I used to believe the same thing. I have friends who still do. I thought there was no one in the entire industry actually making money from trading and the whole business was a total hoax. I had to see a trader open his broker P&L sheet in front of me. Directly from the mail box.. but even that could of been faked. Theres no end to that thought pattern.
Stop the lies
- Thread starter zoo
- Start date
I used to believe the same thing. I have friends who still do. I thought there was no one in the entire industry actually making money from trading and the whole business was a total hoax. I had to see a trader open his broker P&L sheet in front of me. Directly from the mail box.. but even that could of been faked. Theres no end to that thought pattern.
good point....lol
i have one better. let all those system sellers and book writers post their tax returns to see how much they made. they are the ones that not only claim they are making money but want to make money off ppl by selling their bunk.
I want to mention Mark Fisher, a famous New York pit trader and owner of MBF clearing. He is a real deal, and he published a book several year ago called 'The Logical Trader', but he is an exception. By the way, I urge anyone to read this book, I do not use his ACD system, but the book shows you what can be done with a simple system.
I am not sure about that statement about the NASD. I was with the Nasd and some other exchanges. Could you give me a link to the regulation that shows a trader can not post true trading records with the usual disclaimer.
My partner and I owned the San Diego office of a Van Buren Securites and then another LLC. We were with different exchanges but we had the regulators come to the office during the time we were showing people our sheets.
Pretty much our entire marketing plan was low key but we distinguished our office from all the others in San Diego by saying we were profitable traders first and owners second.
I also made claims on here and other places that the large majority of the traders we had in our office made good money. (at one point all but 2 traders in our office were profitable. (no pms I do not scalp much anymore because my old method can not overcome the small ranges and my office eventually withered away.)
I showed my sheets to people in our office frequently. And I know I ticked off some competitors by saying we knew how to trade.
When my partner started revealing our methods on tradingmarkets I had to kick him out of the firm. He made large but probably true (He was very profitable) claims on tradingmarkets.
Regulators came in the office looked at our records talked to our traders spoke with me about our marketing and the accuracy of our records.
At the end of the day they said nice to meet you. I think they were blown away by the fact everyone was happy and making money. (this was the good old days and only lasted about the 3 middle years of my business)
As a lawyer with securities licenses I believe the truth is always going to be a defense. And while I might not risk my license on that belief all the time - I was not afraid to tell people I was consistently profitable when it was true If the regulators tried to shut me down I think I would win in court.
My partner and I owned the San Diego office of a Van Buren Securites and then another LLC. We were with different exchanges but we had the regulators come to the office during the time we were showing people our sheets.
Pretty much our entire marketing plan was low key but we distinguished our office from all the others in San Diego by saying we were profitable traders first and owners second.
I also made claims on here and other places that the large majority of the traders we had in our office made good money. (at one point all but 2 traders in our office were profitable. (no pms I do not scalp much anymore because my old method can not overcome the small ranges and my office eventually withered away.)
I showed my sheets to people in our office frequently. And I know I ticked off some competitors by saying we knew how to trade.
When my partner started revealing our methods on tradingmarkets I had to kick him out of the firm. He made large but probably true (He was very profitable) claims on tradingmarkets.
Regulators came in the office looked at our records talked to our traders spoke with me about our marketing and the accuracy of our records.
At the end of the day they said nice to meet you. I think they were blown away by the fact everyone was happy and making money. (this was the good old days and only lasted about the 3 middle years of my business)
As a lawyer with securities licenses I believe the truth is always going to be a defense. And while I might not risk my license on that belief all the time - I was not afraid to tell people I was consistently profitable when it was true If the regulators tried to shut me down I think I would win in court.
Quote from nkhoi:
there is plenty of money laying around, the trick is how to get your hand on it
these guys are big wigs and got inherited gelt. they never made money day trading s&p's and making it on their own.
Zoo, just keep at it. In a few years, you too will be able to develop the essential photoshop skills.
(Kidding aside, do you actually believe that no one makes money trading index futures?!)
what a bunch of losers.
losing traders always want to bring others down, etc. that's part of why they ARE losers. a losing mindset
fwiw, futures (unlike stocks) are zero sum
so, sans commissions, there is EXACTLY as much money WON in the futures market vs. lost
who is winning MOST of it? institutional traders, not a bunch of retail wannabe's.
so, how do u trade successfully? like a professional. fade retail and understand order flow
losing traders always want to bring others down, etc. that's part of why they ARE losers. a losing mindset
fwiw, futures (unlike stocks) are zero sum
so, sans commissions, there is EXACTLY as much money WON in the futures market vs. lost
who is winning MOST of it? institutional traders, not a bunch of retail wannabe's.
so, how do u trade successfully? like a professional. fade retail and understand order flow
Do you really think Mark Fisher made his money with his wicked awesome ACD system?