Earning over 250K day trading at prop firm

At least in its previous form. It used to be that you could be in a trade for 5 minutes and make money. like 30 or 40 cents on 5k shares.

Now most stocks are in a 5 cent range for 5 minutes. So you really have to sit in a stock for 30 minutes or even the whole day. So basically day trading (at least for me) is more about calling the "long term" trend for the day.

When i started as a day trader it was more like playing an archade game. Picking off large bids and offers at the right times was a big part of the game. That is all gone now.

Now you have to be a market strategist. Example friday you had to guess correctly that interest rate sensitive stocks would go down and cyclicals up.

If you have the capabilitly of pulling up intra day charts from 2 years ago you can see how the 5 minute volatility is down 70-80% in most stocks as is the liquidity. I used to trade 20-40k shares of CTX daily and almost always be profitablely. There is no way to do that now unfortunately.
 
The Bright brothers! Who else? Those guys have a printing press out there in Vegas just spitting out new cash each day! I mean from trading, not from owning Bright. Although that's probably not a bad gig either.
 
Yes... there are guys who do it...

Most of the guys have gone remote and has left Chicago....

It's too cold and too much drugs here... :(
 
I know one guy doing this.....but I don't know that many people, period.


Come to think of it, I don't have many friends either. Now, I'm going to go have a good cry. You have upset me.:D
 
Maybe Bob is still making more than this. But he takes enormous risk. If you can afford to buy , say 5 million PVN , lose millions on it before it comes back and you make millions, be my guest. I won't change my style.

I went over to Bob's office last year and looked at his positions---he said he was up over 10 mill for the year and I believe it, but you would freak out at the size of his positions..... 1 million shares of this, 2 million of that, 5 million (or more) of something else......

Bob has always averaged down....or up in the case of shorts, and it hasn't always worked out. I have seen him take losers.

So, there are definitely others making this kind of money. As I always say, "It's all relative to who your relatives are."
 
This is being done at Morgan Stanley..Bear Stearns..Goldman Sachs....others ie.. Susquehanna...others....every trading day....and $250,000 is less than chump change...won't begin to pay rent or the light bills.....are their advantages available?...to you...no...

Is the game changing......of course...it always does....

Is the playing field more level..? Well it was in 1997 to 2000....Now 2004 in terms of commissions yes...in terms of the spreads between the bid and offer....yes and no....The big firms have had time to adapt to the sudden flash in the pan 1997 2000 advantages....that were significant blips...

Today's player will not ....and should not freely divulge advantages...

The only things useful in the public domain are trading technologies...not how to make money with them...

The media business...selling the hypotheticals in a "promissory" way like they always have ...sometimes confuses the reader as to what is real...take a look at CNBC Marketwatch....make a list of the "promissory" statements protected by small print disclaimers...by the different sorts of "media firms"...They are even selling $5000 Marketwise seminar programs...sharing their email database... sifting out the suckers...The media sellers will always be based on what has never been real...hypotheticals..

The bottom line is if the large firms can pull it off...it can be done by the individual because it is done by individuals...The quest for how...will never be found in "media" businesses....

The closest shot is to find a trader...typically in the prop environment...which will for whatever reason..dib you in on what is currently working...what is working now...won't be working for long...ability to adapt ?....Hedge Funds have their typical performance up and down periods...but their leaders hit and run..no need to adapt because money was achieved...Successful trading is all about "for the time being"...

Searching....tough task...but possible...timing...people who work hard...get lucky...sometimes...
 
There are traders, both prop and retail that are doing it. But they are very experienced, cashed in on the bubble years and have capital to take the risks that they take.

It is certainly not impossible, I sense some of these traders take 10k positions in NYSE stocks everyday. News trading makes it possible due to liquidity. I would love to start trading like that, but do not have the capital, experience nor the guidance to start.
 
dude you left schonfeld in 97?


LOL you must have made no money, or you where fired. Which steven never did do. People at schonfeld didnt really start making millions a year, NOT A FUCKING MONTH until the 98-2000 RUN. In 96-97 schonfeld started to trade Nasdaq firm wide, but had to print out each trade on printers, and this told them if they were filled, it was not totally automated until 98/99,

You full of shit bro......how do i know, because i traded with one of the most successful Schonfeld traders in the Chicago office from 97-2000...LOL,

nobody in PROP shop is doing those numbers who is a johnny come back or a newbi......there is no chance in HELL that they will, IN FACT, most parnters that made millions at schonfeld ARE GONE.

Research you shit dude before you post bullshit on this site.
 
ertrader...

I left schonfeld in late 96 because i was offered a job in NY as a large nasdaq market making firm to run my own desk. My friends at Schonfeld continued to talk to me and tell me what was going on. So I was not fired neither was I making that kind of money - that is why I took the job with a big salary and a big bonus and the fun of moving to NY to have my own desk.

I did sit with Dimitri, in fact he bought a house on LaSalle street right next to me, if you doubt that I know what I am talking about. So, before you speak to me or anyone else like that again, I suggest you consider that it is possible that you do not know everything.

Oh yes, Lisa, on the NAZ desk at Schonfeld, in Chicago, at the same time, was my friend and living in my building. Fred, the subsequent office manger to John Reidy was also my friend..... SO... if you think I don't know what I am talking about.... you have got the wrong... GIRL.....

Oh yes, here is one more fact for you, this was after Eddie Franco, one of the founders of Bright offered me the job to manage the NY office they were about to open. I made the wrong choice and went for the small firm because of the salary and have always regretted both letting Eddie down and leaving Schonfeld - because - the job that seemed like I couldn't refuse - could have been.

I suggest you apologize.
 
Could care less if D bought a house next to you, could care less if you know LIZA and could care less the fact you split from schonfeld because you couldnt make money and as for FRED, he became a manager for a reason clown.

D and his crew were the only ones starting to make the coin you speak of at the time you left.

Most of the chicago schonfeld traders were morons, and were commision traders...so you got ur info from bullshit sources.

Millions were NOT BEING MADE PER WEEK......

I do now BAM and the crew, i sent them ur email, im sure they will be laughing their arses off when they read ur bullshit.

LOL
 
You must log in or register to reply here.
Back
Top