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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Bull RidaH who wrote (34420)	9/27/1999 3:28:00 PM
From: John Pitera	Respond to of 44573

David, yep I found the rant that way -g- I've found with trading, you can have a bigger picture longer term idea, but it's almost better to not have one and just find the impulse direction of the market,in which direction is the ease of movement occurring in. Then so long as you get a corrective wave occurring, look to go with the market in the direction of the ease of movement. Getting carried away with labeling all of the degrees with counts is a good theory but hinders trading. I'm not criticizing you, but more criticizing short coming that I had with E waves several years ago, that were my fault and of my own making. John

To: Bull RidaH who wrote (34420)	9/29/1999 12:32:00 PM
From: Bull RidaH	Read Replies (19) \| Respond to of 44573

SS&R S&P Futures Trading Contest 1. Contest Duration - October 1, 1999 to April 1, 2000. 2. Starting equity and margin requirements - Each contestant will begin with $250,000 in equity, and a $25,000 margin requirement will be in place for all overnight positions. Positions opened and closed intraday will only be subject to a $12,500 margin requirement. Margin requirements are based on the equity amount from close of the prior trading day. Each contestant is expected to know their contract limitations and stay within. If end of day equity drops below $50,000, that contestant is "cancelled." 3. Rules and Guidelines - Traders will be broken into 2 categories... Day-Traders and Position Traders. In general, Day Traders will make more than 5 trades per day (buy or sell), and will close out positions at the end of day. Conversely, Position traders will trade less than 5 times per day and will typically hold positions over night. Though not bound to any rules, each contestant must decide which category their trading style is better described by and declare themselves a part of that group. Numbers of trades will be unrestricted for Daytraders, though as a rule they should not keep open positions over night. Position traders should as a rule refrain from overly active intraday trading. Traders are not expected to remain active during the full 6 months, and may take days or weeks off as they see fit, just as in real life. 4. Order Entry - Orders may be placed at any time, but trading hours will be from 8:00am to 4:15pm. Contestants should use standard order protocol when placing orders on the SS&R thread, and state whether the trade is to open, close, or add to a position. Intuitive abbreviations are suitable. Contestants are encouraged to include a one line comment on why they're making the trade if they are so inclined and have time. CONTESTANTS PLEASE POST EACH NEW TRADE AS A RESPONSE TO YOUR PREVIOUS TRADE SO A CLEAR "TRAIL" MAY BE ESTABLISHED FOR TRACKING. Placing a stop-loss order at the time of or shortly after a new postion is entered is both wise and recommended, but not required. 5. Pricing and commissions - will be based on the E-mini, Ticker symbol ES9U, due to free E-mini real-time quote and chart availability @ qcharts. If a contestant wants to make a trade at market, real time e-mini quotes from livecharts.com or some other source should be utilized so that a limit price may be entered reflecting current market prices. Orders are time stamped by S.I., so your limit price reflecting current market prices will be verifiable using time and sales on the emini for that one minute bar. Orders will be considered filled if a trade goes off at that price in the E-Mini. Disputes will be resolved by David Plonk, with Tom Trader on hand for a second opinion if necessary. A flat 1/2 pt. per roundturn contract will be charged to cover slippage and commission. 6. Trade Reporting - Contest Standings updates will be posted daily prior to the open of trading, so all participants who have made trades during a given day need to provide a simple daily trade summary by 6 am E.S.T. the following morning so the standings may be updated and margin requirements may be monitored. If one is found to be over margin at the end of the day, excess contracts will be closed and a $500 equity fine will be assessed. The following daily summary format should be followed for each participant. ____________________ (Date) (# of contracts bought)@(avg. price) (# of contracts sold)@(avg. price) [Example:] 9/28 B 5 @ 1275.81 S 4 @ 1298.97 ______________________ Key statistics that will be monitored and reported in standings updates will be total equity, total contracts traded, and % of days with equity gains. 7. Contract Rollover Day - S&P futures contracts roll to the next quarterly month the Thursday preceding expiration week for the contract currently in use. All open positional contracts will be rolled to the next contract as of close of trading on Wednesday preceding Rollover Thursday. Daytraders will begin trading the new contract from the open on Rollover Thursday. 8. Prizes and Awards - Oceanfront Accomodations in Myrtle Beach for 3 nights and 4 days will be awarded by David Plonk a.k.a. Bull Ridah to the winner of the first segment of this 6 month trading event. The first segment will end on the close of trading Wednesday prior to Thanksgiving, or 11/24/99. The trip may be taken from 12/15/99 through 03/15/00, with special holidays and certain other weekends excluded. Volunteers are requested to provide an interesting prize for the segments 11/26/99-01/31/00 and 02/01/00-04/01/00. Sponsorship for a Cumulative Grand Prize is also requested. Please think about what you may have available and are not using or could offer in your line of business that wouldn't cost you much, but would be a valuable product/service for the winner(s). Thank you for your help on this. 9. Entry Deadline - All entry requests must be posted to Bull Ridah via pm or on the SS&R thread by 6pm E.S.T. Thursday, 9/30. Contest trading will begin @ 8am on Friday, 10/1. Current Participants are: ________________________ John Pitera Patrick Slevin Chip McVickar H.G. Eichorst Gersh Bull Ridah Tom Trader Ground Zero Gersh Dave S F. Robert Simms Brister 16 contestants is still the target and cut-off point!