Spunky, how do you feel about landlords who rent space to businesses? What about a place that sells tools to contractors, or people who sell advertising? Do you find it upsetting that these people are making profits off the back of other business people? Professional traders are running a business. They need the services of many other businesses to function, not the least of which is somewhere to place their trades. I know the firms that I do business with make a profit off me. I know that the more I trade, the more they make. I know that it's in their best interest for me to trade a lot. However, I have a business plan that addresses the overhead I pay, the strategies I use and how to best optimize them. If a prop firm didn't work best for me, I'd go somewhere else. Now tell me, if I were a contractor who bought my supplies and tools at Home Depot, why would it make one iota of difference to know what their profit margins were or how they ran their business? If I find a better deal elsewhere, I go there. If I don't make any money is it their fault? And you won't find Don posting many losing days, so I have no clue how you figure he has lost money with this strategy. Have you read the threads at all?
Comparing trading shops to racing tracks and casinos may be of a comparison. Sure there are successful gamblers out there that make a living but in reading the posts on this board it seems to me that 99% if not more are not making a living trading stocks or futures. If you take a poll on people on this board who actually are successfully making a living trading that would be interesting. What's more interesting and entertaining is reading the shop promoters sell dreams and hopes.
All of your questions and concerns have been asked and answered dozens of times here on ET. Try the search function.
There are very succesful traders who do not post on these boards at all. I have talked to many profitable prop traders and most of them have not even heard of ET. There are winners and (more) losers in any business. It is the winners we need to pay attention to and learn from, and a lot of them aren't ET members. Spend more time reading the older threads on this board and you will know which ET members to learn from. For starters, three of them just responsded to your posts.
Hello- I just found this forum/thread. Can someone please answer what an "OPG" is? Pardon the newb question. cheers......Craig/Granville, OH
Practive day....26 stocks, 2 layers, .5 and .9, only 3 fills, 2 winners, one loser (MRK)...did not use news or beta function yet. Will do that tomorrow....(+$270 today)... Getting ready for 2006. Don
Took a hit on the energy sector today. Some days they're great, some days they suck. Haven't yet seen a pattern yet. Does anyone have any suggestions on playing this group as OPG's? Cash
Hey Don, Got a question for you. Had a short for RIG at 70.66. It opened at 70.66 up .01. My order went in at 9:27:52. I didn't get filled. When I inquired, I didn't get the usual "orders ahead" line. Instead the specialist said shorts need to be in 5 minutes in advance to get assured a fill and they couldn't pair me off. This is news to me! I thought it was a 2 minute limit. What say you? Thanks!