Grinding it out, day after day

BeTheSparrow · Nov 4, 2010

I too am with IB and was curious if you use bundled or unbundled commissions with them. Also, have you formed an LLC within which you trade your Echo and IB accounts? If so... can you recommend an accounting firm? I assume you have filed M-to-Market with the IRS?

Finally, I was with Assent until a few months ago when they dropped their prop traders. Can you recommend Echo and would you mind sending me a PM with a name you suggest I connect with?

Many thanks in advance. Your postings here have been an enormous education for me and many others. Hope to return the favor someday, somehow.

Regards, Joe

Shreddog · Nov 4, 2010

Quote from BeTheSparrow:

Your postings here have been an enormous education for me and many others. Hope to return the favor someday, somehow.

Indeed, after 10 months I think Lescor has done an admirable job of showing how to be a trader, as opposed to how to trade.

lescor · Nov 5, 2010

Quote from buckoboy:

Lescor - I just finished reading your entire thread and have to say I have real respect for what you are accomplishing. I have a question that I hope you can answer. In a post, you mention you will open trades and step away from the computer for several hours. Can you discuss how you developed the discipline to not continuously look at your positions. Is it confidence in your strategy or something else? I am currently dealing with this issue, and I find that if I don't end up closing positions early, my strategy will generally work as planned.

Yes, confidence in my strategy is a big part of it. If I leave positions unattended, I either have targets and stops in the market, or orders to exit at a pre-determined time. Over time I've gotten pretty good at not mucking up positions once I'm in them by overriding my rules. I don't do much winging it where I take trades on a lark or because they "look good". Then I will screw it up because I'm in without a pre-determined plan.

But it boils down to something I've talked about for a long time, and that is learning to let go of an emotional attachment to money. I can truly say to myself that I don't care what happens today. I know over time my strategies should perform IF I don't screw things up.

lescor · Nov 5, 2010

Quote from cfrericks:

Lescor - Thanks for the thread, it's a place I often visit for inspiration on the tougher days. I just wanted to ask - do you think echo will eventually be forced to reduce payout? I'm with IB now, and have been considering moving to bright or echo for awhile now. Needless to say, I was pretty disappointed when I heard Bright was basically forced to reduce to an 80% payout. So if you have time, I'd love to hear your insights regarding whether or not echo will be able to maintain 100% payout in this tougher regulatory environment.
Thanks!

I haven't heard anything from Echo regarding changing how they operate. They are a top notch firm and I'd recommend them to any serious trader.

austinp · Nov 5, 2010

Quote from lescor:

But it boils down to something I've talked about for a long time, and that is learning to let go of an emotional attachment to money. I can truly say to myself that I don't care what happens today. I know over time my strategies should perform IF I don't screw things up.

amen, and end of story. hands down the greatest core belief all traders must internalize. if they care what happens today and every day, the only outcome in the end will be total loss and inevitable ruin. period

lescor · Nov 5, 2010

Two really good weeks in a row. Expected some action this week with all the news. Seeing more decently tradeable moves in more and more stocks, even with a dropping vix.

+33,000 on 472,000 shares traded. Daily pl was +7, 0, 0, +3, +23

jones247 · Nov 5, 2010

Hey Lescor,

Are you still primarily doing OPG and other basket rtm type trades?

Walt

Quote from lescor:

Two really good weeks in a row. Expected some action this week with all the news. Seeing more decently tradeable moves in more and more stocks, even with a dropping vix.

+33,000 on 472,000 shares traded. Daily pl was +7, 0, 0, +3, +23

Nexen · Nov 6, 2010

Quote from austinp:

amen, and end of story. hands down the greatest core belief all traders must internalize. if they care what happens today and every day, the only outcome in the end will be total loss and inevitable ruin. period

I suppose agreeing with the "respected" traders in ET is your strategy for making your snake oil service look respectable ?

Saw you coming from afar.

austinp · Nov 6, 2010

Quote from Nexen:

I suppose agreeing with the "respected" traders in ET is your strategy for making your snake oil service look respectable ?

Saw you coming from afar.

yeah, because without this site here, I'm nothing at all <lolol>

I happen to agree with a wildly unpopular view lescor professed that almost all day-trade addicts never come to understand.

If I wanted to regurgitate what the masses want to hear, I'd be singing the praises of "gotta scalp every dime out of every trade to be profitable every day or you're a dismal failure" b.s.

Wipe your glasses. The only thing you saw coming was your own close-minded ignorance. Take another look thru clearer lenses next time.

Spooz Top · Nov 7, 2010

Quote from Nexen:

I suppose agreeing with the "respected" traders in ET is your strategy for making your snake oil service look respectable ?

Saw you coming from afar.

+4

aligning yourself with the boards top dog to market your product is embarrissingly obvious....pedal it elsewhere.