what were people trading on the day of the london bombs - the usual mix - Bunds, Gilts , Ftse , esx etc - ?
Mike, At least you have an excuse! I was in the markets then but not as a daytrader, I was only selling options (puts) for modest monthly gains during the boom as I stood aside in amazment and kept thinking, there is no way that this market was going to keep going. oh well at least I didn't lose any money then but man the money that I may have made then if I knew what was possible daytrading. Thanks for the encouraging words Mike and I wish you continued success as well. Someday I'm going to have to get down to San Diego and get you to teach me how to trade pairs. Good trading to you!
"what i wonder about is: what are the mechanics that make you a 100k a day trader from a 1k a day trader? i bet it has a lot to do with the firms you guys are trading with not?" The only difference is the size one is trading.
i am sure all of you 100k guys were pretty nervous when you first started putting up serious size, not?
guys, this post has really helped me out, in fact i can now say that my best day is double what it was previously, caught a big move today........
I know a guy who does 20-50k days in equities this year. If you think that it is consistency, you're very wrong. High risk, high size, big overnight positions. You have to do so in this market, there is only so much capturable range after slippage and only so many realistic opportunities. And his down days are scary. Some days I thought he was on the verge of blowing out if the market made a serious move against him. Great trader though, I hope his 200k position closes out greatly in his favor.
When I was first trading small size, I had no idea what markets did. Through lots of trades and mistakes with small size you learn what to look for. As I got my size bumped up in the markets, I became more aware of what trades you wanted to put on because: 1) You could now lose more. 2) The cost of commissions is now greater with more size. Even though my size has tripled over the last two years, my volume has been cut by about 66% and I am more profitable. When I see my trades set up (and only then) I pounce with full size.
Hydro, we all know someone with a story, I am talking from my personal experience. Of course there is always someone that has a different view. And I am talking futures by the way, the slippage is a bit more manageable.