Hey, I'm in!! You're saying in a public forum that you are a manager of a firm, looking for traders, and that you will train people to have net profits every day?? First off, I suggest that you check with your Compliance Officer about the legality of your statements, and secondly....please be careful....every page of this board is read diligently by Regulators, and we don't need more negative press in the industry. This type of thing caused several firms to be closed down. I wish you the best, but please be careful with your statements. Don
Of course I'm sincere about this, that is why I wanted to post in public, so that everyone would just be a little careful in what they say. I'm not squealing on anyone... Don
BioMech: In this thread you have lots of good advice, lots of bad advice and a fair share of "bad behaviour" type of postings. Here is my opinion: Everyone needs to learn somehow/somewhere. Ideally you would learn on someone elses dime. Using your own capital though can work: I watched many traders at the MERC learn this way and many of them survived and a few prospered. The trick is to follow the good advice you have received, which IMHO is: (1) Start very small: risk only small amounts for a few months and learn to watch and interpret the markets using either an index market of a few liquid large cap stocks. Trade less frequently than more and consider intraday position trading: that is take a couple of small positions that in your estimate have higher likleyhood for success given market conditions and get out of your position before the end of the day: bias your hold timeframe towards the beginning of the trading session rather than the end: as you approach the end of the trading day your risk increases. (2) Expect to lose some money. Risk only what you are willing. e.g. come up with a formula that evaluates each trades maximum risk and compares it to your whole capital line risk tolerance: stick to this and dont deviate on your trade size untill you are profitable on small lots and only then gradually ratchet up your size and risk. (3) True minute by minute scalping is extremely difficult if not impossible. If you actually try this to start off your odds of success are limited IMHO. Try minutes, hour, 2 hour hold frames and limit your risk if the trend goes against you. However dont overtrade or your inexperince at setting stops etc will result in many small losses which will add up: stick to your low loss threshold to start with and when you lose your maximum, stop trading real money and switch to paper trading for the balance of the the day - or simply leave if your will is not as strong and come back tomorrow: the markets will be there.
I have to agree, Don that message seemed very transparent...but then again, if someone is suprised that Don has an ulterior motive in his posts, then they probably haven't been reading his stuff very long. He's a VERY calculating guy.
Geez, guys, you can check many posts in the past where I have simply tried to keep from getting in trouble. If my motives are self-serving, wouldn't it make more sense for me to let the guy hang himself....?? Onward to other things... Don
nice to meet you. good point about being up net everyday. although it is true for myself and a few other friends scattered around nyc, i could see my statement being questionable in reference to compliance. i have changed my signature. maybe ill just have to pay for advertising on this site like yourself. thanks for the input. ps. i find it hard to believe that you do not have any traders utilizing married puts to trade nyse stocks profitably on a daily basis.
Glad to see you're doing well, and of course we utilize married puts, have been for years...and we have a great success rate with our traders...and we are fortunate enough to be in a position where most people know how well our people do. If you're looking for Series 7 traders, you should disclose that you are not soliciting retail customers (just trying to help)...if you're looking for non-Series7 then the rules are different. Good luck with your endeavors!! Don
you seem like a good guy. any info from someone with your experience is great. best of luck to you as well.