"It is my considered opinion and my conviction, that the Scriptures teach that the ordinances called baptism and the Lord's supper, have been done away with, because they have accomplished their intended purpose. They were shadows of the good things to come; and as they were rooted in the OT, I believe that they were for a period of time that we Preterists often like to call "the transition period" between the taking away of the Old and the establishing of the New.
Moreover, any futurist would know that if heaven is here now, as we Preterists claim, then the ordinances would have to go. So why do we hang on to them? Is it because we too have to cling to some tradition. We very often quote the Scriptures that say how the traditions of men make void the Word of God; but we too end up keeping traditions that seem to do the same thing.
In reality, when one thinks about it: in this respect, we are no better than the futurists who claim tradition as a defense for hanging on to the futile hope that the Lord will someday come back, when the Scriptures makes it so clear that He already has. I hope that someday we can come to an understanding about this matter, and finally all agree that we no longer need to practice rituals that have been done away with, no matter how important they were back then."angelfire.com/ca/DeafPreterist/ceased.html