December Trading Journals

AAA:

Everything that goes on in the group has nothing to do with my own trading account, it is a totally separate account. It is very possible for the firm to make a lot of money from the group but I have very little to show for it, as the percentage of gross loss (before commissions) I am responsible for, is much much higher than my cut of the profit.

SB:

Believe my word on this, it will take approximately 12 guys to AVERAGE my current performance for me to double my current income, and this is assuming no one else, out of 12 guys, blows up.

Just like it is very easy to have a big day but very hard to average a high number, it is very possible that I eventually have a few guys far ahead of me but the rest of the group brings the average down. I mean, if my own performance falls below the average of the group, I should not be the team leader.

Believe me it is no cake walk, and if I do make more money from the group than from my own trading, I will be ashamed of my performance as a trader.
 
I have had a lot of problems hitting big on big games in the past, and today was no exception. A missed fill and a few careless trades, and this is just a solid game given the opportunities around, nothing great.

13200 shares on 6 of 12 shooting, +1604 before commissions, +1302 after, no bullets. Going to the company party tonight so didn't trade the afternoon much. What a great open for December as I quickly opened up a $2000 lead. With both Nasdaq and Dow breaking out out key resistance levels I expect some really good days ahead.

Pre-Market: Steel companies upgraded (X), positive economy numbers but I didn't expect it.

9:30: Took X for 70 cents but was really greedy and didn't get out at 18.50. Had CRA, KMI for small gains. When the rally became apparent I didn't grab COF in time (2 points which M made from my own call), tried D because I thought it had a good daily set-up with UTY, no dice as defensives were weak.

9:50: Took EMR on a pullback for a point, EMN couldn't move with CEX, just a quarter there. IUX was weak and I tried CB on a breakout 3 times giving up spread and commission each time, very stupid. Then I realized I still had some DNA which I bought on what I thought was a BTK rally, and index came in and I lost half a point. Very careless.

You have to be on the train when it leaves the platform, I really should have done better, but tommorrow is another game. I should ink the contract before the month is over.
 
Originally posted by ProTrader1
I am curious as to how you can score a point on an EMR three quarters point pullback @9:50?
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Hitman BOUGHT (not shorted) the pullback and held for the gain on the longside!!!
 
Hitman,

What are your duties as a group leader in terms of actual trading, as opposed to management type issues? Do the group members look to you to call trades or what?
 
Turok:

Don't get me wrong, if I actually average 1000 a day I will be very happy and confident in my ability as a team leader. I am far from that and I need big games like today. All along I have talked to people around me how when the inevitable breakout happen I have to have a huge game, and I really came up short. It was a gift of a day, and I did not fully capitalize.

AA:

It sure as hell would help, but the way I see it we will most likely be putting together ideas before the open, and during the day I will be trading closely with traders whose style meshes with mine. As the group grows, even if I have a really loud voice, it will be hard for me to call out plays for everyone across the room, because it is almost impossible with liquidity issues alone. The bulk of my effort would be spend before and after the close, and depend on the day's progress I may be able to talk to people during the day.

When it comes down to it, no matter who you work with, it is still a game that is every man for himself, there is no coat tail riding to success, and everyone must play their own game. My biggest asset as a leader will hopefully be the fact that I am willing to give out the best possible commission rates (as most group leaders are very very cheap when it comes to that), and my style of consistency and defense should greatly benefit newbies.

There is no way I can be happy with my current performance, it needs to quadruple before I can command serious respect. This is the biggest obstacle in my leadership role, and you bet I will work hard on it.
 
Originally posted by Hitman
My strategy is simple, in order to get a high percentage of the cut, I have to either charge people high commissions, or make sure that they become successful traders and do serious volume. Based on my calculations, there is no point in trying to get an extra 0.1 cent per share out of my traders, the difference is minimal, and the key to my success as a leader is to acquire a large number of successful traders, not squeezing every dollar out of a newbie. This is such a simple concept that makes a lot of sense, but for some reason a lot of group managers at my firm don't seem to understand
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im just curious.. dont most successful traders either leave and start their own group or leave the group in order to negotiate better commissions with the firm? just curious..
Originally posted by Hitman
Supposedly I not only have hiring and firing power, but I will also be free to assign people commission rates as I see fit.
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could Mrs D have fired you when you were in her group? when you say fire, do you mean from the group or the firm?
Originally posted by Hitman
I am confident that I will make it a great team to work with simply because I am going to be honest and fair, two qualities missing from most other group leaders out there. I don't believe in buying people lunches and drinks, and kill them with commissions, there will be no gimmicks, just solid rates.
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i know nothing about prop firms or their work environment.. im curious.. could you elaborate on the "honest and fair" part? how exactly are some of the other groups exploiting their members?

thanks.. =)

-qwik
 
Qwik:

Let's put it this way, I don't think I want or am allowed to fire anyone who is gross positive for obvious reasons. But if someone is new and blowing up and not taking orders, something has to be done.

As for Mrs D firing me, she can't because I am making money for the firm, and even if she did remove me from her team (and no group manager would ever remove a cash cow unless there is a serious chemistry problem), I will be elsewhere in the firm.

Most group managers seriously undercut their newbie traders with high commissions, and while many of them may have far superior numbers than me, their style is not neccessarily the best for newer traders, and many of them don't make good teachers.

But that is not an excuse for my inferior YTD numbers, I am very confident that it is just a matter of time for me to bring my own performance up to par.
 
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