The "staff's" goal is $100K per day. They hit it almost every day. We've seen them do it for months (including their "footprint" on the tape action in the first bullseye of the morning). He established the staff to follow his rules for trading because they can trade his money (not sure if there's also outside investor's money there) in a major way, and Franz doesn't have to carry the stress of those size of trades (1-2,000 contracts at a time - and no, they don't go through as 1-2,000 contract orders at one limit price into the market, either on entry or exit). Franz's personal daily goal has been 10-50K per day. He preaches that everyone in the room should quit after hitting their daily goal. Yet, he still trades all the signals during the day, so he can be "live" in the game with the other traders in the room. He normally cuts his contract size per trade down to 5-10 after he's made his goal in the morning. Yesterday, he failed to follow his own advice on this matter, and got a drawdown after he was up handsomely in the early morning. Today was just a plain tough day for his type of trading (going for rebounds against a trend). To his credit, he didn't throw in the towel at the last ball-breaking dip to below 1290, but instead held on to work back a $150+K loss to a $66K loss for the day. I don't know where someone thought that he's going to sim trade tomorrow. He's going to trade real money all day, but vows to follow his own advice and shrink his contract size considerably after he hits his goal. He won't trade on Thursday because he's going on vacation to Mexico for the long weekend. He doesn't sim trade because it doesn't keep him focused the same as with real money. I think that most all of us here in ETland know that sim trading is much different psychologically than real money trading.
I know it seems hard to believe. I was skeptical at first, but some friends insisted he was the real deal so I had to see for myself. Iâm currently a member because I like Franzâs commentary and winning mentality. I generally donât trade his signals because I have my own system, but Iâm learning a lot by watching him manage the emotional aspects of trading.
Another perspective is: As a result of recent publicity, other large traders started to take notice and were actively seeking to counter or front run his staff's accounts.
Whether anyone can match Franz' way of trading or not, he must be one of the greatest daytraders ever. And that warrants respect.
I thought such can only be watched in person. Does he have audio or video or something that allows you to hear/see him talk which in turns will allow you to pick up on his emotions as he traverses from one trade to the next trade??? If you don't have audio or video... How do you know he's not sitting there yelling at the top of his lungs when a position goes against him... How do you know he's not sitting there chewing on his finger nails waiting for the next trade signal... How do you know he's not depressed or elated at the end of the trading day depending upon his results... How do you know if one particular trade decision has a positive or negative affect on a trade decision later that occurs later in the trading day... I just find it difficult or almost impossible to learn the emotional aspects of trading from someone online unless your able to hear and see them as they interact at their computer workstation from one trade to the next trade. Hopefully your not assuming that just because someone has a profitable trading day that they had managed the emotional aspects of trading. Trading can take its toll on us mentally and physically. Having losses or profits is a poor indicator on our ability to manage the emotional aspects of trading. Yet, I will admit in the long term it can start to give some clues and Franz himself has stated he hasn't been trading futures that long. Therefore, it may be years before we can see between the lines of his trades to learn anything about the emotional aspects of trading. However, if Franz is making statements about what he is doing while trading and making statements about his personal life that surrounds his trading... That would be an indicator of his ability to handle the emotional aspects of trading and many can learn from such. Mark
if you took his trial you would understand. he is live audio all day. the emotional aspect does come through.
Hi vhehn, Thanks...that's what I'm wondering about... If he had audio, video or both. Now that I know that...I can see how one can learn some of the emotional aspects of trading especially if his audio is always on and not just on when he makes a trade statement. Mark
he keeps it on all day. its not dead air either. he talks and answers questions all day. does not even take a lunch break, only an occassional 2 min rest room break. then once a week he does a live q&a session after market hours that usually lasts 2-3 hours.
Theres an interesting article by Steenberger in the last SFO in which he talks about traders talking to themselves. He says he can tell if they are good traders or not by what they are saying to themselves while trading before knowing their actual performance stats.
vehn, do you then consider this TI program a good investment ? I am not an intraday trader, but franz's average day winnings caught my attention. Did you take the course, or just the sample week ? Thanks. p.s. do you know how much capital franz has to work with?