Guys & Gals, I know it's asking alot but let's stay civil and respectful towards one another. And please stay on the topic of the thread rather than dish dirt on particular personalities. Thanks.
Speaking of introductions...I met my lovely wife only because Eric introduced us. He's spun all the major clubs in Chicago (Crobar, Zentra, Dragon room, and more...) He was also one of my quickest learners when I trained at Schonfeld...grossing 6-figs in his first year there on the miniscule capital they gave rookies. In his case a few inaccuracies here and there are more than forgivable.
It is true that at least one trader at Schonfeld Chicago made 7 figures in 96 - the year I sat in the room with him. It is also my understanding that there were a handful in NY who did the same thing. 97 was a better year for that trader - and it is my understanding that he did in fact clear 1 Mil a month. He clearly is a legendary trader. On the other hand, I don't know Eric and have no idea about him other than what he has posted to me and others have either sent me or said. If he is a gifted trader, I would have hoped that he might have posted that he is continuing to be very profitable in the markets on a daytrading basis. That information would have been interesting/encouraging and informative. Behind the original question, is this question - are a DERIVATIVE of the methods I learned at Schonfeld still truly profitable for anyone? Buying LATE pm breakouts isn't - but maybe that is because you don't have the Schonny overnighters to sell to.... Or because so many more daytraders are trading channels and swings - given the ease of doing the analysis. I believe that they can be based on the fact that one can take 50 cents/1 dollar out of the market a day - and with a share/contract size of 2500 or greater - it starts to be a decent living - even in NY. Granted it isn't DB - but even he started with trading 300 shares back and forth, scaling in and out and learning the game. I heard SSchonfeld himself say he thinks that it the really successful ones will be black box - and given his prescience for the markets - maybe that is true. In the meantime, I find that price and volume and taking small losses still works. I was just wondering - sitting up here in my high rise in NY - and not in an office - if others were either having or seeing substantial success without a black box.
What in the bubble years? All you had to do was buy and you would make millions. ERT thinks the day trading game has been dead since 2000 which is ridiculous cause there were newbies starting in 2001 and making a mil or two a year after 8 months.