newbie looking for virtual mentor/ mentors

Quote from RedRat:

I heard of some prop firms. They hire 100 people and hope that 2 of them become good traders.
They teach people some strategies, like go long stock, place TP 5 ticks, place SL 3 ticks. And if the major trend S&P is up, then chances are high that market reaches TP before SL.

The problem is such a strategy does not bring money. It may be break-even or profits are small. The business is to charge commissions. Prop firm has commission say 0.001 per 1000 shares and give commission 0.0025 to its traders. As there are too many trades, commissions bring good money.

If trader is break-even - firm makes money. If guy is not-profitable, firm diminish his trading size. If guy is profitable, prop firm also takes % payout.

Good luck with it.
More...


Oh, Man, you are talking about some prop shops that make money. Ours has no strategy. The strategy appeared a couple of weeks ago. You obviously should read this thread from the start.
Now, i am making progress and looking for sweet spot. So far, when I follow rules I am up, but it is hard as 5 ticks stop loss is unforgivable and sometimes I really have to wait a long time for set up. Trading with added liquidity commissions paid to me looks like a logical choice and I will do only entries with passive orders starting next week trying to exit passively as well.
One more thing. No one actually stays at our office . Used to be 12-13 guys. Those guys were actually good riddance as no one could control themselves. i saw them losing $60-70 on 1-2 trades with 100 shares. Now outside of owner and assistance only 3-4 guys stay and 2 of them are new. Other just come sniff around and run away. But I see it as opportunity to learn and I know, I have been doing not bad.
 
Quote from RedRat:

I heard of some prop firms. They hire 100 people and hope that 2 of them become good traders.
They teach people some strategies, like go long stock, place TP 5 ticks, place SL 3 ticks. And if the major trend S&P is up, then chances are high that market reaches TP before SL.

The problem is such a strategy does not bring money. It may be break-even or profits are small. The business is to charge commissions. Prop firm has commission say 0.001 per 1000 shares and give commission 0.0025 to its traders. As there are too many trades, commissions bring good money.

If trader is break-even - firm makes money. If guy is not-profitable, firm diminish his trading size. If guy is profitable, prop firm also takes % payout.

Good luck with it.
More...

Again, it is not what I do. i am looking for higher probability trades where I can bag 5-6 ticks with 5 ticks stop loss. They actually told me to enter often with market order, but I prefer limit order actually.
 
Quote from NoDoji:

Now it's hard to make money with tight stops, but if you learn to time your entries really well, it gets easier. There are folks on ET who questioned my claim that I sometimes traded a volatile issue like POT with just a 10 tick stop, but I'm a sniper. I watch and wait sometimes for an hour or more before I see a setup that's just right for super low-risk, high reward.

About a week ago I dropped in RW's trading room late in the day and called a POT trade (short) in real-time, with a 10-tick stop and 48-tick target, which was filled 10 ticks from the pivot low.

It's all about hours and hours of screen time, trading the same thing over and over and getting to know it really well. Price action at certain levels starts to talk to you and you learn to listen.

If you focus on one or two stocks and you have a good visual memory for patterns and what follows, this 5-tick stop will soon be no problem, IMHO. It will simply hone your skills to a fine edge.
More...


That's absolutely true. The most important patience and I am very action attracted guy. 5 ticks stop loss is enough when you knwo what to do and can read Level II with Time and Order. I have been watching this combination like hawk for 3 months and slowly getting better at this. Set up is watched on chart, entry is timed on Tape. I mentioned that I was up 5 days before this Friday but some guys just see only negative and say stop trading :) I am up this week actually. My goal is to have my first profitable month in May.
 
Quote from RedRat:

Allejkum Assalam! I left Dushanbe in 1994, right after finishing school. I lived around Mayakovskaya street, now it is renamed, seems to be Hofizi. On the West part, if I am correct. Do you still live there?

I do not trade through prop firm. My experience so far is trading futures. Now I want to trade RTS Russian futures.
More...

Asalam Aleikum guys, I only visited Leninabad with my dad twice back in 1977 and 1980, otherwise stayed within Uzbek borders with yearly forays to Ukraine :)
 
You must log in or register to reply here.
Back
Top