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     julles
Member
Username: julles
Post Number: 934
Registered: 01-2003Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 04:25 pm: | 
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Gosh what a day!!!! Totally frustrating !!!!
Enough to make anyone raid the Rum barrels for a few extra nips !!!!
Julles absolutely kicking herself in the ankles and would you believe it I'm trying to kick the dreaded habit of smoking!!!!
Dying for a fag  The Cook 
Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade. Your mind will seek to develop the picture...Do not build up obstacles in your imagination.
Norman Vincent Peale (1898 - 1993)
.................................................
Small opportunities are often the beginning of great enterprises.
Demosthenes (384 BC - 322 BC)
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sweet
Member
Username: sweet
Post Number: 17
Registered: 03-2004Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 05:00 pm: |
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Horrible. Just horrible. It is on days like this that hours of fundamental research and technical analysis go insane, out the window.
Hard to implement all exist strategies when you know your holdings are simply reacting to market conditions.
How do you handle stoploss on a day like this?
I am learning. Please do not buy/sell based on any of my comments, which are based entirely on my own confused state of mind in relations to market conditions.
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spider
Member
Username: spider
Post Number: 1561
Registered: 10-2002Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 06:30 pm: |
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Yo sweet,
I'm sure everyone knows how you feel.
"Hard to implement all exist strategies when you know your holdings are simply reacting to market conditions.
How do you handle stoploss on a day like this?"
First up, in my not so humble opinion, days like today tell you heaps about the market you are trading in, and in particular, the positions you hold.
Let's get the 'stops' question out of the way first.
STOPS ARE STOPS ARE STOPS.
No second guessing.
If I place a stop (one of my positions got stopped out today) it was because I had thought long and hard about protecting my capital, this is absolutely my highest priority.
You either have a system or you don't. Stick to your system through thick and thin, then if you believe that it is not working chuck it out and get a new one then stick to that one............ no second guessing!
If the market is behaving strangely, then listen to the warning and make the adjustment.
Everything changes, sometimes for a short time (the market takes a breather) sometime fundamentally.
You have been given a hint by todays reaction, and as always, you have to decide what it means to you.
spider.
.
"The only time I really ever lost money was when I broke my own rules." - Jesse Livermore
"When choosing between two evils, I always like to try the one I've never tried before."
- Mae West
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williamat
Member
Username: williamat
Post Number: 220
Registered: 09-2002Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 06:36 pm: |
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Julles, Brilliant post; Sorry to see that you may have made a serous blunder,I won't bet you're the only blunderer we know.
I chewed Nicorette for about 6 weeks then changed to Stimorol, and was on that for many weeks. That was almost 20 years ago, had to have a prescription then. Best money I ever spent. YOU can do it, be sure. Good luck. Bill.
The difference between intelligence and education is this- intelligence will make you a good living. Charles C Kettering.
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captain_chaza
Member
Username: captain_chaza
Post Number: 842
Registered: 02-2003Rating: 
Votes: 1
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| | Wednesday, April 21, 2004 - 07:03 pm: |
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Welcome aboard Sea-Cadets Sweetie /Ken and Barbie
Instead of waisting your time researching sweet FA
It may not do you any harm to read a few of my old notes on
SEAMANSHIP
The Craft
Ideally one should select a vessel fit to carry out the voyage contemplated pleasurably and as comfortable as possible from start to finish. Some have the good fortune to do this. Often it comes the other way around and a man is already cruising a vessel and wishes to plot her future course. Charts are filled with a wealth of information
Good Up- To-Date charts will be equally valuable to all who go to sea in small speculative yachts, the heavier displacements of Maxis and Schooners and equally to those who are mainly interested in the fine sport of sailing on our GREAT Ocean Going TALL ships.
The requirements of any ship sailing in deep waters above one's head whatever the purpose of her cruise, can be reduced to the one essential factor.
SEAWORTHINESS!
Seaworthy so that she may remain afloat and stay intact for at least enough time to run for shelter, passport to a neighbouring vessel and even avoid the humility of jumping onto a sinking ship that has been "Oversold"
A search through the many charts of ships sailing the ASX at any one given time shows truly amazing variety of conditions and situations.
