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S&P Trading Tips - Dr. P. E. D.
I really enjoy getting CTCN and read and study every issue. I hope that you can continue in spite of the bureaucracy. I have been trading for over 20 years using both full service and discount brokers. I have purchased your Real Success Videos and found them useful, although I do not trade the system exactly the way it is presented. This is what I believe that I have learned in the 20-years that I spent in the school of hard knocks.
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1. Specialize -- I stick with the S&P 500. Plenty of action, good liquidity, lots of technical data to support decisions. I read about traders all the time that follow 8 or 10 markets. I just can't do that and I don't know many people that can. Maybe that's one reason why there are 85% losers.
2. Live Data Feed -- For years I tried to trade based on frequent phone calls to a broker (this was before CNBC). I finally broke loose and bought a Quotrek (hand held portable data receiver). Now I can get S&P and other prices almost as soon as the floor does. (10 to 20 seconds lag) Even with the new S&P size you can lose a lot of money if you aren't right up to date.
3. Be Independent -- Don't let anyone else do this for you. I lost $20,000 while on a seven-day cruise ship holiday, because I was holding several S&P contracts and had told the broker to get me out in if the market went against us. This was 12 years ago and I was really green.
4. Use Mental Stops -- I broke this rule recently. I was short the S&P at 1119.30 and it dropped to 1117.50. l was really busy so I told the broker to place a stop where we would not let a profit turn to a loss. He was too busy to use a mental stop so he placed one with the exchange at 1119.20. The market ran to 1119.50 10-minutes later and then made a low later in the day at 1105.40. I would never have sold with a mental stop because the trip was so fast you wouldn't have finished dialing the phone before seeing the market back down to 1118.50. Mark it down. They will gun your stops if you give them the chance.
5. K.I.S.S. (Keep It Simple Stupid) -- Bill Oliver pointed this out in CTCN sometime ago and I agree 90%. I believe that each trader has to develop his own system based on his own personality. You have to know yourself. I day trade, but some people would rather hold overnight and take a longer time frame with wider (mental) stops.
6. Keep Working - - This is not a lazy man's game. You have to crunch the numbers every day. I hand draw my charts from the Quotrek data even though my broker Faxes me a computer chart two to four times a day. I get a much better feel with my hand drawn charts than I do sitting in front of my PC screen. Bill Oliver also mentioned this. This is another reason why I follow only one market.
7. Be Flexible -- The S&P market of today is totally different from the 80's market or even the early 90's. The average daily range is now 10 to 15 points where is used to be 5 to 10. Bull markets are different from bears and choppy (digestion phases) are different still. The bear can take away in one day what you earned in two weeks if you aren't on the right side of things.
I could go one for pages, but instead I would recommend the reader to buy any book written by Joe Ross, Larry Williams or George Angell. I did write George a letter about a month ago with a question on his latest book, but have yet to receive an answer. Just too busy day trading I guess. Keep working, keep learning and "just do it."
Great News! We offer many of our Commodity Traders Club News back-issues on-line for the trader to read and gain knowledge. Be sure to take advantage of all the free information offered. Read the back-issues.
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