| "Reminiscences of a Stock Operator!" [message #373682] |
Fr, 17 März 2006 02:29 |
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Free Livermore
Trading Futures Spreads is a low risk way for you to reenter the
markets after taking a trading break. First time traders are really
learning. It is not until new traders get technical analyses under
there belt on one side, before they realize that almost all the pros
use Spreads as part of there low risk strategies.
Seasonal calendar spreads in particular. The basics of trading were
first revealed to the public in a series of interviews with the then
legendary Jesse Livermore. These discussions were later compiled into
a book ..
"Reminiscences of a Stock Operator!"
It's been around a long time. The truths revealed here apply to all
forms of investing, throughout all time (so far). It will be time well
spent to read and re-read, to remember the truths unveiled here.
"My dear boy," said old Partridge, in great distress "my dear boy, if I
sold that stock now I'd lose my position; and then where would I be?
...he really meant to tell them that the big money was not in the
individual fluctuations but in the main movements that is, not in
reading the tape but in sizing up the entire market and its trend.
And right here let me say one thing: After spending many years in Wall
Street and after making and losing millions of dollars I want to tell
you this: It never was my thinking that made the big money for me. It
always was my sitting. Got that?
My sitting tight!"
E-mail me Aualloy [at] gmail.co when you want a free copy.
-oo0(GoldTrader)0oo-
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| Re: "Reminiscences of a Stock Operator!" [message #373683 ] |
Fr, 17 März 2006 04:07 |
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"-oo0(GoldTrader)0oo-" <aualloy [at] gmail.com> wrote in message
news:1142558949.161286.320170 [at] j33g2000cwa.googlegroups.com...
> Free Livermore
>
> Trading Futures Spreads is a low risk way for you to reenter the
> markets after taking a trading break. First time traders are really
> learning. It is not until new traders get technical analyses under
> there belt on one side, before they realize that almost all the pros
> use Spreads as part of there low risk strategies.
>
> Seasonal calendar spreads in particular. The basics of trading were
> first revealed to the public in a series of interviews with the then
> legendary Jesse Livermore. These discussions were later compiled into
> a book ..
>
> "Reminiscences of a Stock Operator!"
Please excuse my ignorance, but I've read that book about 5 times (yrs ago
mind you), and I don't recall anything on spread trading, or "hedging" as I
believe it was referred to then. My understanding was that Jesse Livermore
only traded outright positions.
What page is this on?
Sincerely,
John
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| Re: "Reminiscences of a Stock Operator!" [message #373684 ] |
Fr, 17 März 2006 04:50 |
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-oo0(GoldTrader)0oo- wrote:
> Free Livermore
>
> Trading Futures Spreads is a low risk way for you to reenter the
> markets after taking a trading break. [snip]
While I don't doubt Livermore's trading acumen, he went broke a number
of times during his trading career and eventually shot himself after
declaring bankruptcy.
Isn't there someone better to take advice from on "low risk" trading
strategies? Someone who didn't trade himself into oblivion and die
penniless?
Travis
www.travismorien.com
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| Re: "Reminiscences of a Stock Operator!" [message #373685 ] |
Fr, 17 März 2006 04:59 |
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Travis Morien wrote:
> -oo0(GoldTrader)0oo- wrote:
>> Free Livermore
>>
>> Trading Futures Spreads is a low risk way for you to reenter the
>> markets after taking a trading break. [snip]
>
> While I don't doubt Livermore's trading acumen, he went broke a number
> of times during his trading career and eventually shot himself after
> declaring bankruptcy.
>
> Isn't there someone better to take advice from on "low risk" trading
> strategies? Someone who didn't trade himself into oblivion and die
> penniless?
***
"low risk" trading
***
Afraid not Travis :).
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| Re: "Reminiscences of a Stock Operator!" [message #373686 ] |
Fr, 17 März 2006 07:44 |
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Hello Travis,
Long time no see. -oo0(GoldTrader)0oo-
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| Re: "Reminiscences of a Stock Operator!" [message #373699 ] |
Fr, 17 März 2006 14:14 |
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Despite the popular belief, trading strategies which use options and
other leveraged investments, usually involve far less risk than
trading equities directly. Options players (in all markets, forex,
commodities, equities) are usually the most advanced investors in
relation to the risk/reward ratio. The little boys who hurt themselves
by not taking safety precautions when using power tools are the ones
get most of the press. However they are actually few in proportion to
the number of options and leveraged invesment traders.
If you don't personally know anyone who makes their living trading in
this way, I've read 2 books that give an insight into trader think and
some strategy ideas.
"Market Wizards : Interviews with Top Traders"
Jack D. Schwager
"The New Market Wizards : Conversations with America's Top Traders"
Jack D. Schwager
On a personal note my risk is far lower now that I play mostly options
than it ever was or could be buying stocks. I've got some trades where
I'm 4 hundred shares of stock at a risk of about $150 or less. I
combine that with an ultra conservative money management system and
some candlestick 'get out now' lines (that's right, even with only 2%
at risk I still have stops which allow me salvage a portion of the 2%
when the play goes against me, thereby lowering my practical risk even
further)...MMM that's a good soup.
I used to do the 8% technical stop, but 2% or less risk is a far more
conservative position and the reward is...disproportional in a good
way, to say the least.
Low risk trading indeed.
Anyone serious about trading, or technical charting, or both, can
benefit from Livermore's book, character flaws not withstanding.
There's not much info on trading hedges/options though, if that's what
you are looking for.
