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March Trading Journals
- Thread starter Hitman
- Start date
I love reading this thread. I tried to get myself off of it but i keep coming back. I swear it's like a crack addiction, not that i ever tried crack. Anyways my only comment to Hitman is keep up the good work and don't be someone's "d*ck in a glass jar". Meaning...she is using you for a rainy day. No matter how bad stuff gets in her life or how many guys crap on her she still can "break glass". Stay strong brutha.
Jeez, give the poor guy a break. What's life without a few hopeless causes? At worst he'll be out a few bucks and his time. At best he'll get the woman of his dreams.
SJ
SJ
Still have trouble with switching to my bread and butter set-ups after the open fills seamlessly, but a win is a win. 8200 shares each way on 6 of 11 shooting, +519 before commissions, +382 after, no bullets.
Pre-Market: No real news that caught my eye, except of course, the housing numbers coming out at 10AM.
9:30: Got filled 3 longs, BAC (+25 cents), TXN (+13 cents), LLY (-3 cents).
9:55: Went long BCE/ELK for potential Tony Oz 3 day reversal, broke even in BCE but made 45 cents in ELK. Took HI but shaken-out for a 10 cents loss and watched it go up 1 point. Churned LAB.
10:05: Went long EMN/FMC on chemical strength, lost 5 cents in EMN but made 25 in FMC.
10:30: Took SPF/MDC on what I hoped to be a home builder rally but this sector definitely feels different than before as there was no rebound whatsoever today. Ended up breaking even on those two positions. Market felt slow and I had to run some errands, so I took rest of the day off.
This is the kind of day I really miss her, beautiful day in spring time, finished early . . .
Team Stats:
8 of 10 active traders
40600 shares each way on 32 of 52 shooting (61.5%)
+1886 before commissions (5 of 8 positive)
+882 after commissions (4 of 8 positive)
Top 3 Symbols: BAC, DYN, EP
Bottom 3 Symbols: CCU, COH, ABT
Pre-Market: No real news that caught my eye, except of course, the housing numbers coming out at 10AM.
9:30: Got filled 3 longs, BAC (+25 cents), TXN (+13 cents), LLY (-3 cents).
9:55: Went long BCE/ELK for potential Tony Oz 3 day reversal, broke even in BCE but made 45 cents in ELK. Took HI but shaken-out for a 10 cents loss and watched it go up 1 point. Churned LAB.
10:05: Went long EMN/FMC on chemical strength, lost 5 cents in EMN but made 25 in FMC.
10:30: Took SPF/MDC on what I hoped to be a home builder rally but this sector definitely feels different than before as there was no rebound whatsoever today. Ended up breaking even on those two positions. Market felt slow and I had to run some errands, so I took rest of the day off.
This is the kind of day I really miss her, beautiful day in spring time, finished early . . .
Team Stats:
8 of 10 active traders
40600 shares each way on 32 of 52 shooting (61.5%)
+1886 before commissions (5 of 8 positive)
+882 after commissions (4 of 8 positive)
Top 3 Symbols: BAC, DYN, EP
Bottom 3 Symbols: CCU, COH, ABT
Hitman:
Hmm.. I want some clarification.
TraderJimbo wrote:
"Can you tell me if I came into worldco with a 35k deposit - and was on a 95% payout - and lets just say made 20k after commissions - how much would my actual payout be that month - is it 20,000 times 95% or is some money held back. "
And your answer to him is YES. But what kind of capital can one put in play with a 35K deposit or some one who built up that much capital over their time at Worldco.
I know your model is differnt' from Don's model with $25K and supposeldy up to $1M acct or with ECHO's 10:1. So, what's the deal here? However, alrge and appropriate the position might be??
just wondering...
Hmm.. I want some clarification.
TraderJimbo wrote:
"Can you tell me if I came into worldco with a 35k deposit - and was on a 95% payout - and lets just say made 20k after commissions - how much would my actual payout be that month - is it 20,000 times 95% or is some money held back. "
And your answer to him is YES. But what kind of capital can one put in play with a 35K deposit or some one who built up that much capital over their time at Worldco.
I know your model is differnt' from Don's model with $25K and supposeldy up to $1M acct or with ECHO's 10:1. So, what's the deal here? However, alrge and appropriate the position might be??
just wondering...
***And your answer to him is YES. But what kind of capital can one put in play with a 35K deposit or some one who built up that much capital over their time at Worldco.***
Assuming you are not holding overnight's, assuming you are above water in your capital account, virtually unlimited. Worldco uses position and share limits, and it is increased when you perform well (read: be up before commissions as often as possible), decreased when you are getting smoked (multiple five digit down days will cut down your size in a hurry).
