Vegas Trade Show Report

Discussion in 'Politics & Religion' started by Trader5287, Nov 27, 2003.

  1. I attended the Vegas show last week. Quite a difference from the 02 show in NYC which seemed empty. There were 6,000 registered according to the desk this time and everything I sat in on was very well attended. If I had to guess an average attendee age, I'd say 50 anyway. It was nice to see the folks that are adding all the liquidity that I take away. The booths were the usual ones that advertise in all the trader mags with a notable increase in FX and futures related vendors. IB was notable by its absence and how far ahead it is of other vendors in what it offers though AB Watley was moving toward broad market offerings - stocks, options, futs and FX. The Brights were interesting and gracious hometown "hosts" at their booth - the real deal.

    I decided on 3 paid sessions this year. Larry Pessavento and Jim Hill of FuturesTruth had a decent presentation on systems though some of it was way over my head. Linda Bradford Rashke in an all day session had a great booklet and many short term strategies. She basically went for 9 hours non-stop. Both of these programs were very much for technically oriented traders.
    I liked Larry Wiliams the best. He's a great speaker and had some very useful tools on inter-market analysis and determination of opening direction. He trades 20 lots of large SnP and bonds, through a broker, uses a $4,500 stop, and averages 3 days hold. Also, he passed on some tips on trader lifestyle and taxes that were valuable. He lives very, very well - I suspect - in
    the Virgin Islands. I'm looking at months to monitor and test the methods these presenters offered.

    MetaStock and RealTick had strong free presentations that were useful to non-users also. A guy from Yahoo, of all places, all but said they are coming into active trading with both feet so outfits like Qcharts and the news vendors better look out. On a lark at the very end I checked out Timing the News and Political Cycle by chief risk manager Ed Dunne of hedgie Willowbridge Associates. I don't know what in the hell he was doing there as his funds are closed and they are working pretty much their own money. Every person in the room thought he stole the whole convention. Among his startling messages - get ready for a Hillary draft and a 20% haircut in real estate values. The Chicago pits are dead meat in the indexes soon. Somebody, I can't remember who, painted a picture of a bunch of sad sacks staring at monitors at what we're doing with the minis.

    Finally, Ballys was a dump which thank god was attached to Paris.
    I took $2,400 out of the book on Boise State, Michigan and against my Patriots; held my own on the tables; and ate like a king. Took a ride in a 40' Hummer limo and I have the Red Sox to win the 04 series at 15-1 which should pay for next year's trip. I don't think any of those casinos in Vegas are making a dime.

    Geo.
     
  2. Just to clarify, I assume when you say $4500 stop, that you mean $4500 per contract? Or 18 points on the big SP contract.

    OldTrader
     
  3. Yes, 4,500 per contract on the big ones and the stop is not on 00 or .50 because they are often touched. Trades are placed and closed at or close to the opening. I also asked your question directly of him. The bond he trades is 30 yr. He would use 1K stop were he to trade ES or ZB.

    Pessavento uses 8.5 points on his ES for a stop.

    These guys aren't scalping.
     
  4. vikana

    vikana Moderator

    Trader5287
    Thank you for a good report. Next time I have the opportunity to attend I am planning to sit in on LBR's session.
     
  5. hmrm. i wasnt there but i can tell ya what was there. snake oil vendors, snake oil vendors, snake oil vendors, 5% profitable DUdES for whom its one of few chances to socialize, and the rest wandering losers/papertraders.