I believe that setting stops correctly is critical to a successful trading stratrgy, and I am always interested in hearing how other people approach the matter.
In respect to your other comments I agree entirely - as you point out however the question is whether one has the disipline to apply these principles.
Regarding your comment that "taking positions based on published news will result in the number of losses significantly exceeding the number of gains", you may be interested in an article that was in the Oct 5/96 Financial Post. Amongst other things it stated as follows:
"The C$ soared to within a whisker of a yearly high Friday, fueled by buying from big foreign funds.Rumors that financier George
Soros was among the buyers prompted other funds to build C$
positions.,,,,,,News agency queries to the Soros organization
about C$ buying drew a 'no comment'......".
This should be bullish, but I must admit the article bothered me a bit - for the reason you described. Any thoughts ? |
