we had penny-scalpers at my office a while back. since they traded thick stocks that locked in a one cent range for a ½ hour at a time, they were (almost) always able to get out at breakeven when they saw the support thinning. what i'm assuming mk does (but i could be wrong) is sit a 200,000 to 300,000 share LU bid on BRUT at say $2.95.. provided there's a fair amount of other bidding support. 10 minutes go by.. he gets a few hits, and he offers them back out at $2.96. 10 more minutes go by, and he gets more hits.. adding them to his earlier offer. then maybe a half hour of so into it, he has maybe 100K to 200K shares worth of fills. now he has those 200,000 shares offered up for sale on BRUT at $2.96 and waits. if he gets those 200,000 picked off, he'll have $2,000. if he sees the momentum slowly starting to shift against him (which is fairly easy to see happening on a stock like LU) after only unloading 100,000 of his shares, he'll just go ahead and sell the last 100,000 right back to the other buyers sitting on BRUT.. the same ones he was just infront of and left a ½ hour ago. OR, if there are no more BRUT's, he'll unload them on someone else and pay the taking liquidity charge.. but still at the same bid price he just left. in that scenario he'd make $1,000 on the first 100K, and breakeven on the 2nd 100,000. if he's not able to unload any of the 200K before the momentum shifts, he's almost always able to bail at the same bid price he just left. i'm sure that's part of his methodology.. tracking the remaining buyers to insure he can unload all of his shares at cost before the downtick. he'd end up losing $200 in commission ($0.0005 * 400,000 shares), $600 for taking liq. ($0.003 * 200,000), and the SEC fee. i'm sure he's figured out a way to keep these type trades few and far between, or with lower fees. either way, they'll only show up on the blotter as $0, 'cuz the fees won't show. again, i could be wrong, but that would make sense to me on why the gross on an overwhelming majority of his trades are either $0 or higher.
This is silly, everyone should know an accountant . Do you think traders that churned out over 500 trades for the year know how to report that just because they made less than 50k that year? I wouldn't trust anything from an accounting firm that is starting to look like a mickey D's. Plus maybe because they are the mickey D's of tax accounting that is why they are attracting unprofitable traders, the real traders know to go somewhere they will get specific attention from an accountant that will get to know them, talk with them in person at an office, etc... When it comes to an accountant, specialized attention is very important, no matter what your income level. PS I also have a problem with HR block, Jackson hewitt and the like.
If you are right 90+% of the time a day, now wouldn't you think that you would make money everyday? That is what scalping requires. Right? Actually I know him, and he does pull in if some of you have a hard time believing. I myself didn't believe until I met him, spoke to him, and saw the numbers. It is possible.
Man, what a bunch of envious pessimistic bashers in this thread. Just becaue you are not able to do it does not mean that MK can't either. I don't know the guy and I am very skeptical of everyone but I honestly believe he is telling the truth. Back when I traded equities, I once had a streak when I went a little over six months without a single loss. Currently I trade YM and my success rate averages between 75 and 80%. But my trading plan is set up to be profitable with only a 60% success rate. What mk does is not for everyone but you guys should not be hating on a person who has found a way to exploit the market to make some nice coin. If anything it should give you a reason to find where you belong in this game and what goals you wantl to reach.
I am a new comer here and have browsed the thread for a while. Thanks for DT to start this wonderful thread. Learned a lot from it. From the PnL posts, I found the daily profit is ranged from 100 to 15,000, even 88,000 in one day. I am wondering if you guys can share your return rate (PnL / trading capital, not buying power) as well. It could be more motivate for guys like me who only have small trading capital to start. I have 30K and can only profit average 100$ per day in past 5 months, ROI ~0.3%. So far, I only be able to figure out SammySOESa's daily ROI is about 2% from his trading journal in another website; lescor posted once for his trading power and gain(ROI ~0.3%), but I am not sure if those numbers are in Brazil currency or USD and if he use same 4:1 margin ratio as us; one of CasperCRF's post mentioned his buying power was 18000, and gain was 240, that's ROI=~ 5%. I also want to learn from experienced traders is higher or lower ROI I should expect when more trading capital to be put into work. TIA
What I take from this thread....there are many ways to make money in the market. I have read mk skinnys posts....is he telling the truth, I believe he is. He has found a way to make money and he pushes it to the max. I learned alot from reading these posts....settled on dts.... my system is patterned after his...with some of my additions. The last 20 sessions...I have lost 3 and 17 winners. I make between 500.00 to 1000 a day on a 50,000 trading account w/margin....if I had the balls, I would push it more.....just like mk skinny.
wvombaur: 1-2% daily return is pretty good rate to me. Looks I have a long way to go before I reach there. Since 3/1, I lost in 27 days and won in 86 days. My problem is that my average winner is 350, but average loss is 650. Now I am working on how to prevent those big loss days. Cheers,