The top 3 guys who make over 1 million a year at my firm...

S

s0mmi

The top 3 guys who make more than 1 million a year at firm, have the following traits about their style of execution and strategy:

1. They don't have a real 'stop' in terms of dollars. They have one, in the back of their mind, which is equal to a good portion of what they leave in my prop firms bank account, but there's no way they will EVER enter a trade and go "Ahhh if I am 5 ticks offside here I'm down 100k and I exit."

In fact every single one of them have a time stop utilized way more than a dollar stop.

2. Averaging is extremely necessary. All 3 of them collect. How you do it, is completely up to you... your own 'stye' of collection. But they are definitely not in/out click-n-go guys

3. Their time frames utilize the entire session of the day most of the time. They are not about the bid/offer garbage little game which is ever-more-so saturated with bots and algorithms today


Also the most obvious one is they are all spreaders. But this is completely obvious. The biggest outrighter in our firm is lucky to clear 200-400k/year (AUD). Two of the 3 biggest spreaders make 4-5 milli and 8-10 mill a year each
 
Quote from s0mmi:

The top 3 guys who make more than 1 million a year at firm, have the following traits about their style of execution and strategy:

1. They don't have a real 'stop' in terms of dollars. They have one, in the back of their mind, which is equal to a good portion of what they leave in my prop firms bank account, but there's no way they will EVER enter a trade and go "Ahhh if I am 5 ticks offside here I'm down 100k and I exit."

In fact every single one of them have a time stop utilized way more than a dollar stop.

2. Averaging is extremely necessary. All 3 of them collect. How you do it, is completely up to you... your own 'stye' of collection. But they are definitely not in/out click-n-go guys

3. Their time frames utilize the entire session of the day most of the time. They are not about the bid/offer garbage little game which is ever-more-so saturated with bots and algorithms today


Also the most obvious one is they are all spreaders. But this is completely obvious. The biggest outrighter in our firm is lucky to clear 200-400k/year (AUD). Two of the 3 biggest spreaders make 4-5 milli and 8-10 mill a year each
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Making "millions" a year does not mean a thing, it's the return on investment and the maximum drawdown that count.
 
Quote from s0mmi:

The top 3 guys who make more than 1 million a year at firm, have the following traits about their style of execution and strategy...
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Please remember that every firm is different.

My cousin's firm and a few close family friends work at different firms in different countries (France, Canada and USA).

The top traders at one firm in comparison to top traders at the other firm do not have the same commonalities as those at your firm via the topics you mention. For example, none of them average a trade and they use hard stops (no mental stops).

Too bad we can't get all of these traders from firms and institutions together in one big room to find out the commonalities and what they don't have in common.
 
Quote from s0mmi:

The top 3 guys who make more than 1 million a year at firm, have the following traits about their style of execution and strategy:

1. They don't have a real 'stop' in terms of dollars. They have one, in the back of their mind, which is equal to a good portion of what they leave in my prop firms bank account, but there's no way they will EVER enter a trade and go "Ahhh if I am 5 ticks offside here I'm down 100k and I exit."

In fact every single one of them have a time stop utilized way more than a dollar stop.

2. Averaging is extremely necessary. All 3 of them collect. How you do it, is completely up to you... your own 'stye' of collection. But they are definitely not in/out click-n-go guys

3. Their time frames utilize the entire session of the day most of the time. They are not about the bid/offer garbage little game which is ever-more-so saturated with bots and algorithms today


Also the most obvious one is they are all spreaders. But this is completely obvious. The biggest outrighter in our firm is lucky to clear 200-400k/year (AUD). Two of the 3 biggest spreaders make 4-5 milli and 8-10 mill a year each
More...

How about leverage? Are there some who use NO leverage?
 
Quote from s0mmi:

The top 3 guys who make more than 1 million a year at firm, have the following traits about their style of execution and strategy:

1. They don't have a real 'stop' in terms of dollars. They have one, in the back of their mind, which is equal to a good portion of what they leave in my prop firms bank account, but there's no way they will EVER enter a trade and go "Ahhh if I am 5 ticks offside here I'm down 100k and I exit."