Some are booming through the crest the waves, some crashing in troughs. Others are beset by a calm drifting sideways with very little little food and fresh water onboard.
With today’s sophisticated, computer models and extensive tunnel testing approach to ship design and building, there is no better test of a ships performance and seaworthiness unless it is compared to one or two others in the same seas, under the same weather conditions, at the same time
LEARNING ABOUT THE CRAFT
The expression “a fine ocean going type” is used frequently by yachtsmen. Often it refers to vessels with very heavy displacements and so clumsy that their ocean going ability is limited.
A good Seaman will always passport to more seaworthy and better performing yachts and even sometimes stay ashore and take a well earned rest at times.
For successful ocean racing on the ASX a craft must be fit to suffer strong gales, even storms with their 70 knot wind speeds and exceptionally high waves.
This may sound all too easy and sometimes it is.
A voyage on any ocean will always show up any weakness in the hull, riggings and most importantly the CREW
She can then be so Merciless beyond any belief and religion you could possibly believe .
Men have been lost at sea even in TALL ships where ocean chart records show “Storms almost unknown.” The skipper and his crew must always be prepared to jump ship. The skipper as always will find this a most difficult task.
No one can foretell when the trials will come, so right from the start the skipper must be able to rely implicitly on the condition of the craft, equipment and the navigation instruments and the CREW he has on board.
Before a man sets out for a cruise he must have a good deal of knowledge about a great number of subjects. Some for instance have set out with the confidence of learning certain aspects and get a feel for things on the way.
This might seem to be a reasonable risk at times, but there is no room for any risk at all over the ship’s condition before commencing a cruise on the ASX.
Numerous voyages have had magnificent starts and have then come to grief;
Perhaps with loss of life;
Certainly with great loss of dignity and investment.
Almost all could have been avoided with the employment of regular first class ocean records, chart surveys and the navigator’s discipline of maintaining and recording regular sightings.
In the learning process of any topic and particularly when “Sailing the ASX” a seaman usually starts out sailing from the first of the four major ports.
1. Subconsciously unskilled.
2. Consciously unskilled
3. Consciously skilled
4. Subconsciously skilled
Men usually start their sailing experience on the ASX with their accrued winnings of the many challenge races against other businessmen they have faced on land.
Sometimes these winnings are self made over many years of hard toil and in other times they are inherited by the virtue of privilege.
A few have even won the lottery.
Whatever the source of the commitment the learning experience is always the same. He notices other members of his family, friends, neighbours and old business rivals having a great time on the ASX and feels he is missing out on something.
He becomes desperate and impatient to set sail on the ASX and will quickly put together a team of experts, an information network, formulates a risk / stoploss strategy and jumps on board thinking he has reached the-
Consciously Skilled
It is not until he plots each and every voyage will he have a better understanding of where he is at and where he could have been.
To rise to the status of the
Subconsciously Skilled sailor of the ASX is truly seeking for perfection I know. If at all there is such a man nowadays is truly a question of relativity.
Sorry Officer Scalper)
It is difficult to remember, to act immediately without hesitation.
However, in any search of excellence and endeavour to reach this ultimate state of seamanship, we must start from the evolution of the Global Exchange, its technical charting approach and set out for Japan and back in history some 400 years ago and Candlestick Charts
Learning from History
From 1500 to 1600, referred to as “Sengoku Jidai” or the “Age of Country at War.” Japan was in total disorder as the 60 provinces and her feudal lords fought for control of their neighbours territory.
The social system was devised into four social classes. The highest class being the Soldier, then the Farmer, the Craftsman and the Merchant was the lowest.
In the year 1642 a group of merchants tried to corner the rice market and were severely punished. They were exiled, their wealth was confiscated and all their children were executed.
It was in the early 1600’s, that three extraordinary generals appeared, Nobunaga Oda, Hideyoshi Toyotomi, and Ieyasu Tokugawa, who are still all celebrated in Japanese folklore today for their contributions to the unification of Japan.
It is said that “Nobunaga piled the rice, Hideyoshi kneaded the dough, and Tokugawa ate the cake.” The last of these great generals became the Shogun whose dynasty ruled Japan from 1615 to 1867.
