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Grinding it out, day after day
- Thread starter lescor
- Start date
Lescor,
What percentage of trades is buy on bid/sell on offer and filled that way? How often do you use market orders? At the end of the month, do you collect rebates or pay fees? How is your commission and fees cost in your overall ¡°business¡±? If you use IB trade retail and not trade prop, will you still be profitable? Thanks.
What percentage of trades is buy on bid/sell on offer and filled that way? How often do you use market orders? At the end of the month, do you collect rebates or pay fees? How is your commission and fees cost in your overall ¡°business¡±? If you use IB trade retail and not trade prop, will you still be profitable? Thanks.
Quote from leon7:
Corey, at what exchanges you have better results? NYSE, NASDAQ, AMEX?
And sorry for my bad english, not my native.
Most of my trading is in nyse listed stocks, but I route more of my volume to ecn's than to the nyse. I'd guess maybe 20% of my volume is in nasdaq stocks and I almost never trade amex. Nowadays though where the stock is listed is almost irrelevant.
Quote from Love Trading:
Lescor,
What percentage of trades is buy on bid/sell on offer and filled that way? How often do you use market orders? At the end of the month, do you collect rebates or pay fees? How is your commission and fees cost in your overall ¡°business¡±? If you use IB trade retail and not trade prop, will you still be profitable? Thanks.
I add liquidity most of the time and rarely use market orders. I collect more in rebates than I pay out, but not a significant amount. My commission rate works out to somewhere in the .002 to .0025 per share range. The trading I do in my IB account is profitable, but I make the vast majority of my income from my prop account.
Quote from billyjoerob:
Why is TS a joke? When he takes his money to the bank, do they say "No I'm sorry this was made on small cap stocks. It's no good here"? I don't think so. Not the kind of trading I prefer, but no arguing with demonstrated results.
You do realize that this thread is called "grinding it out day after day" and that by his own testimony he expects to generate at least 20% returns per month?
You prefer to believe a guy who wants you to give him your money over a guy that has never tried to sell anything despite posting on ET for years? I think you need to recalibrate your BS detector, it's way off base.
There's always some jackass that has to crap on good threads. Mods please clean all this up. Please?
Quote from bears21:
corey i couldnt agree with you more on inefficiencies that are available in the equity markets. i trade very very illiquid markets for a living avg about 1k to 2k a day over the past 5 years. but i feel capped because the stocks i am trading have avg volume of less than 50k a day. i dont feel like i cant get too big in these stocks for the reason of fear of a counter program knowing my position and running it the other way. i try to lay low and pick off their order flow. the only way i could see making large dough in these illiquid stocks is being the person who is doing the manipulating but that could mean having 10 million plus in bp. this way you have the ability to fully control these stocks by yourself for days and weeks on end waiting for liquidity such as dark pools etc to exit these illiquid positions without distorting the price too much.
here you go billyjoe this is the variable change you have to account for. nobody can put an exact number on liquidity this is what you never can account for and this is what distorts someone from making 5k one day to 50k the next. there are times i beg for liquidity so i can get out of a big position at this price but then slippage comes in and my 1800 profit at one price level until being totally flat out of the position went down to 1100. if i could magically get out of all sized positions at every level that prints take place my p and l would look pretty awesome over weeks days months years.
billyjoerob if you don't like the thread then ignore it. On a different note, Lescor thanks a lot for this thread it is great for us looking into prop trading to see how the business is for a successful trader who put in the hard work necessary to be successful. I am thinking about going to a prop firm but was wondering what you think about the prop main offices? are they a good environment to really learn about trading? I am looking for a location where i can really focus on trading and have others to talk with and learn from. Thanks a lot
The Ignore button cleans it up nicely. It really is amazing that the few top traders in here, Lescor, Red_Inc, Dustin, etc. continue give by posting here with so little to gain in return. I would like to thank you for putting up with this type of attack and continuing, your altruism does not go unappreciated.
Quote from kingjelly:
It really is amazing that the few top traders in here, Lescor, Red_Inc, Dustin, etc. continue give by posting here with so little to gain in return.
I never understood that either. If you keep a blog, you'll always end up handing out more info than you liked, which can be used to reverse engineer the strategy. Lescor already handed out quite a few hints. If someone is serious about reverse engineering, they might come pretty far with putting all the pieces together and if they succeed, your edge will be gone or make less money. And what do you get in return ? Idiots that don't believe you or are simply jealous. And if they do believe you, they might reverse engineer and steal your strategies. What's there to gain ? And there's so much to lose.