One of the top 5 traders at our firm (in 2001 at least) has 25K in his capital account, he holds 40-60 positions at a time, 1500-3000 shares each, you do the math. Another trader routinely does 10-20K shares in news stocks with 35K in his account.
It is all about your track record here, if you are good, sky is the limit. I can assure you that the phrase "lack of capital" DOES NOT EXIST AT WORLDCO, as long as you are profitable.
Assuming you are not holding overnight's, assuming you are above water in your capital account, virtually unlimited. Worldco uses position and share limits, and it is increased when you perform well (read: be up before commissions as often as possible), decreased when you are getting smoked (multiple five digit down days will cut down your size in a hurry).
One of the top 5 traders at our firm (in 2001 at least) has 25K in his capital account, he holds 40-60 positions at a time, 1500-3000 shares each, you do the math. Another trader routinely does 10-20K shares in news stocks with 35K in his account.
It is all about your track record here, if you are good, sky is the limit. I can assure you that the phrase "lack of capital" DOES NOT EXIST AT WORLDCO, as long as you are profitable.
Hitman:
THanks for you responses! It clears up some questions, but I got a few more questions to ask.
Scenario 1:
A new trader comes in with no capital. What is his/her typical payout? Obviously not 95% right? Is it at least 60%? And does it increase with as he gets more positive(i.e. a sliding scale) up to 95% or 99% if he/she accumulate up to 25-35K in his account right? That's what I'm gatherign from various bits of comments you are making.. But the bottomline for this question is does the new traader get at least 60-70% right off the bat with no capital?
Scenario 2:
A little more seasoned trader(i.e. net positive trader turning the corner and going up..), does he have to plunk down 25K? Or is there like a smaller limit like $5K? And what kind of payout would he get? Obviously should eb more thant eh new trader with no cap contribution right? But how much more?
Scenario 3:
A trader comes in 25K, he gets the full 95% payout and shares size increasing up as he proves himself right? And it seems like you said the sky is the limit so he can put on 10K shares mulitple positions,etc. But Worldco does NOT keep any profits(i.e. holdbacks right a la Bright). That is the 25K is just a deposit and after that any net positive gain is paid out at the full 95% right? None of this 25% holdbacks or whatever?
Misc:
1) The trader get medical/health insurance benefits right? Is that paid by the company or paid by the trader?
2) No desk fees or quotes fees or whatever right? What are other costs besides just commissions and ECN fees? No other HIDDEN fees??
3) How's the technology/execution platform? Is it fast? Slow? Downtimes? How often? I know everyone has execution problems on some days? But what's the frequency? T-1 connections etc. right?
Depending on your answers to these various scenarios, I would say Worldco's package(or at least what you said, I don't know if different branch managers operate differently, but hopefully not too far from what you said so far) seems pretty fair and decent.
It could possibly be one of the best deal out there depending how you answer these questions..
trader99
THanks for you responses! It clears up some questions, but I got a few more questions to ask.
Scenario 1:
A new trader comes in with no capital. What is his/her typical payout? Obviously not 95% right? Is it at least 60%? And does it increase with as he gets more positive(i.e. a sliding scale) up to 95% or 99% if he/she accumulate up to 25-35K in his account right? That's what I'm gatherign from various bits of comments you are making.. But the bottomline for this question is does the new traader get at least 60-70% right off the bat with no capital?
Scenario 2:
A little more seasoned trader(i.e. net positive trader turning the corner and going up..), does he have to plunk down 25K? Or is there like a smaller limit like $5K? And what kind of payout would he get? Obviously should eb more thant eh new trader with no cap contribution right? But how much more?
Scenario 3:
A trader comes in 25K, he gets the full 95% payout and shares size increasing up as he proves himself right? And it seems like you said the sky is the limit so he can put on 10K shares mulitple positions,etc. But Worldco does NOT keep any profits(i.e. holdbacks right a la Bright). That is the 25K is just a deposit and after that any net positive gain is paid out at the full 95% right? None of this 25% holdbacks or whatever?
Misc:
1) The trader get medical/health insurance benefits right? Is that paid by the company or paid by the trader?
2) No desk fees or quotes fees or whatever right? What are other costs besides just commissions and ECN fees? No other HIDDEN fees??
3) How's the technology/execution platform? Is it fast? Slow? Downtimes? How often? I know everyone has execution problems on some days? But what's the frequency? T-1 connections etc. right?
Depending on your answers to these various scenarios, I would say Worldco's package(or at least what you said, I don't know if different branch managers operate differently, but hopefully not too far from what you said so far) seems pretty fair and decent.
It could possibly be one of the best deal out there depending how you answer these questions..
trader99