The relative calm of this “Tokugawa Shogunate,” with its centralised feudal system inspired the conception of a national exchange.
By the year 1700, the very isolated and local markets were replaced by the evolution of a national market.
Hideyoshi Toyotomi respected Osaka’s ease of access to the sea, when land transport was still dangerous and costly, and encouraged her growth as the capital depot for accumulation and distribution of supplies.
Hideyoshi then appointed Yodoya Keian as his war merchant, having displayed extraordinary seamanship skills and abilities in the art of transporting, distributing and setting the price for rice.
Yodoya became very wealthy and so influential in smoothing out the regional price and supply differences that the first rice exchange was situated in his own front yard.
In 1705, the Shogun then confiscated his entire fortune on the charge of living in luxury not befitting his social rank of a Merchant. The original concept of a rice market developed in Yodoya’s front yard, then evolved into the Dojima Rice Exchange in Osaka.
Rice became the foundation stone of prosperity, and the defacto standard of currency as hard currency coins lost respect and even taxes to the feudal lords was collected in rice. In this thriving and very liquid sea there were more than 1300 brokers grading and bargaining its price.
After 1710 the exchange introduced rice warehouse receipts, or rice coupons as they were then called. Any feudal lord who was in need of money would send his surplus rice to a warehouse in Osaka. It would then be graded and placed in his name and issued with a coupon as receipt for the rice. He was then free to sell his coupon whenever he wished.
As war is as expensive as it is destructive, some feudal lords began to sell their next year’s coupons against their next years anticipated taxation rice returns. Such a rice coupon was called an empty coupon, because the actual rice was not in physical possession, but was sold against a specified future delivery.
These were found to be very actively traded and in the year 1749, 110,000 bales (coupons) were traded in Osaka, yet throughout all of Japan there existed only 30,000 bales. The Futures Exchange had arrived and the endless Global match race between bulls and bears had begun.
And luck is truly a lady
In 1750, and into these magnificent waters sailed a man, named Munehisa Homma, 26 years of age and from one of the wealthiest families in all of Japan.
Homma’s family had huge rice farming estates and therefore local knowledge and information of the prevailing rice market conditions.
In addition, Homma kept records of weather conditions and analysed rice prices going back to the time when the rice exchange was born in Yodoya’s front yard. His principles evolved into today’s Japanese candlestick charting which I have adapted to display the weekly performance of each craft.
Homma also set up his own communications system and placed men on rooftops to send signals by flags. These men stretched the great distances between all the rice exchanges.
It is said he made 100 consecutive successful voyages on the Global Exchange and was called “God of the markets.” The first great technical chartist had arrived.
It is a little uncanny to notice that most of the worlds participants in that greatest ocean regatta of them all, the America’s Cup, is filled with corporate magnates of the Global Exchange.
Did they learn their successful seamanship skills and navigation disciplines on land and then go to sea or did they learn them at sea and then go on land? Whichever came first I am sure they always set out with all the latest in technology and the finest equipment available.
Learning to Sail
The three main factors that influence “Sailing the ASX” are
Weather,
Tides and Ocean Currents and
Cruise Strategy.
TBC someday ?
Captain Chaza
"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.
"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893
"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897
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sweet
Member
Username: sweet
Post Number: 19
Registered: 03-2004Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 07:08 pm: |
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Captain chaza, officers and crew, salutes. Forgive for have not yet requested for permission to board your fine ship. Memories of being left stranded, hanging on to straws, during rough seas and vicious tides of seasons 99/00 and 02/03 have left me a bit seasick. Hopefully soon, I regain my strength, wit and courage, to request for permission to board, as an apprentice. Meantime, I am very much enjoying accounts of your travel and logs.
(Message edited by sweet on April 21, 2004)
I am learning. Please do not buy/sell based on any of my comments, which are based entirely on my own confused state of mind in relations to market conditions.
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sweet
Member
Username: sweet
Post Number: 20
Registered: 03-2004Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 07:18 pm: |
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Captain chaza, sir, thanks for those kind words of encouragement and welcome. Three greatest sailors in the history.. Captain chaza and other two I cannot remember; Drake and Nelson, perhaps. 
Spider thanks. I appreciate.
