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

To: LPS5 who wrote (8365)	5/7/2000 8:58:00 PM
From: Dan Duchardt	Read Replies (1) \| Respond to of 18137

LPS5, What can I say? You've kind of put me in a box here. You ask me to tell you I was being rhetorical, but I was not, especially not in the case of my direct question about my message to Jon. Then you close by reminding my that you do not wish to engage in conversation about issues related to my question. I respect your right to decline to engage in any conversation. I avoided a point by point response to you prior message for that very reason. But wether you intended to or not, to my mind at least, and I expect to other readers, you raised uncertainty as to whether previous comments made in reply to Jon's question were accurate. What I was asking for was clarification on that point. I have no wish to be argumentative and engage in debate with anybody to hear myself talk, but I've read a lot here today that does not sit well with me. So to the audience at large, I'm going to express my opinion. Some of the more experienced traders have expressed the point of view that this thread has deteriorated into an overemphasis on the mechanics and rules of trading, at the expense of the more important issues of reading the market, understanding its movement, and knowing when to strike. There's been a bit of nostalgia for the "good old days" when the folks in the know were posting significant stuff before all the new folks came along, as if the new folks had somehow chased away the old posters. Well I don't buy it for one minute. Case in point: About a week ago, OZ began a lively discussion about the strategies utilized by heavily capitalized traders. Everyone was interested as far as I could tell. I think that conversation ran its course, and many of us were enlightened by it. Here and there we may have picked up something we can all use in our smaller scale trading. TraderAlan has favored us with numerous messages about tactics and strategies for successful trading. I've learned a lot from them. We used to get some input from Theresa Lo that I've not seen in a long time. It was good stuff. I too wish we had more of that. Alan has another endeavor taking up a lot of his time. I suspect that has had more of an effect on his posting frequency than less significant conversations. Theresa has her web site where you can go to find some of here wisdom, but I would certainly welcome her direct participation. I would like to hear more about strategy. I've been reading another tread lately that's full of all kinds of stuff new to me about market behavior, chart reading, etc. Subject 32953 But I also think strategy is not everything. We are engaged in a game, and the game has rules. Those who play the game without knowing the rules are at a serious disadvantage. I could write pages and pages of analogies, but I'll spare you that. I hear all kinds of comments from misinformed people (mostly on other threads) about orders not getting filled when they had no "right" to expect a fill in the first place. Knowing what you are entitled to expect from the market is part of the game, a part I think those who are asking for "more substance" have a good handle on already. It has become second nature to them, and consequently of less or little importance because lack of knowledge in this area is no longer costing them money. Innacurate statements made in the course of discussing a broader issue may not be of great consequence to that particular discussion, but I submit that anything said in error on this thread should not go uncorrected, no matter who said it. Widespread misinformation usually originates from one inaccurate statement that gets passed on time an again as if it were factual. As far as this "trade or move" business is concerned, it seems to me there are two separate issues and two separate rules. One is related to Jon's question about MMs backing away during market hours, and the other is related to brec's reply concerning the premarket MM activity. It seems to me that for any trader, the distinction between the two is worth knowing about. I've heard hundreds of times that MMs have no liability for SelectNet preference orders, and the phrase "fill or move" is commonly used in that context. It's common, but it's wrong (or else I am, and if so I should be corrected). The discussion about auto-execution may be less important in the big scheme of things than understanding Fibonacci retracements and Elliot waves (or from that other thread, forks and wiggles), but executions are where the rubber meets the road. I took some serious hits this last week, not because of being stubborn and refusing to admit things were going against me, but simply because of being unable to get executions when I pulled the trigger. I guarantee you that if I had auto-ex capability working for me, I would have made money. The knowledge of when I can expect to get executed at a price I see posted, and when I cannot, is fundamental to successful implementation of any short term strategy. It may not matter to long term investors, but that's not what this thread is about. I probably shouldn't admit this, but when I read that one of the better scalpers I know of has long enjoyed the benefits of auto-execution, my awe dropped a few levels. I still think he's a great trader, but having traded both with and without auto-ex, I think it's an enormous advantage for scalping. Maybe what is needed is another thread with a more narrow focus than what this one has become. Whoever sets it up could be explicit that "nuts and bolts" issues are off topic. I guess SI will even let you restrict access now. I hope that restriction only keeps people from posting, and not reading. Maybe the founder would be gracious enough to set up a companion tread to field questions from the less informed about main thread issues. Spammers, and those who want to drag in other stuff need no response. Well, that's my $.02 Dan