Trader P/L 2005
- Thread starter Diamondtrim
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no, wrong conclusions.
very successful trader, i am, as yoda would say.
at the same time, I have seen well over 40 different traders take the same lessons I did and succeed and then blow out huge when they ramped up on volume and nubmer of stocks...
also, have seen longer term results and took the time to cross reference with them what worked and didn't...most of what i shared on these threads were the net conclusions that many (not just me) traders drew from their actual experiences.
I knew one trader who made (according to the head trader) well over $3 mill his first year doing huge size and huge numbers of stocks on OPG's, well before it became so well known, and a few years ago, when it worked with vastly better consistency.
I applaud your accomplishments and discard your negative comments. This wans't a challenge for you to show cause, but, since you have, congradulations and enjoy your edge.
There are some who succeed, and many more who swear off the stuff.
Very insightful and interesting discussions. Thanks Lescor and Limitdown. It is good to hear both sides of the stories. I am an OPG trader (mediocre one) and still have hopes to excel with this strategy but limitdown comments made me more cautious to increase my size and becoming too aggressive in adding number of stocks.
My take, yes indeed the strategy has some edge but each person has to tweak it to define his real edge. Lescor seems to maximize his profits by holding on to shakeouts but use more size per shares. I use good number of stocks and cannot afford to watch my positions to carefully and therefore would get out on first sign of trouble.
On another aspect, I am still bothered by the fact that with so much exposures in the market (in terms of USD by number of positions and size per positions), the gain is relatively small compared to some succesful traders in my office who trade a few concentrated stocks with larger size (usually news stock). These guys consistently made over 500K/year (daily average of 3 - 5 Grand per day). And yet they are risking much less. And it is easier to handle 1 or 2 positions than 10 positions.
My take, yes indeed the strategy has some edge but each person has to tweak it to define his real edge. Lescor seems to maximize his profits by holding on to shakeouts but use more size per shares. I use good number of stocks and cannot afford to watch my positions to carefully and therefore would get out on first sign of trouble.
On another aspect, I am still bothered by the fact that with so much exposures in the market (in terms of USD by number of positions and size per positions), the gain is relatively small compared to some succesful traders in my office who trade a few concentrated stocks with larger size (usually news stock). These guys consistently made over 500K/year (daily average of 3 - 5 Grand per day). And yet they are risking much less. And it is easier to handle 1 or 2 positions than 10 positions.
mostly nasdaq GUYS, BUT few guys exclusively trade NYSE are as good. The best ones are still Nasdaq guys. They rely on Bloomberg news for breaking news. Sizes depending on stocks and news, for NYSE could be 4,000 - 20,000 shares on big cap stocks like PFE, MO when they had breaking news. But for openings, I think sizes are smaller because the news are usually out before the market opens (so not breaking news anymore) and they can trade several news stocks. Executions and fills are key though.
114 pages of comments indicates to me there are too many people using this strategy and it is of limited benefit
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