1.
Sizing up the Mission
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She wondered if this was his way of sizing her up
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Darniil stared back without flinching; equally serious about the issue, but feeling a light shiver as he stared into those black, beady eyes sizing him up
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She was sizing him up, thinking about their recent history and the problems they’d had
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Dazed, he staggered to his feet and stood there, looking me up and down, measuring me, sizing me up, trying to decide if his life was worth it, if he wanted any more of this
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“What happened, Jeff?” she asked, instantly sizing up the situation
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” Carl leaned back in his chair, sizing up the son he still wasn’t sure he wanted
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This is basically a measurement method for sizing; however this is used in the early stages of the project, with the available requirements and features details
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He was sizing them up for what lay ahead
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After sizing me up, they decide to abandon the hunt and seek easier prey elsewhere
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measurements of the sizing of the timber to be
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I looked around the room, sizing things up as quickly as I
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Corvus grabbed a stein from a nearby table and threw it at the warrior, trying to maintain his position near to the door but also distract Titus who was now sizing up Henrick like a hungry tiger
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Other productions lasted indefinitely into New Orleans, New York, Denver – sizing the city limits
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A figure stepped out from the shadows sizing him up with a single glance
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The intruder that had invaded his camp and killed his master turned around to face Egrick, his dark eye slits watching him like a cat sizing up a mouse, he raised a sword, but the smaller balding man with the staff shouted out to the killer
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They both recovered their footing, quickly turning back on each other instantly sizing each other up again with new-found respect
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Sizing the import of the moment, Gautam took to serving the swamiji and his blessed son
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sizing her up to price her, and Pedro slipped a wink in the direction of Chica and James
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Their sudden workout fed right into Mitchell's prediction, when sizing up the group long before the trip
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“Where have you been?” Barron asked, sizing up his aide again
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he was sizing him up
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Jennifer thought for a moment and I could tell she was sizing up my sincerity
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It takes me a second to realize he’s sizing up a brunette girl three tables away who stood up to wave at a friend
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I had the feeling as if an animal was looking at me, sizing me up for dinner
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She smiled at Kitara, who was sizing her up for a fight
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” She looked at Frank, almost like she was sizing him up for extracurricular activities later on
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Rivals were being made and clicks were being formed even as they sat there sizing each other up, all born in a spirit of competition
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La Forge who was sizing up the Kelvan ship
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"Who do you think asked to have her on the flight?" Sebastian said, without taking his gaze from Melanie, still giving her that up and down stare as if he were sizing her up to put a price tag on her
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of those clouds decides to open up,” Rhone"s dad said sizing
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design concern is sizing of the filter to prevent channeling or
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‘I’d never imagined,’ he said sizing her up in nude, ‘that a five meter sari could have hidden so much of a beauty! What a fabulous figure you have, my darling!’
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” He couldn’t shake the feeling that Richard was sizing him up, like they were two boxers meeting in the ring for the first time, circling one another, each searching for an opening
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Sizing Marguerite up, he waited for her next move
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“Fenton Bridges,” came the bully’s defiant tone, almost as though he was sizing up the newcomer and wondering how far he could push her
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, initial sizing up completed
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was the thought of a pair of amber eyes sizing up her vital
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“Are you sure he’s a Reader?” she says, sizing me up
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Feather had been sizing up the pair from the moment they walked
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I have just been sizing up a salesman that has just left me
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You had to take a good, thorough look at a request before you had any chance of "sizing" it, and you only finished up with a rather rough estimate that depended a lot on the approach taken by the Programmer
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He only stared at me, then began walking around me, sizing me up and down
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Scott had to wonder if the man was sizing him up and finding the results ridiculous
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archer's quiver,' she said sizing me up with icy conviction dripping from her voice, „but
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In sizing the cistern, or a holding tank located above ground, the standard rule is that the capability of the storage tank must be 33% of the total gallons of precipitation or half the total gallons calculated
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The seat can be adjusted which is why you shouldn't be concerned about it when it comes to sizing
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The next thing he knew, he was face-to-face with Reese at the center of the cage, each of them sizing the other up while the referee went over the rules: no biting, no kicks to the nuts, et cetera
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They fill out registration cards and anxiously look around the room, sizing one another up and chatting nervously until the freshman coach steps in front of them and calls for quiet in a loud, no-nonsense voice
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I thought about the buggy I would buy, all the time I would spend in Trotters and at the Early Learning Centre sizing up adorable outfits and educational toys
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But he could feel hungry eyes sizing him up
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“Come on, puppy,” she’d say, and would lead him gently away from the fancy treebox he’d been sizing up for a deposit
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Her dad glanced out the window at the hoodlums sizing up the moving van below
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He wondered what she made of his motives, sizing him up, and for that matter what he made of them himself
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(It was larger than a king, and probably predated standard mattress sizing
