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Is this directed at me? If it is, then my answer is "because there were good buyers on the bounce at 10471". I'm a scalper, so I play both sides at all times. I was favoring the short side for obvious reasons, but I will also play a bounce based on the tape.

Came from the horse's mouth. Absolutely no busts. Some big funds lost money today as stop losses and sell stop loss were triggered below 10300 and got caught short as it bounced back. There was a lot of screaming at the office today.

No busts. Trades will stand.

Well.... whatever got it going definitely caused it to take one big sh$t today. The trades will stand. This decision is final. Just spoke with VP of Investigations. The bust range for YM is 250 points. This move was short of that. As I said in the other thread, I hope nobody here got...

Just got done speaking with VP of Investigations. The trades will stand. The bust range for the YM is 250 points. This move didn't go far enough. I hope nobody here got eliminated by this event.

I jinxed myself by saying this. Got smoked in the DOW on that print down from 10471 to 10298 in one tick (was long 6).

Lucky for me, the other guys in my group were well over their limits, so they couldn't easily get out and it bounced back. This would have been really ugly otherwise. I'm glad I'm the only one in the group who lost.

Hmmm.... that just cost me over $2k. Exchange is not busting so far. How long does it take to make that decision? Oh.. just got a call. Not busting. They just confirmed it to my clearer. I hope that this will be reviewed. Part of doing business.

Well.... my reply is trying to point out to you that there is no consistent relationship. One will lead the other for a short time and then the relationship will switch. The short time can be seconds or minutes. It depends on the time of day, the size of the spread between them and, as DaveN...

The cost of carry or basis will close as we get closer to expiration. Fair value is over 28 pts right now. As dividends get paid out and time runs out, fair value should theoretically go to Zero.

You can't possibly expect any product to do anything consistently as a relation to another product in this business. There are arbitragors out there who take advantage of any fluctuations in the relationship between the DIA and YM to keep it in line. This means that, constantly, the relationship...

I agree. It was one of the best days since late April as far as momentum. The Ford announcement was great.

Are you in a pitch black room? Yes, the 1905FP is pretty bright if you want it to be. Also, make sure the VGA cables are well connected in the back of your computer and monitor.

I saw that news item. Remember, he might have multiple seats and is just selling one (or more) at the top before the IPO.

Sorry I haven't replied. I had a newborn and things have been hectic around here and finally getting back to the routine. As to your questions, I never intentionally average down. I always scale in as momentum builds (try to be a part of that building part). The only time I get filled on the...

I am a member of the CBOT, CME and Eurex. I didn't have to register. I have a letter from them that says that registration is only required for me if I'm handling customer accounts along with my own.

The classes of registration detail who needs to register. As long as you are not advising others or clearing someone else's trades through your accounts, you don't need to register.

Incidentally, Bob is now the managing director at Refco and is one of the founding partners. :D

You can't really take any shortcuts towards learning how to trade. The only thing you can do is manage your risk well enough to be around when you figure it out (as I stated in my previous message). Everyone's journey into trading is unique. Trading involves infinite paths to failure as well...

You say "$200 a day avg". This will take some time. It will most likely cost you around $10k to get there depending on your style, discipline, risk management plan, psychology and the markets. $200 average means you will have a quite a few $500+ days which are offset by the inevitable -$200 or...