Thank you for your time. I your posts throughout ET and by their context I knew you were a veteran trader without you saying so. It is refreshing to read your discussions about trading. Well, Jacks too. But you do not need to agree. Everbody trades differently...... even the veterans. This is what makes trading work. Please keep posting your gems for us new generation traders to glean from. I have been trading since the online revolution hit the market (1996). I remember I had an old account with Merrill Lynch called Sharebuilder in 1980 or so, but used the phone then. I have a lot to learn and have made many mistakes. Time goes by....and I try again. Each time I last longer. I trade one instrument now which is the ES. I find it very challenging. Well, anyways Thank You again, Michael B.
I began rereading "Reminiscences" again. The author talks about how his 'bucket shop' edge was lost. The point was that he adapted to the change from easy pickings to the bigger challenges of trading less cooperative markets. ***** Oldtrader, posts like that are what I've been waiting for.
Oldtrader, I'm glad to see your a bit more active back here. I read all of your posts and generally think they are very good. Probably my favorite poster. Brandon
Brother Silk... times are definitely tougher... and to all those who say "the best traders adapt and handle it", I say "sure we do, but our P&L's are still lower than during better times, and P&L is all that matters"... But ya just gotta keep the cash registers ringin till the goldrush starts again... jeez, I look back fondly on those times where I could make in 1-3 weeks what I now average in a month...
that was part of it. it's analogous to the 'fictitious quote, front running problem' that today's listed traders face. the remedy was to become a more focused student of the market and adjust his holding period accordingly. the bucket shops filled him immediately at the posted price -- and that was a tremedous edge. when he began trading stocks proper, he found the fills were much less ideal. similar, in a way, to the way daytraders got filled by SOESing, or NX'ing, and then those things didn't work as well any more. the bucket shops were easy pickings. so were the late 1990's. IMHO, it's almost a perfect analogy.
Old Trader, Good to see you back. What do you make of the stock market here? And what markets are you actively trading?
i dont think there is much value added by being a scalper in this market. its more about finding the correct sector and getting long and staying long most of day.