He's made colorful comments about a lot of people. But this a trading site. It's funny how most of the actual traders have left ET and have been replaced by paper traders. But seriously, why would ET want someone with 30 years in the trading business posting on ET anyway. They will only scare away the paper traders.
A Classic ET post from pa(b)st Prime
- Thread starter Crude Man
- Start date
He's made colorful comments about a lot of people. But this a trading site. It's funny how most of the actual traders have left ET and have been replaced by paper traders. But seriously, why would ET want someone with 30 years in the trading business posting on ET anyway. They will only scare away the paper traders.
Does anyone have the cover of Time Magazine that Pabst was on?
Here's the original 4 rules of trading from "Crude Man" that somehow got edited out of the original post. I found them powerful.
Simplicity is always beautiful, and very profound.
(ymmv)
1.Is it a valid setup?
2. Confirm setup and follow Entry Rules.
3. Implement risk management plan.
4. Manage the trade according to the rules - take Profits at initial target, never earlier unless a valid stop-and-reverse signal appears.
Simplicity is always beautiful, and very profound.
(ymmv)
1.Is it a valid setup?
2. Confirm setup and follow Entry Rules.
3. Implement risk management plan.
4. Manage the trade according to the rules - take Profits at initial target, never earlier unless a valid stop-and-reverse signal appears.
Thanks crude man. You are right, this needs to be read and read again. So, I have printed it and put it on my board next to me.
I have thought about all the points you have made before and try to keep working on them.
About Commissions: You are right. Big chunk of profits goes in commissions. I paid 25% of my profits of 2010 in commissions, sum of over $50000, with the lowest cost broker IB. I have thought about "Exchange membership" before but have never actually looked into the logistics. I understand that IB charges the exchange members a commission about 80 cents less than the regular person (because the exchange fees one pays are less). Is that correct or is it even lower?
Commission is one advantage but what are the disadvantages of being an exchange member? The individual is considered a "Professional trader" and as such pays more in data fees. There are some tax consequences and accounting issues too? Right?
How does one go about becoming an exchange member or leasing someone else's seat? The professional trading houses, is that what they provide? Anything else you can tell me about this issue would be appreciated. I sure wopuld have loved to keep more of that 50K.
Thanks.
I have thought about all the points you have made before and try to keep working on them.
About Commissions: You are right. Big chunk of profits goes in commissions. I paid 25% of my profits of 2010 in commissions, sum of over $50000, with the lowest cost broker IB. I have thought about "Exchange membership" before but have never actually looked into the logistics. I understand that IB charges the exchange members a commission about 80 cents less than the regular person (because the exchange fees one pays are less). Is that correct or is it even lower?
Commission is one advantage but what are the disadvantages of being an exchange member? The individual is considered a "Professional trader" and as such pays more in data fees. There are some tax consequences and accounting issues too? Right?
How does one go about becoming an exchange member or leasing someone else's seat? The professional trading houses, is that what they provide? Anything else you can tell me about this issue would be appreciated. I sure wopuld have loved to keep more of that 50K.
Thanks.
I don't remember him being that selective - he made a lot of comments about a lot of different people. Compared to the vitriol and nonsense that so often gets posted around here, hardly seems a bannable offense.