RM, I am guessing you are trading a decent amount of volume from your strategy of setting up limits to slowly unwind your position. Are you just trying to unwind the position or is there another strategy involved? How are you choosing the limits, and the volume at those limits?
RM's occasional market calls...
- Thread starter Rearden Metal
- Start date
Gut feel, I guess.
You are doing it purely because of trading a higher volume and having to unwind your position without affect the market?
As much of a player as RM may be, I highly doubt he's moving the silver market or its ETF.
I think it's time for me to clarify why this journal exists, what I'm trying to get out of it, what I'm trying to give, and most importantly: What I'm not trying to give.
First, allow me to explain why this journal exists and what I'm trying to get out of it: IMO, all human actions and behaviors can be traced to just two possible core motives: Instinct and self-interest⦠and I'm obviously not posting here out of instinct.
There is a widely held false-belief on these boards that only pikers & struggling traders would ever bother posting on ET- that highly successful traders have better things to do (sipping Cristal on their yachts?), and 'wouldn't ever waste their time' posting on a message board. But I don't buy that at all! Amid the usual collection of pikers, trolls, and ne'er do wells, I know for a fact that there is also a presence right here on ET of highly successful, big hitting ballers who pull in seven to eight figures per year from their trading efforts. I want these people to notice me, take me seriously, and ultimately invite me to come trade with them. Edges come and edges go, and if you're not constantly finding new edges to exploit in the market, your earning power will naturally hit a decaying & deteriorating downward slope. While I still have tricks & edges that could potentially be shared with other traders (in exchange for something of equal value), I also need to be continuously learning new tricks and edges, just to keep up with the market's ever-changing cycles. I used to trade from an office with almost ten other guys who were pulling in seven figures+ as I was, but Schonfeld-Chicago closed down seven years ago and I no longer have such an environment to trade from. That's what I'm trying to regain by hopefully catching the attention of other serious Chicago-area traders, hopefully leading to an invitation to join them and learn from them in a mutually beneficial symbiotic relationship.
(Continued in next post)
First, allow me to explain why this journal exists and what I'm trying to get out of it: IMO, all human actions and behaviors can be traced to just two possible core motives: Instinct and self-interest⦠and I'm obviously not posting here out of instinct.
There is a widely held false-belief on these boards that only pikers & struggling traders would ever bother posting on ET- that highly successful traders have better things to do (sipping Cristal on their yachts?), and 'wouldn't ever waste their time' posting on a message board. But I don't buy that at all! Amid the usual collection of pikers, trolls, and ne'er do wells, I know for a fact that there is also a presence right here on ET of highly successful, big hitting ballers who pull in seven to eight figures per year from their trading efforts. I want these people to notice me, take me seriously, and ultimately invite me to come trade with them. Edges come and edges go, and if you're not constantly finding new edges to exploit in the market, your earning power will naturally hit a decaying & deteriorating downward slope. While I still have tricks & edges that could potentially be shared with other traders (in exchange for something of equal value), I also need to be continuously learning new tricks and edges, just to keep up with the market's ever-changing cycles. I used to trade from an office with almost ten other guys who were pulling in seven figures+ as I was, but Schonfeld-Chicago closed down seven years ago and I no longer have such an environment to trade from. That's what I'm trying to regain by hopefully catching the attention of other serious Chicago-area traders, hopefully leading to an invitation to join them and learn from them in a mutually beneficial symbiotic relationship.
(Continued in next post)
I also have two other, less important motives behind this journal:
1) If I can put together a journal with, say 20 real-time market calls and at least 80% of them turn out to be profitable winning trades, I'll have created something that looks impressive, making me look pretty damn insightful in the eyes of anyone who reads this. (If I fail- if I <i>don't</i> manage to put up an uncannily high win-rate here, this journal will have accomplished absolutely nothing for me and my ends.)
By adding to my track record of occasionally posting solid market calls to ET, I aim to create a halo-effect for all of my other, non-market related posts. My #1 biggest ideological/political passion in life is to help society understand that Endorphin Deficiency Syndrome really does exist. That some people simply have no choice but to either consume strong full-agonist opiates on a habitual basis, or else live a miserable, depressed existence without them. That the current oppressive drug-prohibition policies are a horrific injustice that needs to cease immediately, since harmless people who are just doing what they have to do to survive (ingesting the only anti-depressant medication in the world that actually works for them) don't deserve to be treated like criminals, oppressed or senselessly imprisoned. If my market calls are so good that people have no choice but to take them seriously, perhaps that halo-effect will extend to my other posts as well.
