Grinding it out, day after day

nyse_daytrader · Jan 20, 2011

Hi, Lescor
Do you use reading the tape in your trading?

dat · Jan 21, 2011

Hi lescor,

When you first started trading, did you start winning right away? If not how long did it take you to start winning consistently?

lescor · Jan 22, 2011

Quote from nyse_daytrader:

Hi, Lescor
Do you use reading the tape in your trading?

No.

lescor · Jan 22, 2011

Quote from dat:

Hi lescor,

When you first started trading, did you start winning right away? If not how long did it take you to start winning consistently?

I lost money for years. But it was a hobby/addiction and I didn't know what I was doing at all. When I got serious about it and applied myself, I broke even for a year. Then when I went full time, it took about 4 months before something clicked and I started to make money.

lescor · Jan 22, 2011

So obviously I've decided not to continue the journal on a regular basis in 2011. I think I achieved what I set out to do, which was to show some insight into how a professional trader operates, show that it can be done and hopefully provide some inspiration to struggling traders and newbies.

I enjoy chatting about trading and answering questions is a good way to re-enforce a lot of key points for myself. I'll provide occasional updates from now on, if something interesting or unusual happens.

The year is off to an ugly start for me. Some good market action lately, but I'm not getting paid yet. Three red weeks in a row, starting with a $40k hole to dig out of.

konviction · Jan 22, 2011

^ He also had the ability and/or the funds to have an automated system developed which can cost into the 100's of thousands easily. So while Lescor lost money for years, he's not the average joe.

shortie · Jan 22, 2011

Quote from lescor:

So obviously I've decided not to continue the journal on a regular basis in 2011. I think I achieved what I set out to do, which was to show some insight into how a professional trader operates, show that it can be done and hopefully provide some inspiration to struggling traders and newbies.

I enjoy chatting about trading and answering questions is a good way to re-enforce a lot of key points for myself. I'll provide occasional updates from now on, if something interesting or unusual happens.

The year is off to an ugly start for me. Some good market action lately, but I'm not getting paid yet. Three red weeks in a row, starting with a $40k hole to dig out of.

thank you for the great journal!

3 red weeks and -$40K is unusual for you. any interesting/educational details?

austinp · Jan 23, 2011

Quote from lescor:

The year is off to an ugly start for me. Some good market action lately, but I'm not getting paid yet. Three red weeks in a row, starting with a $40k hole to dig out of.

Well the good news is, it certainly ain't you... what's wrong is the stock market right now. You are right and the stock market is wrong... and it will soon return to agreement with your methods.

Better news is, we can each remain solvent far longer than any market can remain irrational.

Best news is, 49 weeks left to trade in 2011. Plenty of time to reach towards seven-figure gains by new year's eve.

Pikers fixate on the starts... pros focus on the finish of any project. In the end, the end is all that really counts

athlonmank8 · Jan 23, 2011

Quote from lescor:

Three red weeks in a row, starting with a $40k hole to dig out of.

You need to think a bit more positive. You're not digging out of any hole. You're compounding your gains from 2010 and a change in a year means nothing except on paper. You've got an edge.

Take a break/vacation and reset yourself, you'll come back ready to go good as new. It may not hurt to read back through some of your own thread.

Moneyball · Jan 23, 2011

Quote from athlonmank8:

You need to think a bit more positive. You're not digging out of any hole. You're compounding your gains from 2010 and a change in a year means nothing except on paper. You've got an edge.

Take a break/vacation and reset yourself, you'll come back ready to go good as new. It may not hurt to read back through some of your own thread.

I don't think we need to worry about Lescor's mindset here. Down weeks happen all the time, this just happened to come at the beginning of the year. Assuming he's stuck with his system, taking a break would be the last thing he should do right now IMO.

I guess what I'm saying is, losing money doesn't always mean you traded poorly. I'd bet this isn't a case of him being on tilt and trading differently, just a case of the market not cooperating at the moment. That could change tomorrow.