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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Alan Smithee who wrote (6578)10/16/1998 11:29:00 AM
From: Tom Trader  Read Replies (2) of 44573
 
DSG, I said more or less the same thing in the next paragraph

I think that the individual was probably affected by an element of irrational exuberance -- and probably did not mean to slander Don.

I was more bothered by the fact that he chose to post the same thing on several threads. But he had the grace to apologize and I appreciate that gesture.

Re Pat--probably just as well that he was away--it was one of those days when one could have gone short and it would have been a very costly mistake. I don't usually use stops when I day trade since I am watching it closely--but I know that if I had been short at the 1024 level where it was trading at when the news came out, by the time I contacted my broker and placed a market order, I'd have ended up being out of the short at around 1060+, if I was lucky -- and given the number of contracts that I day trade, it would have been a very expensive trade--since it would have amounted to a loss of at least $8k per contract.

Basically, yesterday's action was an aberration -- but for anyone contemplating futures trading -- it does spell out the inherent risks in a way that no amount of writing about it can do.
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