Ray has the right idea here! Here are some more attachments. Take a look for reasoning behind the trade.
I agree with a lot of what you're saying, and I know you are well aware of the rules in force.....and I agree, I don't think the average customer / trader should be involved in bullets, conversions, or any other cash intensive plays. I get nervous about the "dual account" thing whenever I hear it brought up since so many people still cling to it as some sort of "strategy" when it really is foolish. I think that floor traders and others who do get licensed and all should be able to use the options a little more freely, since we add so much liquidity and take more risk...... I am sorry we didn't get more time to chat....and hope you had a pleasant trip back (I had to fly commercial, cannot afford a plane) .... I'll be visiting our office in Denver again pretty soon, and I hope we can get together away from the "shop" for dinner or drinks!! And I want to see your new "digs"...
Dave, This thread is about the NY Expo and except for yours (very good)and a few other presentations, the expo was rather light on content! I would much rather make fun of the WorldCo guys on this thread and post the rich content on another! After all who said Elitetrader had to be all work and no fun! PS Did you see the Butler mannequin "telling" us how much GlobalTradz (I think) had paid him to stand there and spew his garbage? Like that is going to entice me to open an account with them lol.
Here is the last chart for tomorrow's play. I would day trade for a bounce at the 200 MA (on the 5 day 2 minute bar chart) and scalp around for .40 to .75 cent moves and keep from opening any swing trades. Then, if AMAT breaks the 200 MA on the 225 day chart, sell the first rally short (or buy Puts, or do something for a bearish bias). This trade needs to be small in size relative to the day trades since volatility is much higher regarding Intraday moves
David: Have you ever used bullets before? If you are a swing trader, sure it doesn't matter. If you are a day trader, when is the last time you paid a penny spread on a short that is actually tanking? Chances are the second you get the uptick it is due for a squeeze. When you are natural shorting you can only short into squeezes and/or anticipate tops, once the thing starts tanking it is over. Most importantly bullets give you an edge that retail people don't have, and that is priceless in a competitive battle. No it won't make bad traders good, but it will make good traders great. To Worldco Bashers: Name one firm that gives everyone a chance, regardless of background (well, terrorists excluded). Name one firm that gives you a chance to walk in and trade with little to no money down and blow 10K's worth of firm capital and still be trading, while still offering a competitive deal and a high pay out. Name one firm that publicly states that WE WILL BEAT ANY DEAL FROM ANYBODY, and actually DOES it. Worldco, and only Worldco, can offer this. There is not a single firm on Wall Street that can do what we do for such a wide range of individuals. Haters, flamers, guess what, it is called raw financial strength, it is called the ultimate shotgun approach, if the other firms can AFFORD this kind of approach, they would do it in a heart beat. And Walter made this possible, he offers, hands down, the best possible starting spot for a new trader. If there is one thing I actually agree with David, I agree that trading can not be taught beyond the most basic mechanical skills, it has to be experienced and absorbed. Those that complain about the lack of training from Worldco, guess what, we offer the ultimate training, it is called come here and lose our money until you learn the game, no financial pressure, no burden of losing your own shirt, we got your back. Yes, Walter is arrogant, ruthless, intimidating. You know why? Because there are friends, and there are enemies. From Walter's perspective, what's the point of developing any sort of friendly relationship with other firms? Our never ending goal is to have every single profitable trader trading at Worldco. What can we possibly get by make some sort of alliance with Echo or Bright? Get the garbage traders that they don't want? This is called cut throat competition. If you are with us, we will do whatever we can to take good care of you, Walter does just that. If you don't want to be at Worldco, you are a competitor, and our goal is to take all of your good traders one day. It is of course, impossible to accomplish, but that is our company culture, company policy, aggression, hunger, passion. Walter is the hound master, and he has many hell hounds at work. You can not run a company of 750 traders with the same level of individual care of a company of 75 traders. It just doesn't work that way. You don't have to like Walter, but a lot of the stuff he does, no one else can do in in this business. One of my close friends at work was down 30K firm capital at one point, all of it was commissions (before you cry murder he pays 1 cent per share), and he was about to leave the firm for a fresh start elsewhere. Walter not only gave him checks on more than one occassion to pay his bills, but