-Luke
Lionel wrote:
> Travis Morien wrote:
> > -oo0(GoldTrader)0oo- wrote:
> >> Free Livermore
> >>
> >> Trading Futures Spreads is a low risk way for you to reenter the
> >> markets after taking a trading break. [snip]
> >
> > While I don't doubt Livermore's trading acumen, he went broke a number
> > of times during his trading career and eventually shot himself after
> > declaring bankruptcy.
> >
> > Isn't there someone better to take advice from on "low risk" trading
> > strategies? Someone who didn't trade himself into oblivion and die
> > penniless?
>
> ***
> "low risk" trading
> ***
>
> Afraid not Travis :).
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| Re: "Reminiscences of a Stock Operator!" [message #373717 ] |
Fr, 17 März 2006 22:32 |
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I think it is very difficult to daytrade options. The volumes are very =
light and the liquidity is close to non-existent. Daytraders want and =
need tight Bid/Ask spreads and those are just not available in options, =
although the leverage is sure there.
--=20
Lubow
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<DIV><FONT face=3DArial>I think it is very difficult to daytrade =
options. =20
The volumes are very light and the liquidity is close to =
non-existent. =20
Daytraders want and need tight Bid/Ask spreads and those are just not =
available=20
in options, although the leverage is sure there.</FONT></DIV>
<DIV><BR><FONT face=3DArial>-- <BR>Lubow</FONT></DIV></BODY></HTML>
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| Re: "Reminiscences of a Stock Operator!" [message #373718 ] |
Fr, 17 März 2006 22:41 |
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Post removed (X-No-Archive: yes)
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| Re: "Reminiscences of a Stock Operator!" [message #373732 ] |
Sa, 18 März 2006 15:44 |
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My point was directed at any type of leveraged positions play. Leverage
position plays include (but are definately not limited to) Futures,
Forex, Commodities and Options on equities.
A leveraged position is a type of position. Daytrading is a style of
trading. I think daytrading depends more volume of play than leverage,
but I have zero experience in daytrading although I do know personally
know some... retired daytraders. :-)
-Luke
lubow wrote:
> I think it is very difficult to daytrade options. The volumes are very light and the liquidity is close to non-existent. Daytraders want and need tight Bid/Ask spreads and those are just not available in options, although the leverage is sure there.
>
> --
> Lubow
> ------=_NextPart_000_001F_01C649E0.5F8FCF40
> Content-Type: text/html; charset=iso-8859-1
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> <!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
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> <META http-equiv=Content-Type content="text/html; charset=iso-8859-1">
> <META content="MSHTML 6.00.2900.2802" name=GENERATOR>
> <STYLE></STYLE>
> </HEAD>
> <BODY>
> <DIV><FONT face=Arial>I think it is very difficult to daytrade options.
> The volumes are very light and the liquidity is close to non-existent.
> Daytraders want and need tight Bid/Ask spreads and those are just not available
> in options, although the leverage is sure there.</FONT></DIV>
> <DIV><BR><FONT face=Arial>-- <BR>Lubow</FONT></DIV></BODY></HTML>
>
> ------=_NextPart_000_001F_01C649E0.5F8FCF40--
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| Re: "Reminiscences of a Stock Operator!" [message #373741 ] |
So, 19 März 2006 02:59 |
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They retired then became daytraders or they're retired from daytrading?
--
Lubow
"Awaken21" <lukecarlos [at] gmail.com> wrote in message
news:1142693094.036307.87820 [at] g10g2000cwb.googlegroups.com...
> My point was directed at any type of leveraged positions play. Leverage
> position plays include (but are definately not limited to) Futures,
> Forex, Commodities and Options on equities.
> A leveraged position is a type of position. Daytrading is a style of
> trading. I think daytrading depends more volume of play than leverage,
> but I have zero experience in daytrading although I do know personally
> know some... retired daytraders. :-)
>
> -Luke
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| Re: "Reminiscences of a Stock Operator!" [message #373742 ] |
So, 19 März 2006 03:18 |
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They retired from daytrading. But I'm pretty loose with the word
'retired', switched from daytrading to other styles of trading is more
accurate.
-Luke
lubow wrote:
> They retired then became daytraders or they're retired from daytrading?
>
> --
> Lubow
> "Awaken21" <lukecarlos [at] gmail.com> wrote in message
> news:1142693094.036307.87820 [at] g10g2000cwb.googlegroups.com...
> > My point was directed at any type of leveraged positions play. Leverage
> > position plays include (but are definately not limited to) Futures,
> > Forex, Commodities and Options on equities.
> > A leveraged position is a type of position. Daytrading is a style of
> > trading. I think daytrading depends more volume of play than leverage,
> > but I have zero experience in daytrading although I do know personally
> > know some... retired daytraders. :-)
> >
> > -Luke
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| Re: "Reminiscences of a Stock Operator!" [message #373743 ] |
So, 19 März 2006 08:37 |
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One thing is true and that is daytrading can take a lot out of you. It can
be pretty physical sitting behind a terminal 5 or 6 hours per day and unable
to concentrate on anything else.
--
Lubow
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| Re: "Reminiscences of a Stock Operator!" [message #373745 ] |
So, 19 März 2006 10:23 |
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"lubow" <lubow [at] covad.net> wrote in
news:55bbf$441d0a3f$44a68a53$4988 [at] msgid.meganewsservers.com:
> One thing is true and that is daytrading can take a lot out of you.
> It can be pretty physical sitting behind a terminal 5 or 6 hours per
> day and unable to concentrate on anything else.
>
Well, duh, I sit behind a computer, building and analysing models of cars,
full time. Why is day trading any different? The stress is not in the
screen, it is the depth (or lack of) of analysis behind it, and since day
traders are effectively gambling all day, they might as well stay in the
TAB all day.
Cheers
Greg Locock
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