Schonfeld Traders R.I.P.

Sounds like you stock guys just need to boot up a futures chart.

Trade the CL @ $10/tick and see if there are fractions of a penny movements.

:D

As for this firm dropping the lowest earners, what business does not do this? Prune off the junk and work w/ the best, any decent business does this. While I was a broker and moved up the ranks, this was very common on this side of the business as well - we'd track new brokers commissions month-to-month, look at 6 month cum and 12 mo cum. If it was below the target, adios.
 
Quote from EMRGLOBAL:

Day trading is dead. I know, I know, there are a million millionair traders here on ET, all daytrading. But Steven is correct in his decision.

I traded with Schoni, back when the Russian put up 75 million in two years or there about, Rearding Metal, this guy put up sick positive days in my trading room, hell we had all kinds of 7 plus figures going around.

Since 04 this has started to, not be the case.

Dark Pools, Lighting Fash black Box modes, etc are taking the edge away from daytraders.

Stocks would move points, now, they move pennies...watching paint dry. Sure, there may be a few 400 dollar a share stocks...that move but over all, market volume is dead.

The guys that I still keep in touch with, all trade long and longer time. They Hedge, the put on spreads, they move in and out of markets like a big elephant in and out of a small pool...one leg at a time and it displace the water, hence, not lean and mean as we did back in the days.

With the current administration, with the Rules and new regs, 10% circuit breakers on individual stocks, capital gains, long and short going up next year, lower volume, etc...good luck daytrading.

There is still plenty of money to be made in the markets, and over in Asia. However, "intraday Bandits" are a thing of the past.

It's structual unemployment folks, Technology has made the markets more efficent to .0001 of a penny, the New Socalist Nanny State is squezzing the neck of the Free flowing markets.....Old game is over.

Now you gota find the new game or end up on Obama's hand out program.

Good Luck.
More...

bla, bla, bla

games change, adjust or lose
 
Quote from EMRGLOBAL:

Day trading is dead. I know, I know, there are a million millionair traders here on ET, all daytrading. But Steven is correct in his decision.

I traded with Schoni, back when the Russian put up 75 million in two years or there about, Rearding Metal, this guy put up sick positive days in my trading room, hell we had all kinds of 7 plus figures going around.

Since 04 this has started to, not be the case.

Dark Pools, Lighting Fash black Box modes, etc are taking the edge away from daytraders.

Stocks would move points, now, they move pennies...watching paint dry. Sure, there may be a few 400 dollar a share stocks...that move but over all, market volume is dead.

The guys that I still keep in touch with, all trade long and longer time. They Hedge, the put on spreads, they move in and out of markets like a big elephant in and out of a small pool...one leg at a time and it displace the water, hence, not lean and mean as we did back in the days.

With the current administration, with the Rules and new regs, 10% circuit breakers on individual stocks, capital gains, long and short going up next year, lower volume, etc...good luck daytrading.

There is still plenty of money to be made in the markets, and over in Asia. However, "intraday Bandits" are a thing of the past.

It's structual unemployment folks, Technology has made the markets more efficent to .0001 of a penny, the New Socalist Nanny State is squezzing the neck of the Free flowing markets.....Old game is over.

Now you gota find the new game or end up on Obama's hand out program.

Good Luck.
More...


"We all had 7 figures going around"

HILARIOUS coming from you. Are you implying that you had a 7 figure year? Dude....you were a TINY trader at Schonfeld and never even came close to being a a big trader. Hell.....you probably were in the bottom 20% when it came to size.

From your anti-trading posts on here it's obvious you were a failed trader. And you were....you got canned when Schonfeld downsized after the firm got clobbered in 2000. No big deal...they canned a good part of the office. No shame in that. Move the fuck on and quit bashing something you couldn't hack, but plenty others can.

You mention DB and Rearden like you were one of them. You weren't even in the same area code as them when it came to trading. It's funny how the guys who make a big part of the money keep quiet, and the smaller guys love to go around a run their mouths. We all can read from your posts that you are some big swinging dick in The PE world. One would think someone as successful as you could move on from his failed trading career. But you always comeback to it.
 
Quote from Jt mcmasters:

Quote from WinstonTJ:
Traders making $50k-$75k (AGI) sounds like college interns…


Another delusional et member spouting nonsense. Listen son, steve shonfeld has managed 1000s of top traders. He knows what they earn. You need a fast lesson in reality. Unless you are 12 as I suppose.
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WinstonTJ, guys a poser who defends hft anti competitive practices. ignore.
 
