Hi Gary,

We are all products of our trading experiences. Since I've been doing this a long time I'm going to have more experiences to draw from, there is no way to teach that. I do "adjust" my approach, get tighter, get looser based on what I see. Again, no set of rules I can give you to have that "feel" at the tips of your fingers. Playing that game can be dangerous. I would suggest you did a great disciplined trade here. On the first one. No shame in taking the Bonds for 4 points. You got a better fill than I did, what's up with that? Maybe I should join forces with you ...you enter 'em, I'll exit 'em ... :)

You made 4 on a parallel trade to my 8. Was my extra risk, playing looser stops, worth 4 more points? On this one, it worked out, maybe the next one we do the same, I get clubbed for a loss 'cause the stops should have been tighly rolled and you made money because you did play it tighter. I've tried to make the BONDS as mechanical as is possible. There will always be some "nuance" that comes with experience. I think you comment about getting a bit of confirmation if the market isn't chuggin' pretty good is not a bad intial bending of the rules. Damn, man, look how far down the road you are from just a few months ago. It'll come, those little sensitivities and nuances. I think ya' done good, son ... on the first one.

Now about the second, what the H-E double hockey sticks were you thinking? Just kidding. The final hour of trading in the Bonds, I think, is a very dangerous time to trade. In the final hour all the institutional guys are gone to their power lunches dripping Onion soup on yellow ties. The bulk of spec traders have done the thing and are absent. About the only ones around are the hardcore locals. What they have on their collective minds is not beneficial for us small specs. They like to undo lots of what took place earlier in the day. They liek to get us going one way, then they do a little Walter Payton "sweetness" going north when we are leaning south or vicey versy. Unless I have a trade that is pretty smokin', I'm H-I-S-T-O-R-Y. I'm bailin' with what I got and, for sure, I'm not initiating anything. You said it perfect ... if it's in the final hour there is none.

I hope this helps, Gary. I think you did a bang up job on the trade. You may leave a little on the table now and then but over the long haul conservatism never hurts ... well, never hurts as bad.