okay, this could be a possible reason Someone would argue that there is no way Trader's Magazine found the entire population (or even most) of the traders under 30 and ranked them. Lets think about this for a minute. How is this even possible? I know for a fact they didn't contact any of the traders I know who are under 30. As another piece of anecdoctal evidence that shows the quality of that list, I saw the CNBC interview of a trader on that list who is from Corinthian Parthers. He was the African-American trader who started at the firm when he was 17 just so you guys know who I'm talking about. With all due respect, it sure seemed like he only does executions for the firm and he is not responsible for a portfolio and a p/l. I think this a common misperception of the scale that true prop trading teams at GS and other investment banks do. Let me just show some numbers and I think it'll be clear. The prop traders at those firms can easily make more than $1 million in salary and bonus in less than 5 years. Given that your salary is $1 million, see how someone with a strategy that nets $1 milion per year wouldn't be as attractive to those groups as one might think? Also, just because a strategy nets $1 million a year with say $5 million of capital doesn't mean the strategy can net $20 million a year with $100 million of capital. This is why GS will not pay him "20x" more. I think this was your reasoning. If not, please advise. Lastly, I think I read a post on this thread a while back where mkskummy gave the name and phone number of his accountant for anyone who wishes to check his numbers. I don't know if anyone has actually called. How about you call and see if you can dig up anything interesting and tell us what you find? I can already see an argument coming where someone argues that mkskummy and the accountant may be in collusion. Quite a risk for the CPA just to help someone else gain anonymous internet braggin rights don't you think? Peace.
NBBO, what are you trading in Brazil? adr's, spiders, brazilian listed stocks? Sounds interesting. Here's my main position trade account for today. A few small positions in my retail acct were up a few hundred, and (very lame) daytrades in my 3rd account were +$600. Above average day for me. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=814098>
You guys are funny. I trade from an office where quite a few people make as much, if not more than MK and NBBO. And guess what? Some of them post on ET, although they would never post their pnls. The trader monthly "Top 30 under 30" is a joke. There are a lot of futures traders in Chicago under 30 that make a lot more than some people that made that list. I would argue that most of them wouldn't want to be in that magazine. And as far as Green Trader Tax, I haven't ran into one trader that uses them. So, I don't think his numbers are a valid representation of the professional trading community. So, I don't see what's so hard to believe about their numbers.
I do a bit of everything, so for my discretionaries, I like to go after volitility, but not really indivdual securities. (Unless it's baskets at a time). The tail wags the dog in many emerging countries, so ADR & spider volume is better here, than in the underlying many times. Clearing is an issue abroad, as well. I track about 400-600 securities, and have about 250 that I very closely track & trade. When things get moving, I've got a huge number of choices to really make the most of the movement. A few days ago I went after the reits in all forms.....today it was Brazil, with any way that I could get at it. No real secrets in them, just some good movement for trades.
It has nothing to do with the strategy. Youâre a genius if you can make a million a year taking half million dollar positions in penny stocks and day trading it. They would pay you train people and they would pay for your brain not just your trading. They would pay for you to come up with the next strategy. Rebate trading was big awhile ago but all those guys died out. He is the only guy on earth trading 100k shares positions at a time in penny stocks and never losing. I would give a guy that could do that all the money he needs to do other strategies in bigger stocks. I seem guys do that for 250k a year and they traded all day. He does it in 9 hours a week come on.
its not that hard to believe that mk makes what he does. How much you make flipping stockand rebating is primarily a function of your buying power and commish structure. Most guys don't have the latter. Its easy to see why people here don't believe it....because they've never seen it in person. We got a few folks at the office that can do the same thing, just less size. Theres a girl here that averages about 500 a day, and another fellow doing 1000-2000. Just because the average prop shop can't give you the tools to succeed in this manner doesn't mean mk isn't doing it. I SEE PEOPLE DO THIS EVERY DAY. Get over it and just keep momo trading or whatever the hell it is you. do.
I have previously outlined my basic strategies in trading. If you can t for one minute think that making 1 million dollars a year is possible year in and year out then you my friend need to find another job that you do not restrict your motivation of success. I am not going to waste any more time with you. I have devulged trade logs, time and sales, what broker I was at, the name of my accountant. If you are really interested in knowing what I make and believing it then do some research and make some calls. I have publicly took one idiot to a challenge of 10k dollars and he dissappeared. Contrary to what you think, of those 30 traders, half of them are a joke. Do you think the magazine called me up to ask me, or even for one instant knew who I was? Believe me I dont lose sleep over it. I work out of my house, trade my own money, and keep all my profits. I have low overhead and a great trading strategy that nets me decent pay everyday. I run in tight circles with other trader friends of mine around the country and kept a low profile until I started posting on here. Perhaps instead of whining you should be working on becoming a better trader. Put more effort into training yourself than into others. I will no longer give any information about my trading out to anyone. Others took advantage of my generosity and killed the issue. I only post here, like I have said before, to motivate other traders into knowing they can do better and attain higher daily goals. I once did the 500 bux a day thing then went to 1k then with time I stepped up and starting trading my maximum potential. With more buying power I probably could make more money, but the question is, Am I comfortable now with who I am? Am I happy where I am? and do I want to even bother, knowing my life is just where I need it to be financially. If you think 5k a day is absolutely the best of what traders can do, you need to rethink that rationale, because I am no where near the best. I know a guy who made over 400k in the last 2 weeks of trading, and he posts on a chat service just like this! he must be a loser and a liar too!
quit the hating. Only losers in life hate. hey you one good looking couple mk! keep it real and keep it coming. You good motivation.
Are you saying that by sharing here on ET it effected the stock that you were trading before? I am assuming that was LU if it was true. If so that sucks. Although they might not be vocal I am sure there are many traders here that appreciated your posts and I am guessing you have motivated several traders to try and attain a higher level of performance. IT seems like the most skeptical traders are usually the ones not making any money so they find it hard to believe that anyone can make money at it let alone a decent amount. Thank you for sharing as much as you have.