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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (8076)	4/28/2000 11:28:00 PM
From: Dominick	Read Replies (1) \| Respond to of 18137

OZ: How long do they wait before they scan for intra day highs? Dominick

To: OZ who wrote (8076)	4/29/2000 2:12:00 AM
From: OZ	Read Replies (2) \| Respond to of 18137

A few more points to add to my lst post. Message 13523236 I forgot to (or was to lazy) to include a few important points. Positions are held for 1-3 days. Separate accounts are also established for long term big size position trades. Trades are never entered for just a scalping purposes. Frequently the whole portfolio of positions are dropped at the touch of a button so as to take profits or cut losses. Many times they immediately start buying back everything they just sold within 5 minutes when they see that they just panicked. I have seen them do this TWICE or more (go long, go short, go long, go short) in a day many times and get creamed. Usually it is never a winning proposition once this occurs. Turning a ship is not as easy as turning a jet ski. Some of the quotes I hear kind of explain the mentality. Some of those are: * "You are what you hold (winners and losers) * when someone says look at the size of the offers on INCA they reply "I thought you were already in that stock" and when you say I am, they say "THEN WHY ARE YOU LOOKING AT THE OFFERS" This implies that one is MicroManaging their position * "You can't win if your not in" * or "How I cannot afford not to be in" * "losing cost me less than not being in" * "Don't ever short a dull market" Kinda goes completely against many popular tenets that people in this business follow. Just remember that these are guidelines that a specific group of people with very large accounts follow so as to help them manage there many positions. Many reading this might feel defensive and say that this is wrong. It goes so against the thinking of the "never overnight, only in the morning, never in the afternoon, only on the long side, only on the bid, only to the ask" group. Kinda like if the wife goes to the store to buy 2 tomatoes. She is going to pick to perfect tomatoes. But send her in for 500 tomatoes and I bet she is less selective. But at the end of the day there will definitely be much more spaghetti sauce and it will still taste good. I am not going to be the one to tell them they are wrong. That would be akin to the losing investor that says his F/A and himself are correct and the market is wrong. The only real indicator of right and wrong is the P/L statement at the end of the day taken in context with ones own emotional threshold. I have thought about posting this stuff for some time and since Leland asked the precise question. I figured why not. hope this helps, OZ

To: OZ who wrote (8076)	4/29/2000 5:44:00 AM
From: Redmond Quain	Read Replies (1) \| Respond to of 18137

<<Needles to say, some of the drawdowns on a market that reverses are awesome.>> Are we talking intraday reversals here, e.g. from an intraday new high to an intraday new low? A fascinating post, Oz. Much food for thought.Thanks.

To: OZ who wrote (8076)	4/29/2000 8:05:00 AM
From: booters	Read Replies (1) \| Respond to of 18137

Your post is fascinating. If they are trading that many stocks I would think the overall effect would follow pretty close to an index, say the S&P. Wouldn't it just be much easier to trade the index. Either stock index or futures index. Am I missing something? Thanks boots