I find I agree with like 95% of your ideas about prop and trading, along with people like FaderTrader. I assume you started like I did in a firm like Generic/Assent, but I'm curious what you're doing now, what instruments and time frame you focus on. I ask mainly because all of the people I've seen who start prop have either stayed as consistent scalpers or started their own trading groups, and I get the impression you developed your own independent style.
Trader P/L 2006 Questions and Discussion
- Thread starter polpolik
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I find I agree with like 95% of your ideas about prop and trading, along with people like FaderTrader. I assume you started like I did in a firm like Generic/Assent, but I'm curious what you're doing now, what instruments and time frame you focus on. I ask mainly because all of the people I've seen who start prop have either stayed as consistent scalpers or started their own trading groups, and I get the impression you developed your own independent style.
LOL you need to search my posts and see that I stopped daytrading equities in Jan. However, I'm planning to go back doing it part time and remote. It took me to quit to realize that 10-15 hour weeks for 5k a month is very nice indeed. This way I can pursue a real passion or work a real job on the side. That's a whole nother story which I see no need to go into in this thread.
Other than that, I been swingtrading/investing a bit but have not put on a trade in a few months cause my current positions are doing fine.
Scalping has a high and quick burnout rate, I never liked it but did end up doing it a lot just cause I think everyone that starts daytrading in equities is taught scalping. Other than that, tapereading & intraday swings. Before I left, I traded primarly sector stocks by follow the index and this is the style I'll end up doing again.
P.S. Even though I don't enjoy trading equities, I'm dying to trade commodities.
I screwed up ... rookie mistake on tues ...
lost 25 % of my weeks profits ...
how did I do this ?
I averaged up some naked sales in a stock that had positive news ... and covered near the highs
then when I saw how strong the stock was
I decided to wait for a pullback to intraday support ..
but only bought 1/3 of what I was selling earlier in the name
and sold those for a much smaller profit ... than my earlier losses
in other words ... I held my losers too long and cut my profits
short
( the stock was SSRI ... and I got faked out by the
fact that gold and silver were lower ...
thinking the MM's would take SSRI lower late in pre market
oops )
lost 25 % of my weeks profits ...
how did I do this ?
I averaged up some naked sales in a stock that had positive news ... and covered near the highs
then when I saw how strong the stock was
I decided to wait for a pullback to intraday support ..
but only bought 1/3 of what I was selling earlier in the name
and sold those for a much smaller profit ... than my earlier losses
in other words ... I held my losers too long and cut my profits
short
( the stock was SSRI ... and I got faked out by the
fact that gold and silver were lower ...
thinking the MM's would take SSRI lower late in pre market
oops )
nysekiler, atleast can be proud that he has caused this much emotion, he would make a good pirate, Yaarrrrr.
This thread speaks the truth of how hard trading really is.
It kinda reads like: "Confessions of an Elite Trader".
No one really wants to hear how hard trading is, they just want to look at blotters and think of how much they could be making if they were trading.
Sometimes people post P/L numbers and you get a whole gang of people attacking that person as being bogus for the numbers being too high, and then that person dissapears. What is so hard about showing trade transcations to prove yourself to shut these people up if you are real? And why make it secretive if you want to prove yourself? How do you reveal a strategy from showing trade transactions if you are a discretionary trader? And who cares if you show what stock your trading. So what, maybe you trade the same 3 stocks everyday. Are you going to lose your "edge" from added liquidity, from newbies?
Many of the people on here act like we are competing amongst each other, when all of us want to make money and get help from others in the process. No one wants to reveal their "secrets" or be cast in a bad light from showing down days. The people that do show the other side of trading are the ones I believe, and to those people (many of the people in this thread) I thank.
It kinda reads like: "Confessions of an Elite Trader".
No one really wants to hear how hard trading is, they just want to look at blotters and think of how much they could be making if they were trading.
Sometimes people post P/L numbers and you get a whole gang of people attacking that person as being bogus for the numbers being too high, and then that person dissapears. What is so hard about showing trade transcations to prove yourself to shut these people up if you are real? And why make it secretive if you want to prove yourself? How do you reveal a strategy from showing trade transactions if you are a discretionary trader? And who cares if you show what stock your trading. So what, maybe you trade the same 3 stocks everyday. Are you going to lose your "edge" from added liquidity, from newbies?
Many of the people on here act like we are competing amongst each other, when all of us want to make money and get help from others in the process. No one wants to reveal their "secrets" or be cast in a bad light from showing down days. The people that do show the other side of trading are the ones I believe, and to those people (many of the people in this thread) I thank.
Hydro, thanks for teaching me to be a skeptic. I think I'll start right now. I think it is you who are the fraud and are blowing right out of your butt. If you knew half of what you say you do, you would still be trading, not just trying to screw up everyone else's day. I think you couldn't cut it and you just can't handle it that anyone else still has a pos attitude. Again, thanks for the advice.