2) Ego/Nietzscheian pursuit of power: I'm trying to create a situation where people who take me seriously and piggyback my trades directly benefit from the act (they make money), while those who are skeptical/untrusting of me and my trading ability completely miss out on those potential gains (their account balance stays the same). My ego likes that. (I never claimed my motives were saintly or pure.)
Here's what I'm <b>not</b> trying to give away with this journal: I'm definitely </b>not</b> trying to teach people how to approach/think about the market the same way as I do, so that they can independently put on RM-style trades without my help. Why the hell would I want to do that? The last thing I need is more skilled competition crowding into my trades. The old Schonfeld method used to be a total gold-mine (champagne, blow & sluts!)... until it was taught to too many people and rendered near-useless by overcrowding and over-exploitation. If my job is to pan for gold, and I find a lucrative river-bed where the metal is plentiful, the last fucking thing in the world that I want to be doing is to put out an advertisement letting everyone else (my competition) know exactly where and how my lucrative river-bed full of gold can be found. Will I keep the location secret for the rest of my life, never to tell a soul? Well, not necessarily, but if I give up the info on what I've found and how to get there, I certainly want to receive something of equal value in trade. Can you really blame me?
1) If I can put together a journal with, say 20 real-time market calls and at least 80% of them turn out to be profitable winning trades, I'll have created something that looks impressive, making me look pretty damn insightful in the eyes of anyone who reads this. (If I fail- if I <i>don't</i> manage to put up an uncannily high win-rate here, this journal will have accomplished absolutely nothing for me and my ends.)
By adding to my track record of occasionally posting solid market calls to ET, I aim to create a halo-effect for all of my other, non-market related posts. My #1 biggest ideological/political passion in life is to help society understand that Endorphin Deficiency Syndrome really does exist. That some people simply have no choice but to either consume strong full-agonist opiates on a habitual basis, or else live a miserable, depressed existence without them. That the current oppressive drug-prohibition policies are a horrific injustice that needs to cease immediately, since harmless people who are just doing what they have to do to survive (ingesting the only anti-depressant medication in the world that actually works for them) don't deserve to be treated like criminals, oppressed or senselessly imprisoned. If my market calls are so good that people have no choice but to take them seriously, perhaps that halo-effect will extend to my other posts as well.
2) Ego/Nietzscheian pursuit of power: I'm trying to create a situation where people who take me seriously and piggyback my trades directly benefit from the act (they make money), while those who are skeptical/untrusting of me and my trading ability completely miss out on those potential gains (their account balance stays the same). My ego likes that. (I never claimed my motives were saintly or pure.)
Here's what I'm <b>not</b> trying to give away with this journal: I'm definitely </b>not</b> trying to teach people how to approach/think about the market the same way as I do, so that they can independently put on RM-style trades without my help. Why the hell would I want to do that? The last thing I need is more skilled competition crowding into my trades. The old Schonfeld method used to be a total gold-mine (champagne, blow & sluts!)... until it was taught to too many people and rendered near-useless by overcrowding and over-exploitation. If my job is to pan for gold, and I find a lucrative river-bed where the metal is plentiful, the last fucking thing in the world that I want to be doing is to put out an advertisement letting everyone else (my competition) know exactly where and how my lucrative river-bed full of gold can be found. Will I keep the location secret for the rest of my life, never to tell a soul? Well, not necessarily, but if I give up the info on what I've found and how to get there, I certainly want to receive something of equal value in trade. Can you really blame me?
could you tell us more about the old Schonfeld method?
also, could you share your performance in 2008, 09 and 10 (gains/losses and ranges of BP used to achieve them)?
i remember you posting your yearly performance prior to 2008. also for 2008 you mentioned the large drawdown but it is not clear what happened during the rest of that year.
also, could you share your performance in 2008, 09 and 10 (gains/losses and ranges of BP used to achieve them)?
i remember you posting your yearly performance prior to 2008. also for 2008 you mentioned the large drawdown but it is not clear what happened during the rest of that year.
I'm going to respectfully decline to get into any of that. Sorry, and please don't take offense.
I've just explained what I <i>am</i> and <i>am not</i> trying to accomplish with this journal, and providing clear answers to these questions would <b>not</b> fall into the first category.
I feel for you if you do suffer EDS. I have debated a number of times with people with different social/educational backgrounds (including some fellow traders on this board as well) about drug legalization and it is always amazing to see how narrow minded and ignorant people are. Good luck.