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Augenblick’s shirt was blinding and wrinkle-free, his glasses fashionably clunky, his head bald, and there was something phrenological about the angle at which he held it, as if he were sizing up my skull
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For swing traders, there will sometimes be dramatic gaps against positions held countertrend overnight, so this needs to be considered in the risk management and position sizing scheme
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These trades can offer outstanding reward/risk profiles, but, especially in short-term trades, it is important to remember that realized losses can sometimes be many multiples of the intended risk, significantly complicating the position sizing problem
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Position sizing and risk points may be different depending on whether you want to trade it as a stand-alone reversal on the shorter time frame or want to focus on the entry on the higher time frame pattern, but this is a powerful pattern that should be in every technical trader’s arsenal
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Traders must be aware of this possibility and must plan for this in their risk management and position sizing
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For traders using very tight stops, position sizing is a serious problem
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Another approach is to set a much wider stop for the purposes of position sizing and risk management (see Chapter 8), with the idea to stop out before the level is reached if developing price action contradicts the trade
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(This level may still serve a useful purpose as a last-ditch exit and as a reference for position sizing
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This point is also important because many traders will use this risk to set the trade size in a risk management/position sizing plan (see Chapter 9)
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For instance, if I am buying a $50 stock with a $45 stop and my position sizing rules have me buying 10,000 shares, I will offer out between 2,500 and 3,000 of those shares at $55
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In the worst case, it basically adds another random element to the risk and trade sizing equation
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Why even make rules for position sizing, initial risk, and initial stop placement if you do not intend to follow them?
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There is a large body of literature that deals with the theoretical ideas behind asset allocation and position sizing for individual traders
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For the most part we will avoid these discussions and will simply limit discussion here to two points: some practical guidelines I have used with success in my own trading and an illustration of why consistent sizing is important
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The Effect of Position Sizing
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We see that both the mean and the median values have increased, which is to be expected because, as the account grows—which, on average, it does with this positive expectancy system—fixed fractional sizing allows you to take on more risk
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7 times what it was with the fixed sizing
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Most traders will find that their interventions in position sizing are actually harming their performance because they are making the wrong decisions at the wrong time
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Other Approaches to Position Sizing
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There are other approaches and ideas for position sizing, which may be more appropriate for some situations than others
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Variations of this concept are sometimes called “equal risk” strategies, and it is also well known that Richard Dennis’s and William Eckhardt’s Turtles used a variant of this sizing strategy
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The point of this sizing is to equalize the impact of each market on the daily portfolio P&L, and it does that very well
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In the wrong hands, this kind of sizing is dangerous, as traders will be putting on very large size at points where the market is highly compressed
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There are many possibilities and choices to be made in position sizing
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Which of these carries more risk: a fund that will return 5 percent annually with a 10 percent standard deviation or a fund that will return 5 percent annually with an asymmetrical risk profile extending 5 percent downward and 15 percent upward? The second fund has dramatically higher variability, but all of the extra “risk” is skewed to the upside—in this case, variability is opportunity, not risk, as we saw earlier with fixed fractional position sizing
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Sometimes, an increase in margin requirements for a futures contract may have implications for position sizing and leverage across a portfolio
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If you are properly and consistently sizing positions, there really is no such thing as a low-risk trade; every trade will have a consistent impact on the bottom line regardless of the distance to the stop point, but there certainly are low-probability trades
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There is a very important point here: The trader’s net P&L was a combination of both his position sizing choices and whatever actual edge he may have had
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Standardizing for risk removes the position sizing effect and reveals that this trader actually was trading with a clear statistical edge, even though it was completely obscured by his position sizing decisions
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3 is much more consistent—though the trader may have made poor decisions about his position sizing on each trade, it appears that he was working within and respecting his risk limits very well
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effect of position sizing
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Reduce position sizing
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Risk management at TOMIC involves position sizing, money management, trade adjustments, portfolio insurance, and portfolio diversification
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Risk management is a continuous process involving everything from underwriting (selecting the trade), sizing of positions, and active money management
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In addition to position sizing, TOMIC needs to maintain a diversified portfolio in order to avoid getting hit by any one sector
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Even though each position has a maximum exposure, if all the positions are in correlated markets the position sizing will not safeguard the portfolio
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For example, let’s say TOMIC position sizing guidelines prescribe a maximum portfolio exposure of 2% per position
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However, if all its positions are in integrated oil companies, Exxon-Mobil, Chevron, BP Amoco, Conoco Philips, and Petrobras, the position sizing will not safeguard the portfolio because all positions are heavily correlated
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For position sizing to work, TOMIC must be aware of portfolio diversification
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A lack of sizing techniques to grow bigger, perhaps
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But most can and just need to work on how to improve their sizing strategy
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This visit from that top trading coach and his sizing idea was captured as part of a blog post reprinted here (see bold)
