Grinding it out, day after day

Quote from Dustin:

Guys this thread has become a mess. Stay on topic, be constructive...or don't post.
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I'm kind of surprised lescor's let it go this far. I thought he might think it's not worth it and close the thread. I hope he doesn't.

Another q for lescor though: A few weeks ago you eluded to your relief of having missed the move in ILMN. I'm wondering what kind of damage that would have done to your month, considering the move in the stock that day. Would it have been one of those nasty days which happens a few times a year, or is a move like that figured into your plan in case it happens more often than it has statistically happened in the past? (or both)

Thanks.
 
That stock moved a few bucks near the end of the day and closed at the highs. Trading for a reversion move on something like that left no chance to get out without a beating.

I would have to go back to the chart and try to estimate what my size would have been, but I probably would have lost somewhere in the neighborhood of 5 to 10 grand, or a few average week's worth of profits for that strat. It's not something I trade very big size on, relatively speaking.
 
Quote from Dustin:

Guys this thread has become a mess. Stay on topic, be constructive...or don't post.
More...

Agree...

Corey,

How do you structure a typical premarket day? Maybe you can walk some of us through what you're looking for or at.... and how you budget your time. Also, what news sites (stations) are you reading (listening to), what websites are you checking, does your list of 900 or so stocks correspond to a news list - I know of some places where you can create a list of 'your' stocks and only get news on those specific stocks. If the bulk of your trading takes place in the first 90 min, what prep time (typically is involved). Do you do work at night?

Do you have criteria that a stock must meet before you will trade it? ie - will you trade BIDU or other high priced stocks... Is there a minimun daily average volume a stock must trade ie - some of these "inplay" biotech stocks will trade 8 million shares one day and end up trading 80k a day the next week. Is there a minimun share price.

Do you watch any commodities throughout the day ie USD, Gold, CL etc and do any of these in any way influence your intraday activity?

Lastly, most prop accounts won't allow overnights. Does your account permit this type of trading? What % of your trades are overnight vs. intraday.

Thx a bunch,
B
 
Quote from Bootsie:

Agree...

Corey,

How do you structure a typical premarket day? Maybe you can walk some of us through what you're looking for or at.... and how you budget your time. Also, what news sites (stations) are you reading (listening to), what websites are you checking, does your list of 900 or so stocks correspond to a news list - I know of some places where you can create a list of 'your' stocks and only get news on those specific stocks. If the bulk of your trading takes place in the first 90 min, what prep time (typically is involved). Do you do work at night?

Do you have criteria that a stock must meet before you will trade it? ie - will you trade BIDU or other high priced stocks... Is there a minimun daily average volume a stock must trade ie - some of these "inplay" biotech stocks will trade 8 million shares one day and end up trading 80k a day the next week. Is there a minimun share price.

Do you watch any commodities throughout the day ie USD, Gold, CL etc and do any of these in any way influence your intraday activity?

Lastly, most prop accounts won't allow overnights. Does your account permit this type of trading? What % of your trades are overnight vs. intraday.

Thx a bunch,
B
More...

Most of my pre-market routine involves reading news. Some of the strategies I trade, I don't want stocks in the news. I read every headline from the previous close right up until the open. I also have to look for stock splits, dividends, etc. I need about an hour before the open to get ready, an hour and a half during earnings season. I cant' just look for the symbols I trade, I also have to look for news in stocks I don't trade, but which might effect the ones I do. I use Briefing, Trade the News, and Fly on the Wall.

Size, volume and volatility of the stocks, I will trade a pretty wide range, I just adjust my share size based on those parameters to even out the risk.

I have charts up during the day of gold, oil, treasuries, etc. I wouldn't say I make trading decisions based on them, I just like to know what's going on.

There are several prop firms that will let you hold overnights, including where I trade. I rarely do currently, but have traded strategies in the past that held millions of dollars worth of positions for days and weeks at a time.
 
Quote from billyjoerob:

Lescor, how many people did you recruit to Tuco thru ET before it got shut down by the SEC?
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About 10, and I lost money just like everyone else.
 
lescor, on a morning like this, spu's up 8.5, ym up 67 preopen,are you more or less aggressive, do you fade or go with ,a majority of the time? edit, lets say this move is countertrend
 
Quote from billyjoerob:

Lescor, how many people did you recruit to Tuco thru ET before it got shut down by the SEC?
More...

Lescor,

Why cant you put people like BJ here on ignore--ruining the thread for rest of us ?
 
Lescor, what technique do you use to enter and exit positions in less liquid stocks? Scale in/out, algo-orders or just plain one huge limit order? Thanks a lot.
 
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