When I posted about the bots fucking up the game years ago, I got almost 100% flack about it. Now all of a sudden everyone is fessing up.

PS The game can still be beat but its a much bigger pain in the ass.
 
Quote from stock777:

When I posted about the bots fucking up the game years ago, I got almost 100% flack about it. Now all of a sudden everyone is fessing up.

PS The game can still be beat but its a much bigger pain in the ass.
More...

i agree with this, the game is tougher now things are camoflouged so much more. still can be profitable its just not as cut and dry and yes a pain in the ass trying to figure it out. i wish i traded back in the late 90s early 2000s where it was just follow the big bid and offers and lean. i do hear that trading on other exchanges such as ftse and lse are like the us markets were back then. surprised many us equity traders havent made the move to trade other markets.
 
Word

Not the first time I heard this about that dickhead.

Quote from EPrado:

"We all had 7 figures going around"

HILARIOUS coming from you. Are you implying that you had a 7 figure year? Dude....you were a TINY trader at Schonfeld and never even came close to being a a big trader. Hell.....you probably were in the bottom 20% when it came to size.

From your anti-trading posts on here it's obvious you were a failed trader. And you were....you got canned when Schonfeld downsized after the firm got clobbered in 2000. No big deal...they canned a good part of the office. No shame in that. Move the fuck on and quit bashing something you couldn't hack, but plenty others can.

You mention DB and Rearden like you were one of them. You weren't even in the same area code as them when it came to trading. It's funny how the guys who make a big part of the money keep quiet, and the smaller guys love to go around a run their mouths. We all can read from your posts that you are some big swinging dick in The PE world. One would think someone as successful as you could move on from his failed trading career. But you always comeback to it.
More...
 
Quote from gr8tr8r:

When stocks went for 1/8's to 1/16th's everyone said day trading was dead. It wasn't. When stocks went from 1/16th's to pennies everyone said trading was dead. It wasn't. When the NYSE went electronic everyone said day trading was dead. It wasn't.

Traders need to adapt. At then end of the day, stocks are going to move. Good traders are going to be able to capture these moves and make money.

So Shonfeld let go 50 of his bottom traders, big deal. As someone else said, he still has 300. It's probably the classic 80/20 rule, so cutting out the high maintenance lower end traders makes a lot sense from a business point of view.
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well put....i agree completely....i am trading well and don't have much time to read or post....i focus on honing my skills and expanding the breadth of stocks I can find to trade on any given day...manually. I will go so far as to say that I have beena profitable short only trader for4 years, before that i did spreads, pairs and merger arb. I haven't entered a long order (on purpose) to open a trade in 4 years, and thats how I eat, breathe, and pay for my lifestyle.

I was also told by a prominent trader tax preparer that my chances of winning an audit with the irs was small, and I needed significant outside help. I reduced my liability from 48,000 to 1,800 in my appeal by buying a book and doing my own homework.

The walls are there to keep people out who don't want it badly enough, it's their job to go find something else.
 
I too have noticed what "seems" to be more bots lately.

However, the size that they seem to be trading is pretty small for the most part, at least in e-minis and Euro contracts. At least this is my perception anyway.

I can't remember the last time I saw a 200 or 300 or 500 contract print on ES. I used to see them all the time at breakouts. Instead I see a whole bunch of 1 and 5 and 10 car trading getting pinged back forth by small traders and bots from S/R levels - with no big size hardly ever coming in to run the bots and pikers over like used to happen frequently in the past. The markets just seem "quiet" all the time. There is little frantic buying or selling.

I believe this is a problem that is actually amplified by what seems to me to be a lack of "crowd" trading. There have been so many failed breakouts and patterns lately.

My personal opinon is that due to the horrible economic policies of this administration (specifically the last 4 years of Frank/Dodd) that have brought the USA to it's f***ing knees, that too many big players are simply content to sit or trade small. They are all trying to stay off the radar of legislators and/or keeping their risk smaller.

The markets are still scared 2 years after the "crisis", the "recovery" is all government and media spin. Unemployment still sucks. The new proposed laws (and the mindset) has not revived very much.

I am pretty confident that if employment ever gets better and the Dems are stopped from getting ready to tax and target the Golden Goose (retirement funds) and other horrible ideas they have proposed, that things will pick up someday.

Meanwhile, trade 1/2 size and be more patient.

Just my .02, I can't actually prove any of it.
 
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