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

To: Tom Trader who wrote (2278)	8/21/1998 11:10:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 44573

<I'd like to give it about three months and if at the end of that if it is not profitable, I will give it up. At this point, I have had a couple of very good days and then we have a day like today which was not. > One thing I have not mentioned which I guess I have a bit of concern about, is what appears to be your reluctance to advance your stop loss as the trade works in your direction. Selling short at 68, for example, then watching it go 4 or 5 points lower and getting a 7 point loss. A little loose, I think. If it went 4 points your way and reversed perhaps you should think about why you allowed it to get 7 in the hole; if I remember correctly, that's what happened. Don't worry about what I did....think about why you put in a fixed stop and did not move it down as the trade went your way, then did not adjust for the change in motion later when the environment changed somewhat. If you had a short from 68 ...I think it was, it's late at this point, .. and it went down but rebounded then one tends to protect the trade. Just a thought....don't wish to bum you out.

To: Tom Trader who wrote (2278)	8/22/1998 12:26:00 AM
From: wiley murray	Respond to of 44573

Hi Tom: Thank you very much for such a detailed summary to the question I asked. I had forgotten that we had touched on this subject before. Thanks for the reminder. The main point that jumps out at me from your commentary is to have a plan and stick with it.The people that I have known over the years are ones like you who have a plan and stick with it no matter what, which hopefully produces profits. Most of us who have not been in that 10-15% winners circle have not had the discipline to follow a plan. It is still a worthwhile task for me to continue on trying to be a success, despite the many setbacks. I do have determination on that score. Thanks again for your comments and good luck on your future trading.