reseted his account to 0, essentially, he ate the losses, and gave him a fresh new start. Granted, it would be stupid to eat those losses and have him go and lose a commission machine. But how many firms can let a loss of that magnitude slip away? There are morons on this board talking about starting their own "chop shop" and teach college grads scalping methods. You know what, wake up from your wet dream, you need something called CAPITAL to eat those losses, those college kids will use your equipment, warm your seat for months while losing money every single day. I can tell you that I have 7 traders on my squad, 2 net positive, 2 gross positive, 2 down slightly gross, 1 down substantially gross. Let's just say it is actually one of the better percentage's in this market as far as profitability is concerned. I did some math last night, the firm is losing money on our team as a whole (if you throw myself in, we are slightly above water), barely above water and definitely doesn't cover the expenses (it is very expensive to have someone there trading with your money you know). Why am I telling you this? Because it takes a serious firm to give everyone a chance. Echo & Bright offer services, Worldco offers one of the few REAL opportunities left in this business. The latest addition on my squad avearges 7 trades a day, 100 shares per trade, and he has been doing this for 3 months, did we fire him? Nope, how can we possibly do so if the guy is here 12 hours a day, doing his best to learn? The number one guy on our top 30 list of today is a swing trader, and last year, at one point, he was down 75K in firm capital (the guy swings 10K positions), because he had a proven track record, the firm allowed him to keep his positions, and this year so far he has possibly the best P&L in this firm, without much churning at all. His gross P&L IS his net P&L. 90% of Worldco's profit is generated from 30% of its traders. We absorb the hits, we don't make money until you make money, we have no golden hand cuff's, there is nobody stopping you if you come in and blow a hole and leave for another firm, or finally become a good trader and dump us for "greener" pastures. In this market climate, we are still hiring anyone who is serious enough about trading, we are still starting people out with little to no capital contributions, that's a statement, that is a message, and that is something Walter is damn proud of. Our firm had ZERO down day last year, ZERO. We had one down day this year. That's the message we are delivering. So what if he is one cocky SOB? It is the killer attitude of running a business the way no one else is capable of. Neither haters nor flamers can deny the strength of our company, we make our money because we took the hits for our traders when they were newbies.
We all anticipated your arrival at the Trader get-together in the Broadway lounge. What happened to you? Where were you?
hitman, you've got to forgive me as I can't resist. Your comments remind me of a Stereo/Electronics shop that used to advertise in NYC 15-20 years ago - Any of you guys remember CRAZY EDDIE? - WE ABSOLUTELY WILL NOT BE UNDERSOLD - OUR PRICES ARE SO LOW WE ARE PRACTICALLY GIVING THEM AWAY. WE MUST BE INSANE. (aside: they are out of business).
Hitman, One thing I have not really seen anyone discuss in this or other threads on bullets is whether they are trading and/or talking about listed vs Nasdaq. With listed stocks which I believe you trade exclusively, I agree that it is virtually impossible to get off a natural short on a tanking stock, and shorting a top and or into a squeeze is usually required to get short. Hence the reason that listed traders need bullets. With the Nasdaq and its decimalized penny spreads, combined with dozens of active market participants competing at any given time (vs only a few exchanges), upticks in a tanking stock are now more common than before and if you have good execution skills and a fast order entry platform, you can get short in a tanking stock. I am not defending nor criticizing bullets, merely pointing out that there are big differences in getting off natural shorts in listed vs nasdaq. Regarding Worldco, your points are fair enough and probably very valid. It was just rather funny to see those guys throwing stuff in your face then giving you shit about it if you declined to take it. Reminded me of the guys on the corners giving me flyers on the local strip joints and then mumbling derogatory remarks as I passed on by. But you are right it comes down to competition and on the flip side, the nice fluffy crap between Don B and others who I know really despise each other gets just as annoying. If they would just drop the gloves and go at it, it would be much more entertaining for the rest of us.
You go girl! Hadn't seen many Worldco pumping posts from you lately and I was wondering what happened. I was also wondering why we didn't see you at the expo get together, care to comment?
I want to say it was great seeing Baron, RTharp, Tony Oz, Intrinsic, Limbo, Cash, BrandonF, Tony, and the others at the expo. I only wish I had more time to chat with many of you. Since meeting you guys was the best prat of the show for me.