In my limited experience, no single strategy works forever. Markets change (both technology and the players), you get competitors who are just as good or better and finally, people whose lunch you were eating wake up and modify their process. So I have to call bullshit on the "holy grail set of rules" or whatever. In fact, I usually completely discount any strategies the trader is running right now in my evaluation. What matters long-term are two things, let's call them "pipeline" and "moat". Pipeline is an ability to take an idea (plus some coffee or Red Bull ) and convert it into a trade or a repetitive strategy. It would be very different depending on the stuff you do, but you can usually tell if the trader/PM has a good pipeline process. Moat is whatever you built around your process that prevents other people from competing with you. For HFT traders it would be speed, analytics for quants, information sourcing and processing for long-short and macro. The best firms on the street have figured out a way to build a culture that widens their moat and improves their pipeline with every iteration. This way that can stay competitive, while people who concentrate of the "holy grail" usually become irrelevant relatively quickly.
like you said above, lol irrelevant is starbucks, red bull, group culture and opinions, all frail weapons to combat what you have never witnessed in the markets.
Not to sound dismissive, but it's pretty clear that my "limited experience" is not as limited as yours. Years in the market are important, granted, but it's the understanding of both the fundamentals and the details that differentiates wannabes from the real players. For example, I would bet that whenever you said "I traded 150 30s per clip" you would have no idea how much DV01 that is. LOL. Group culture is what's keeping firms like RenTech, Jane Street and Tower in the green year after year. From their years in the business, they have enough experience to manage risks and, the culture is what keeps them innovative and relevant.
Thanks for all of your responses. A little off topic: in your opinion, is it easier to find backers for trading or is it easier to go to an angel investor/venture capitalist to fund a business idea?
%% Good points. Same way for me+ that explains why one of your relatives hates you. Anytime we help mom/expect some negative feedback................................................................................................................. And another helpful hint; anytime mom asks ''you need some ammo son??'' Say no/tell the truth/but since mom lovers to give/spend money/bless you ''say ok''+ let mom buy some more ammo for you.Thanks.
They don't sell that much of ammo here (smiles) Maybe some 9mm'es . But i get what you say. Yeah, must be the reason of unexpected reactions. Dealing with new reality - not only that it is ground shaking for ones perspective about the world, it's a huge hit to the ego, - like, there's no more way anymore, to lie, for thyself, cuz the proof is obvious. Oh, and back to op story, yes, why not, starting small, like many did.
"A little off topic: in your opinion, is it easier to find backers for trading or is it easier to go to an angel investor/venture capitalist to fund a business idea?" Geography - here in Chicago backers IMHO would be more plentiful. The PE community is looking for different metrics and has a longer horizon and generally likes to have something to sell at the outcome. PE does not commonly back traders - getting them to back a business idea will depend on the quality of the plan, history of the principals and whatever else is on their desk/in their pipeline.
I think if you have experience in the industry, backers are easier to find. If you just starting, though, i think angel money for a company is easier to come by.