I am learning. Please do not buy/sell based on any of my comments, which are based entirely on my own confused state of mind in relations to market conditions.
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kenr
Member
Username: kenr
Post Number: 4
Registered: 03-2004Rating: N/A
Votes: 0
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| | Wednesday, April 21, 2004 - 11:27 pm: |
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Captain Sir,thanks for accepting my humble self aboard this good ship,and for the encouraging and enlightening words. I am afraid I have had to have a small amount of brown elixir to overcome sea-sickness suffered today but the seas may be calmer with less cross chop upon them tomorrow.Heres hoping!!!
Your faithful bilge cleaner
Ken
ps Julles when you finally crack the habit please pass on the secret.
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spider
Member
Username: spider
Post Number: 1563
Registered: 10-2002Rating: N/A
Votes: 0
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| | Thursday, April 22, 2004 - 01:07 am: |
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Fist mate spids on watch.
I get the feeling that everyone is a bit bruised and battered after today.
It is not much fun watching your equity drop by so much in just one day.
Not to mention being stopped out of positions that we had high hopes for.
What do we get from a day like today, apart form pain?
Hopefully we learn a bit about our positions and the market in general.
Some of the positions that spider holds seem to be impervious to market sentiment, in other words, baring major incidents, these positions seem to have a life of their own.
Other positions get battered by the wind.
I cannot help but feel that these positions are running a little ahead of the wind.
A couple of my positions were in retracement phase, so it is difficult to tell if today had an effect on them , or if they were doing what they would have done anyway.
Of course you have the short positions that benefit on a day like today.
There is a problem there as well, as I am not sure if it is the inherent weakness in the share of just the market sentiment that sent them down.
Either way, time will give me the answer.
We just got back from having dinner with friends, great night out, considering it is the middle of the week, and we all have to work tomorrow.
I'm sitting here listening to the score from the movie 'Mulholland Drive' and I found an absolutely beautiful track that I have played at least six times, it's magic.
It reminds me of being on the ocean at night.
I could not find a poster for Mulholland Drive, so this will have to do. There are many times that I feel like I'm on Das Boot!
spider.
"The only time I really ever lost money was when I broke my own rules." - Jesse Livermore
"When choosing between two evils, I always like to try the one I've never tried before."
- Mae West
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julles
Member
Username: julles
Post Number: 935
Registered: 01-2003Rating: N/A
Votes: 0
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| | Thursday, April 22, 2004 - 10:40 am: |
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Good Morning Everyone
Captain loved your post about the history of candlestick charting, remarkable!
Thankyou Bill, I'm on day 5 {mornings are the worst  }
Sweet would you mind filling in some of your personal details so we know who we're sailing with?
KenR ..... Big Tuan as in Little Tuan / Boonaroo via Maryborough?
How's the weather look to you good folk this morning?
Possibly a question that has been asked before and answered but when does the data for the US markets update, since I've got the premium now I may as well use IC to check out the DJIAA but I've found it still on yesterdays info.
Julles
Formulate and stamp indelibly on your mind a mental picture of yourself as succeeding. Hold this picture tenaciously. Never permit it to fade. Your mind will seek to develop the picture...Do not build up obstacles in your imagination.
Norman Vincent Peale (1898 - 1993)
.................................................
Small opportunities are often the beginning of great enterprises.
Demosthenes (384 BC - 322 BC)
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captain_chaza
Member
Username: captain_chaza
Post Number: 843
Registered: 02-2003Rating: N/A
Votes: 0
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| | Thursday, April 22, 2004 - 10:46 am: |
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Ahoy brave and loyal crew
All hands on deck
At dawn on the open
LOWER the red GGPO
HOIST the red NCA
LOWER the red FLX
LOWER the red GPO
HOIST the green VOY
Bon voyage and Gods speed
Captain Chaza
Ahoy Officer Mossie
We'd better not get any more oil on the ropes
"While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C.
"I believe the future is only the past again, entered through another gate."
Sir Arthur Wing Pinero 1893
"There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897
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williamat
Member
Username: williamat
Post Number: 222
Registered: 09-2002Rating: N/A
Votes: 0
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| | Thursday, April 22, 2004 - 11:03 am: |
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