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Managing a fund does convert what can be enjoyable trading into work. The amount of paperwork is absolutely mind boggling. You will come across some "pain in the ass" investors and also some investors who will absolutely adore you if you make them money. You will get letters and emails from...

Yes. I took a week off and went on vacation. The worst thing you could do right now is keep trading. Walk away for at least a week. If you don't you will lose more. Try not to think about the money you're going to miss by not continuing to trade, think about how much you didn't lose...

The most the ES futures can drop at any given time is 70 points before they are halted. 1987 won't happen again, or should I say "shouldn't" happen again.

They don't have OCO order? I use the Global Strategy Trader platform and I can enter a trade, which places an OCO. After that I can hit the "trade out" button and the OCO will be cancelled and I'll exit at the market or I can hit the reverse button but I would have to cancel the OCO manually...

Oh, and yes, I definitely went to the school of hard knocks. I tried in vain to get hooked up with a trading firm. Even the prop shops wouldn't hire me for some reason so I had to teach myself. I blew up more stock trading accounts than I can recall getting my "education." I've never blown...

Right on, there's no magic. This is just a system that I developed over time. It's based more on price movement than indicators. I rely heavily on my "read" of the market, which isn't always right so I need a scaling method to correct the weaknesses in that method. Here's why I don't use...

and here's another one that explains what I won't do and why. It's kind of lengthy but if you're up for a good read there's some good stuff in there. Sorry about the bold, I forgot to close the bracket. Only 1 word was supposed to be bold...

It would take weeks and probably months to fully explain my strategy and even then you may not get it because it is very intuitive and somewhat discretionary. The thing about trading....you can put 2 different traders on a 26/9 MACD cross and get 2 different results. It's not the stratey that...

That is not called a market correction, it's called a widespread economic depression. Do your homework. Study what caused the Great Depression. The current crisis is almost identical.

I hope you're right. I hope this is just broad-based sector panic. There was a mass exodus in TRAD today too but the point drop wasn't quite as large. Time will tell.....

JMO...SIPC and FDIC insurance was designed to protect investors and depositors from loss if a bank or broker, or perhaps even a small number of banks or brokerage firms went under, or faced some other sort of unexpected loss. I don't think either of these insurance corporations were ever...

Excellent point Kiwi, but it's been my experience that the stock price of a company doesn't drop like this for no reason. If it's not the "investors" who it's the market and the market always knows. A drop like this should not be ignored. It's typically a "hint" to the news that will come out...

I googled this topic over the weekend and what I found was the largest broker houses back in 1929 did not fail but that is because they tightened their margin requirements shortly before the crash. Had they not done that many of them would have failed. Supposedly the brokerage industry is more...

Thx! That's pretty much what I thought.

A failed broker/clearing house has definitely been a concern of mine. If it can happen to Refco it can happen to anyone. And then there's MF Global. Scary times man! If your futures broker goes belly up is there a way to get your money back? Probably not. Take the money out and put it in...

I'm with you HFT. Worst case, the fut's go limit down. You don't want to be short the fut's if that happens. That is the golden opp for the Fed to lower the rates to whatever. If that happens the market will react violently. Trading is about knowing how to do something over and over. The...

Which the dollar is currently pricing in. This is a buying opp, not a selling opp...jmho.

Ahhh...but wasn't his target somewhere around 100? We're <10% of the way there......

Exactly Right! Just about every successful trader has blown up and I'm no exception. I took a few days off and got back in the saddle and did exactly what got me to the point before the blowup. If you blew up take some time off and get your head straight. When you come back do exactly what...

If you use lawyers, accountants, administrators, and other misc costs you're looking at about 40-50k to get off the ground. I took a different route....I got a bunch of friends and family together and said, "Hey, here's my performance, I'm starting a hedge fund. Are you in or out?" I didn't...