the BEST traders i know

[austinp]

<i>"this just sounds a little wack."</i>

No it ain't... Dustin is being honest with you.

My point is, experienced traders can handle anything. Traders with less experience may not handle current tape violence well, but that doesn't mean they have no hope for long-term success.

This stuff is relatively short-lived. Enjoy it or avoid it as seen fit, but will soon be gone and back to "normal"

 

[Dustin]

Quote from dsq:

care to name names?...will they be in traders monthly or the next market wizards?this just sounds a little wack.

Let me clarify, I'm not saying anyone makes this much every single day. Of the 10+ guys that I keep in touch with, it is not uncommon in this market for a few of them to hit these numbers. Of course I won't be posting names.

 

[Daal]

Quote from Dustin:

Let me clarify, I'm not saying anyone makes this much every single day. Of the 10+ guys that I keep in touch with, it is not uncommon in this market for a few of them to hit these numbers. Of course I won't be posting names.

dollar amounts are misleading. % of networth is everything

 

[mksummny]

I'll add to Dustin's point. The room that I am, we are all killing it having record days and months. This trading environment is some of the best I have ever seen. I personally had a record month last month and know of atleast 5 others that did as well. While not giving the exact number, lets just say it was mid 6 fig's, while others I know were making millions over the last several weeks. If you can not trade in this environment, please consider another job.

 

[chrisdunn]

Quote from mksummny:

I'll add to Dustin's point. The room that I am, we are all killing it having record days and months. This trading environment is some of the best I have ever seen. I personally had a record month last month and know of atleast 5 others that did as well. While not giving the exact number, lets just say it was mid 6 fig's.

Agreed... this is the best trading market I've seen since 01'. Anyone who says they're losing money, doesn't know what they're doing.

 

[arealpissedgoy]

Quote from Dustin:

The best traders you know suck at trading. The best traders I know make $100-500k/day in this environment without blinking.

If you can't make money in this market then you may want to reconsider trading as a profession.

Dustin, $500K A day?! shit that's gravy.

I know guys doing 40K consistently and I was thinking they're trading gods.


As for the OP. Not a bad market.

You can even make money trading the damn noise.

Take a position with small targets and large stops. The chop will always take you out with a profit.

 

[nugundam]

Quote from NY0BScalper:

Dude you must be smoking crack. Pretty much every trader I know had a record month last month. Look at the trader P/L forum, you have guys like The_Rocketeer who maybe six months ago posted his first $1,000 day posting $7-12k days.

The best traders are not sitting on the sideline man.

Just because the market is too fast and volatile for you doesn't mean that's generally true. This is the second post of this type you've made in the last week; it seems to me like you notice lots of people making money and you can't keep up. That's OK, I've felt the same way before during fast volatile markets, when my skills weren't developed enough to take advantage. Trying to justify your failures by making shit up isn't healthy. Not everyone likes a fast market, it IS easy to get killed if when you miss your out you hold against you.



This MKT is setups galore.

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Both of you guys are right, i mean, some traders will be better off staying at the sidelines if they can't keep up with the volatility. I'd say they are good traders and kudos to them for realizing their weakness in this ultra volatile market (rather than force their old ways and get creamed). They simply are having a hard time adapting. They've probably realized their old ways are not working and have lost a bit of money and decided to take a break to see if the market will revert to its "old ways".

Now the excellent traders will take advantage of this volatility and once in a life time opportunity as you so well put it and adapt to it like never before (i personally am seeing history in the making in that i'm seeing % moves that i've never thought possible).

I suppose that's what distinguishes the varying degrees of good traders. I really love that quote "Good traders minimize risk, Great traders maximize opportunity"

I guess you now know where you stand, i personally consider myself in that first part still stuck with minimizing risk as I usually trade the noise and do many trades sort of like a market maker. Speaking of which, i wonder if they do well in this type of environment.

PS
You do have great advice about chopping down your size to at least partake in some of the opportunities. IMHO completely staying at the sides lines is admitting defeat in a way that you are not willing to adapt to the market. Flexibility and adaptability is one of the most important keys to success in trading. Also, under these conditions one must be very well capitalized as precision is extremely crucial.

 

[piggie2000]

A few pts need to be made here.i know a guy up 27 mil this year. But i also know other guys struggling as they've been on the wrong side of the volatility. ONE THING NOT MENTIONED HERE IS THE GUYS MAKING THE BIG $'S ARE THE ONES WHO ARE WELL CAPITALIZED AND CAN TAKE HUGE HEAT. yesterday i make 48 k jumping on xom's huge vertical $8 run. I also too $20k heat during the day. But i'm day trading a retail account with 7 figures so a 20 k loss is acceptable. a prop guy with 20k in his account can't handle this this draw down. ALSO REMEMBER MANY OF THE PEOPLE DUSTIN SPEAKS OF IN HIS GROUP ARE BLACK BOX AUTOMATED TRADERS WHICH GIVES THEM HUGE ADVANTAGES IN SUPER FAST MKT'S AS THERE ORDERS ARE SHOT OUT IN MILLISECONDS VERSUS A MANUAL TRADER TAKING MUCH MORE TIME.

 

[killthesunshine]

Quote from NY_HOOD:

the best traders i know are making great money..know how? they are not trading in this environment and doing things on the side. its that simple and if you think i am exaggerating,i am not. there are no discernable patterns and random whip saws which are extreme and the bext traders are getting hammered. the smart ones are sitting on their hands and conserving the capital they have. let the guys on ET slam me for saying that and let them say this is the best environment for traders in years...don't believe the hype. some are making some money but i know the truth and wants what best for some of you guys.

YAY what a sweet guy

 

[shortie]

Quote from piggie2000:

A few pts need to be made here.i know a guy up 27 mil this year. But i also know other guys struggling as they've been on the wrong side of the volatility. ONE THING NOT MENTIONED HERE IS THE GUYS MAKING THE BIG $'S ARE THE ONES WHO ARE WELL CAPITALIZED AND CAN TAKE HUGE HEAT. yesterday i make 48 k jumping on xom's huge vertical $8 run. I also too $20k heat during the day. But i'm day trading a retail account with 7 figures so a 20 k loss is acceptable. a prop guy with 20k in his account can't handle this this draw down. ALSO REMEMBER MANY OF THE PEOPLE DUSTIN SPEAKS OF IN HIS GROUP ARE BLACK BOX AUTOMATED TRADERS WHICH GIVES THEM HUGE ADVANTAGES IN SUPER FAST MKT'S AS THERE ORDERS ARE SHOT OUT IN MILLISECONDS VERSUS A MANUAL TRADER TAKING MUCH MORE TIME.

would you say that you actually did not take enough heat yesterday? what i mean is that a 20K drawdown on 1M account is only 2%, your account could easily withstand a several fold higher drawdown. do you think you are missing out by not trying to maximize profits during this volatile time?