In fact every single one of them have a time stop utilized way more than a dollar stop.

2. Averaging is extremely necessary. All 3 of them collect. How you do it, is completely up to you... your own 'stye' of collection. But they are definitely not in/out click-n-go guys

3. Their time frames utilize the entire session of the day most of the time. They are not about the bid/offer garbage little game which is ever-more-so saturated with bots and algorithms today
More...

There is one law in the back of their mind behind all three laws: buy cheaper volty sell it higher.

I like your posts sOmmi, and I very much like your Muhammed Ali video --- some people watch what you did not ask them to watch! It was that video that I enjoyed. Put a longer one with no music.
 
Quote from tradingjournals:

How about leverage? Are there some who use NO leverage?
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I know a guy who trades Cash Bonds.... and I think he backs himself with $10m to $15m of his own money.

So in short, if you want to use no Leverage, you probably already have enough money to just dump it in basic shares and property and retire with escourts blowing you off once a week during your cocaine party.

Futures is the best game because of leverage. A prop firm can give you ~$10,000 hard-stop with like $500 daily stop when you go Live. You can make like $200-500/day using basic trading strategies and just using very small size in the futures market (especially in Bonds, or Short-Term Interest Rate Products aka STIRS)

If I gave you $10,000 to put into equities there is a HUUUUUUUGE chance you will fail. Only the very very very lucky few who get the edges of the probability tree end up turning that into something. Even if you made 15% return a year, every single year, (meaning you're seriously like about top 0.1% of traders in the entire world) you're only making like $1,500 year

Even if you had $100,000 you'd only make $15,000 a year...

Best advice... go with a prop shop. Trade futures. The game is hard no matter what you do, but pumping leverage is the best way to back yourself if you're going to be committed and focused.

I'm trading 16-20 hrs a day. I've slept 2hrs in 2 days because I have some dirty positions that I need to manage. That's the game. Get in there.
 
Great posts sOmmi, and I certainly wish for you to become the best trader of all times in Australia. And do not forget me if you strike it big!

What is happening to the Australia dollar lately? Everyone seems to be pushing it around. Is there is a crisis of some sort in Oztralia? A bear market? Bad economy?
 
Quote from tradingjournals:

Great posts sOmmi, and I certainly wish for you to be the best trader of all times in Australia. And do not forget me if you strike it big!

What is happening to the Australia dollar lately? Everyone seem to be pushing it around.
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> Glenn Stevens says Aussie dollar is overvalued... but who gives a fuk... so does everyone else. Doesn't matter. The rest of the world wants it. We got the highest interest rate in the entire world for OECD 1st world country.

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> Also the Aussie dollar can't come down until the U.S. starts officially tapering off QE. Market punts right now are for the March FOMC meeting to have a taper. This could be realistic because their recent minutes suggest that they are probably going to remove QE earlier, ignoring unemployment, but leave interest rates near zero for longer until the job market restores.

> With these two things at play it seems like Aussie Dollar isn't coming down until the big fundamental shifts happen. The funny thing is that no matter how much Glenn Stevens scares the aussie dollar, it will keep rallying because our CPI is high, Jobs are (relatively) healthy, Retail Sales & GDP is great compared to the rest of the world at this point... and we have a good stable government.

> Also when QE ends, the problem is that the U.S. is going to leave rates for low until at-least LATE 2015 (especially with Janet Yellen replacing Ben Bernanke).

If I was a fundamental currency trader... and I sold Aussie dollar after QE tapering begins... I wouldn't bet on it going much further beyond the 0.85c mark simply because Australia's property market and CPI is heating up right now... the RBA is going to be forced to raise interest rates a lot earlier than the U.S.A

Australian businesses and export industry should be getting ready for the squeeze of a lifetime. (Because in the past... 4-5 recessions, Aussie dollar has crashed to about 0.45c-0.60c to USA which means we were cheap wh0res for the rest of the world to invest in. Not the same story where we're tickling the crack of U.S. Dollar parity's butthole)
 
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