I am under the impression that certain statement applies to new traders who are looking for training (I know they have a pretty good training program). I have been with them for a while trading remote and have only good things to say. Yes, the system was down today, but what system doesn't crash? I know quite a few traders at a firm (no names: you know who you are) that the system goes down almost every day. Good luck.
Fadertrader. so i read your message before it was deleted. Thanks. Thats what I expected. I actually wear earplugs when I trade, so I'm not into hand holding. (its not because i'm so confident i don't need anyone's advice. I just think someone new needs to prove to themselves they can trade on their own/find out what works for them before trying to execute someone's strategy. The reason being, I think you could take anyone new, give them a profitable strategy, and they could easily find a way to mess it up. Thanks for the information. If you don't mind my asking, do you trade in the office or remotely? (i just want to know if the office is noisy/people yelling/complaining; i hate this the most) Best, Brian
fader trader got kicked off et as i tried to email him and it accepts nothing. if you ever say anything bad against et you're gone period so walk a slow line
4 cents losses on VLO? If you really follow that strategy on VLO, you will have a ton of losers and they are not gonna be just 4 cents more like 10-15 cents on a good number of them. There is a thing called slippage and stocks like VLO will show you how slippage can be the biggest cost factor. Your winning trades will never overcome your losses & commissions. This type of mentality is how the llc owners make the real money, from churn & burn commissions. I already have a good idea what shop this is and I bet that none of the heads actually follow a 4 cent stop loss on active volatile stocks like VLO. 4 cent stops make sense on stocks like MRK, PFE, GM, and the sort.
the managers of this assent branch...well, there are 2. One has never traded, the other is an ex trader. apparently the only trading one of them will do is open morning fades. There is a guy in a different assent branch that is profitable trading vlo that way. I saw him one day and he did over 1 million shares of vlo, that day. He's in the trader monthly, top 30 under 30. I'd say he's not the norm. I trade in an office with a naz trader that takes 5-10 cent stops on with 5000 shares on aapl, sndk. Apparently he's been at it for quite some time and is amazing. (i know he's up, but its rude to ask for someone's actual pnl) I don't personally trade this way, nor would I recommend it. (i quite honestly don't know how someone executes on this strategy unless they are hitting size offers on listed stock, and then throwing orders out for price improvement. I actually scalp this way on occasion and sometimes I'll start getting out when the bid gets hit, and with slippage on vlo, i'm either out 3-10 cents later depending. Stocks like slb and eog, i ususally give 10-20 cents on the same kind of scalp. Like almost anything in trading I think it could be done. But I agree with you. Its one hell of a way to churn yourself to death if you don't know how to make it work for you. (i obviously don't, but they do.)
ah, fadertrader is a great guy. At least I still have my PM's from him, gave me some great advice a lot of times. Assent, I like their platform but the company seemed a bit unorganized when I first e-mailed them. I asked 3 - 4 times for a demo and 2 times I was promised a demo but no one gave me the demo. Then I recieved an e-mail by accident from someone at the company and just got the link and downloaded it myself and had to use a different e-mail because it was getting on my nerves. So assent probably not the best firm out there, probably better options.
i don't trade with assent. However, i believe every office environment is so different. What I mentioned above about 5 cent stops is only reflective of the one branch i visited. That being said, as long as the office works and runs normal, that's really all anybody should need. When i first started out not to long ago I always thought it was all about the training training training. I don't discount the value in talking to profitable traders afterhours. But you could hand a profitable strategy to a new trader, only to have them botch it up. I honestly believe it is solely up the individual to make it or not, the idea being if you can't even get up off the ground, nobody is going to be able to teach you to soar. (a.k.a, wasting time on a lost cause) However, I am not saying profitable traders are of no use to other traders; just depends on what kind of trader you are (good, bad, incompetent) I think most of us were incompetent our very first day live.