Schonfeld Sec. bad moon rising ???

i think alot of firms are closing branchs. I know that Hold Brothers in chicago are here for a while. A few heavy hitters that traded at momentum in Arz, and a few good scalpers with Online are using the site.

They tried to get me to leave schoni a year or so to join thier prop program. But at that time, schoni was stable and i stayed. Now Hold no longer has prop, customer based only
 
There are ways to make money in this market. However, I do agree that the time horizon has changed from seconds, and minutes to hours and days. The VIX has been extremely instrumental in identifying overbought and oversold conditions. Larry Conners on trading markets has several VIX indicators useful for the intermediate term trader. Theres money out there for those recourseful enough to find it.
 
The answer is he has a 5000000 account and someone trusts him enough to have him control that account. Some time long ago he must have done well and with this market he still has the same asset base which means on a given day up 20% being lucky his profit will surpass all the small guys combined. Welcome to the reality in finance the big fish lose big but win even bigger.

Here is my advice to you and many at your firm. If you are winning then let the money people know and seek more money.Stand out in the crowd. Ask this guy to let you handle some of his cheese while he is away for a smaller cut.


Think strategic and watch the magic happen. This is the market where legends will be born.

Mr. Profits has spoken
 
Originally posted by goldenarm
I can see why you're not making money in this market. You have too many preconceived notions on how the market is going to move, based on some historical data. You have to look for the intraday plays and make consistent quarters and maybe halves by playing the momentum pullbacks on volatile stocks that you know well. React to what your screen is telling you (Level 2 ECNs, market makers, futures, baskets of industry stocks) and stop predicting. Opinions are like assholes; everyone's got one. Opinions are the Achilles heel of veteran traders. Swing trading for size in a sideways market is a 50/50 proposition at best. You're better off playing craps.
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This sounds like an opinion of an opinion...I don't think there is anything wrong with someone positioning for a move...Some traders think better in terms of seeing bigger moves as opposed to trying to game the next 10, 20, 50 cents or whatever the majority of scalpers focus on...In fact, the whole point the guy is trying to make is that the game he wants to play is trying to get some decent sized swing trades as opposed to beating himself to death trying to scalp for nickels all day long...to each his own
 
You are correct. Swing trading does have its time and place. My point was just that in the past eight or nine months, I've only seen the scalpers make money consistently, not the swing traders. Let's face it, a sideways market is tough on swing traders.

I think to be successful in today's market, you have to be versatile enough to do both. The higher probability trades are the ones that yield singles. By singles, I don't mean nickels in CSCO, but maybe quarters and halves in NVDA, KLAC or EBAY for 500 to 2000 shares. Call me an idiot, but I'd rather take a high probability (70-80%) short-term momentum trade that yields $500 than a 3 or 4 day trade that has a 50% chance of success. When the market is clearly trending up or down, THEN you can incorporate more swing and position trades in the mix. The name of the game is longevity and steady income in this business, not setting yourself up to blow up in any given week.

Just my 2 cents...
 
just read gene's post from a few pages back. Here is a guy that talks about sitting on the sidelines when probabiloities are low for success. This is a conflict of interest inverted!!!!!!! Gene, you have always acted with integrity on this site and i just wanted to point out that again you are going beyond the call of duty. Thank you for your input on this site it is appreciated always!
 
Originally posted by Bryan Roberts
New at this,

if i heard correctly jesse died a broke and broken man....but what a great book.
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I think you can attribute his death primarily to his wife shooting his son. I doubt anyone could recover from something like that. And one can only imagine what that does to your judgement and desire to speculate successfully.

He was a player.
 
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