Grinding it out, day after day

[konviction]

Quote from BONES:

The pros were amatuers at one point as well.Don't talk about amatuers with such contempt and condescension.

+1. I wish more people thought like you. If your a trader and your not making much (like me), or some who dont make anything, then the community seems to write them off as dead wood. I think this is why a lot of traders (pros) dont teach or share knowledge is because they have all this built up resentment from the way they were treated as beginners.

Trading is imo, one of the toughest ways to make money in this world (even though it seems deceptively easy from a beginners perspective). Traders should really do a better job of sharing knowledge, then shooting eachother down, and I think lescor is doing a good job sharing his experience.

kon

 

[Marx]

Quote from konviction:

+1. I wish more people thought like you. If your a trader and your not making much (like me), or some who dont make anything, then the community seems to write them off as dead wood. I think this is why a lot of traders (pros) dont teach or share knowledge is because they have all this built up resentment from the way they were treated as beginners.

Trading is imo, one of the toughest ways to make money in this world (even though it seems deceptively easy from a beginners perspective). Traders should really do a better job of sharing knowledge, then shooting eachother down, and I think lescor is doing a good job sharing his experience.

kon

Thanks for that, Kon. It seems like a lot of folks on this site just want to be critical of others, rather than trying to be helpful and contribute something positive and supportive. It is refreshing to have people like lescor, who are willing to share some of their knowledge and experience in the spirit of helping others. Thanks, lescor, I am really enjoying your posts.

 

[Shreddog]

Quote from konviction:

+1. I wish more people thought like you. If your a trader and your not making much (like me), or some who dont make anything, then the community seems to write them off as dead wood. I think this is why a lot of traders (pros) dont teach or share knowledge is because they have all this built up resentment from the way they were treated as beginners.

Trading is imo, one of the toughest ways to make money in this world (even though it seems deceptively easy from a beginners perspective). Traders should really do a better job of sharing knowledge, then shooting eachother down, and I think lescor is doing a good job sharing his experience.

kon

Most pros don't teach beginners because trading in the shorter term time frames has a limited amount of payoff. Sharing ideas and strats only divides up the pie. Or worse, it spoils the pie and leaves nothing left for anyone (Millenium arb anyone?). We worked hard to figure out our strats, why would we want to give them away?

If there's condescension toward beginners on this board it is simply due to the endless stream of beginners that come here thinking they are on the sure fire road to riches and walk away disillusioned. Some make it over the hump. Most do not. But you are wrong to think an experienced trader has any reason to give you anything. Having said that, Corey has been about as helpful as I've ever seen a veteran trader be in a public forum. It doesn't get any better than this.

 

[thinkfirst]

Quote from Love Trading:

There were at least two struggling traders with daily P/L of +/- 500 on this site, they lost 15k and 12k respectively on SWM trade, this would be equivalent of Lescor losing 200K or more. Think about it and learn .

I believe you are referring to me in your above comment. Yep, SWM loss was due to position size and bad risk/mental control. Hope people will learn from this, I sure did

 

[lescor]

Quote from garchbrooks:

Not sure I saw this addressed in this long thread, but did you say what your hold time was? I wish there was a lescor-FAQ.

Like most of my "what / how do you...?" answers, it depends on the strategy. Anywhere from 5 seconds to a month.

 

[lescor]

Quote from shortie:

do you ever entertain the possibility that a stock like MXB could jump 200%? of course if you drop 300K once every 10 years, it is totally fine with the profits you have been generating. still, are you prepared for such a possibility? for example, do you have 300K at Echo to be able to absorb the loss from your own funds?

No, I don't size with the assumption that a $50 stock could triple in price instantly. If I did that I'd never trade more than 100 shares. Yes bad stuff can happen but you have to be reasonable. There is almost always a chance to mitigate the damage along the way.

 

[flipflopper]

Quote from Shreddog:

Lescor, I too want to know when you are going to automate and start making good consistent money? It seems like a lot of your stuff could be automated, you should consider it.

Have a good weekend!

EDIT: I guess I better put a smiley face in before more of the sarcasm impaired pile in and we pollute Lescor's thread. sorry Corey.

Shreddog, I can tell English is your second language as you obviously misread some key grammatical concepts.

My questions are related to my own experiences. I too thought my complex "discretionary trading" was impossible to automate. It turns out that anything we can see with our eyes... the computer can too. If you are able to articulate and quantify what you do day in and day out you will be surprised how accurately you can make the algorithms mimic your own behavior.

I obviously don't know lescors strategy and parts may not be automatable but the reason I asked was because I became a bit depressed when I actually did automate my day trading strategies and rendered myself useless in executing intraday trades.

As for the second question I see you got confused when I asked after he startED making serious money how could he be sure his broker, prop firm, etc wouldn't start to front run his trades. It looks like you thought I said when you start. It's ok Shreddog... its a good thing trading is easier then reading!! Insert smiley.

 

[Shreddog]

Quote from flipflopper:

As for the second question I see you got confused when I asked after he startED making serious money how could he be sure his broker, prop firm, etc wouldn't start to front run his trades. It looks like you thought I said when you start. It's ok Shreddog... its a good thing trading is easier then reading!! Insert smiley.

I see you were asking the question in a speculative sense. It was your use of the word "would" (not "could" as you have above) that threw me off track. Apologies.

 

[lescor]

It's ok S-Dog. A little more time with Rosetta Stone and you will pick up on those kinds of nuances with our language.

 

[boba15]

Quote from lescor:

It's ok S-Dog. A little more time with Rosetta Stone and you will pick up on those kinds of nuances with our language.

But back to the original question. Once you start(ed) making good money consistently, Lescor, how would you protect yourself from unscrupulous brokers, prop firms, etc flagging your account and trying to frontrun you?