trader58, what type of style trading do you utilize? Do you trade mostly listed stocks? Buying breakouts, news, etc? if you don't want to discuss drop me an e-mail at: Bentleydog1@hotmail.com leland
I only trade NYSE. As for my style...it changes all the time. I have only been trading 15 months and I learn something everyday. When I first started trading I was more news focused. Then I became more technical... trying to analyze patterns and levels. Now I find myself bringing everything together. I look for breakouts and reversals...But I also play news. I try not to play the them directly though. What I mean is, if someone warns I'll look for a highly correlated stock to play. Basically with such low volatility in the market, worsened by the fact that its is the middle of July...I try to make money any way possible. In my opinion, in this type of market, You have to survive till an optimal trading environment arrives. Hopefully, after Labor Day the market picks up along with the volatility.
trader58, I pretty much trade the same way - the school of whatever is working NOW! Curious about other traders in your office (the big hitters) what type of style(s) do they utilize? Do you trade in the same office as Hitman? Leland
HI guys I found this article and thought it was interesting. It's about WorldCO and some partners.... anyone know anything. http://www.bloomberg.com/marketsmagazine/ft2_0108.html
"I would like to thank Tony Bruan, one of the best traders I have ever met. He probably did not know how much I learned by observing him at his hedge fund. Nonetheless, he truly is an inspiration in my life." -from "Daytrading into the Millenium" by Michael P. Turner I have not met Tony Bruan personally but I have only heard great things about him. He has been on the "Street" for a long time and he knows this "GAME," better than most of us ever will. "Bruan was raised in the 1950s in the Midwood neighborhood of Brooklyn, New York, a middle- and working-class community. Friends say he was quick with his fists, a trait he demonstrated a dozen years ago when he intervened to protect two Hasidic boys being beaten by a group of teenagers in Lawrence" This paragraph alone means a great deal. My manager told me that Tony Bruan is the one person you want on your side. He has loyalty, a vanishing trait in this business. This article is shabby and biased at least. The writer fails to mention that the underwriters (CSFB etc) are the ones being investigated. The Bruans are testifiying against the BIG FIRMS, who subsequently held all of the cards and demanded more business for IPO allocations. Lets not forget that this is not about price manipulation or fraud. Everyone knows that if you wanted a piece of the action you had to be a BIG client. And thats what PTJP is... a client of these firms. And lets not kid ourselves..this is not a playground, Wall Street is a jungle and right or wrong THIS TYPE OF SHIT HAPPEN EVERDAY AT EVERY FIRM. I am biased also...as I trade at Worldco and know and look up to many of the individuals in the article. Just my two cents.
Rtharp Thanks Not only does it sound like a great firm to trade at, but also a good one to get yours legs broken too!
not sure about that article as it is on the web. Hard to figure out if true or not but I still like hearing both sides. Thanks Trader58 for also sharing your viewpoint. rtharp
One thing I like about Worldco (which some people don't) is how they "follow the book." They go above and beyond..this is smart as a lot of "day trading" firms were becoming notorious last year. They have order entry which does not allow short sales. And for the traders without that software (like myself *) they impose fines, no questions asked if you do get a violation. They also persuade everyone to get their Series 24. I personally have my 7, 55, 24 and 4. In my office (Melville) half the guys have a Series 24. This is looked at positively by the NASD and SEC. My firm also has a capital requirement once you start making money. This helps leverage the company. I know some new firms which require no capital whatsover. This firm my friend just started trading at, pays out every two weeks. They better have good risk management. But I realize by looking at the Broker Section of this website that many people have a problem with Worldco. I am curious why their posts are so angry. I would like to know what happened. My guess is they couldn't cut it and are looking for an excuse. From the time I started at Worldco in March 2000 I knew that as long as I worked my ass off, Worldco would be there for me. Walter Bruan who is mentioned in the article is a great guy. He has a passion for this business and he looks out for you if he believes in you. Anyway ...gotta go. * I use ISI order entry which does not have that option yet.
Trader58 it's great to see you and Hitman say something nice about them. I imagine it's a few bad apples who don't like them who are posting on WorldCo. rtharp
The bottom line is that it all comes down to you. If you can trade... you can trade. You can trade anywhere there is a fast connection. That is a wonderful thing. But its these types of firms that allow a trader to develop. To each his own.