Simple advice for those starting prop

Discussion in 'Professional Trading' started by Dogballoon, Apr 13, 2006.

  1. Best advice I've seen in this place in a long time.:D
     
    #21     Sep 15, 2006
  2. Im in Costa Rica...
    those symbols you are trading are good for getting a couple of cents with huge volume... You cant expect to get any big moves out of them, the only way to go is higher volume. You're gonna get a lot of help in october when the ecns start paying rbates on nyse stocks, that'll probably boost your income. The good thing about those markets is that you can easily scale up to 10-15k shares, that's when you see the money.
    what branch r u at?

    Chaos, those symbols probably wont move 12 cents in the whole day...
     
    #22     Sep 15, 2006

  3. Will the ecns on nyse charge as much as they charge on nasdaq stocks for taking out liquidity? If they do, that means I will have to tweak the way I entry and exit, I use market key all the time.

    I'm at Montreal.

    Those stocks do move over 12 cents a day. Today I short Ge at 34.99 twice, the first time I caught 3 cents, the second time I caught 15 cents.
     
    #23     Sep 15, 2006
  4. good effort.

    yeah I think the ecns are going to charge for removing liq... but im not sure about the specialist though.
     
    #24     Sep 15, 2006
  5. The thread opening post is all great advice... except for just one little sentence:

    <i>"Dont be emotional, trade like your a computer."</i>

    Bullshit. Did you know that the absolute best way to ensure you remember something, is to feel strong emotional sensations while you experience it?

    Most super-traders are always cool & collected, or at least they appear to be. However, I've met quite a few traders at the 7-figure level who are total hotheads. Loudly cursing, slamming their desks, shouting "Allahu Akbar" and shooting their AK's in the air after a particularly successful trade, etc.
    Believe it or not, I routinely do all of those things (ok... maybe not the gunfire, but I do all the rest of it.)
     
    #25     Sep 15, 2006
  6. syrre

    syrre

    Your behaviour doesnt change the fact that most newbies trade with too much emotions.
    They shud not stick with their gut feel when a trade go against them.
    This was the way I understood it headed at more or less newbies starting prop. trading.

    Its completely different of a far more experienced trader (i.e. you obviously) go with his gut feel.

    :)
     
    #26     Sep 16, 2006