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To: Clay M who wrote (31348)	12/16/1997 2:44:00 PM
From: Tom Trader	Read Replies (1) \| Respond to of 58727

>>I take it you are a position trader using a mechanical system, but I wonder if you use protective stops or trailing stops or just wait for a signal from your system? I think the placement of stops is the toughest part of trading the S&P's.<< Hi Clay -- good to hear from you. Yes, I only position trade the futures and I do so using a mechanical system. As far as exiting trades, I wait for a reversal signal -- the only exception is that if I have a 40 point profit on a trade, I go flat at that point. I use a protective stop of 15 points when I enter a trade -- irrespective of where the reversal point is on a trade. I have tested the use of trailing stops and feel that in the long run I am better off with using a reversal system. Can you tell me more about your trading style, the markets you trade and any toher details that you care to share?? Regards