Todd, Looks like I jumped the gun with my post (oops, now 269 since december). I thought you guys were deliberately ignoring me. Sorry.
Steve, thanks for the reply. I as well have a buddy who's a local in the NAZ pit. As you point out, these guys are just taking the other side of paper in the pit. Institutional orders in the pit are much more active around pivot levels, so the intraday trader must be aware of these levels. It doesn't matter if it's a monthly pivot, a 10 year MA, Borsellino's birthday...whatever. The point is orders will be piling into the pit around here. No? I really enjoyed your example of trading around these levels. It's not a step-by-step process to trade around these levels, but it's certainly designated areas of increased activity where you must be aware. Trading for a living from a $400 CD? I'll never tell someone this is possible, nor will I encourage them to purchase it if these are the results they are looking for. This is a business unlike anyother that has a tuition and barriers to entry. I paid $50k in tuition for school to get a job after graduation. And I can also get laid off from that job! I don't know if a trader can get laid off. Should trading, if treated as one's fulltime business, be expected to work without paying tution to someone, or something? I tell you what. I'm not going to send my business to a thrifty self-taught, heart surgeon who learned his profession from a $39.95 book because he had the foresight and business sense to save himself $100k in medical school costs. My point is a good trader makes MORE than that heart surgeon. But that heart surgeon made sacrifices to be in that position. Should a trader be any different?
todd, its good to hear you are tearing up the fx market. I will be watching this column with great interest. Would you explain why you are trading fx instead of stocks. Your former co-boss Jem