We are at the office going over our trading on this Saturday. Steve, GMan, and I are reviewing some of the work of our new traders. It is a good sign for these new traders who acknowledge that they need some help and are working to get better. I know at the start of my trading career that I should … Read More
Fading Financials and Gold
During the range bound market we experienced from 04-06 I learned how to fade stocks. Today I used that technique to make some good money in MS and JPM. As a trader you want as many arrows in your quiver as possible. This is one skill you should develop to become a well rounded trader. We can’t short the financials … Read More
Comfort Zone
In this market you must get outside of your comfort zone. We preach this at this time to the traders on our prop desk. And anecdotally, Steve and I were at dinner the other night and one of the best day traders from another firm made this same point. You must get into the financials if you do not regularly … Read More
Capitalize
One of our new traders asked me whether yesterday was like trading “Back in the Day” (think Internet boom). I quickly said no and explained that spreads were wider and programs were unborn. But I thought about his question some more that night and recognized that yesterday did offer the trading opportunities that we often saw during the late 1990s. … Read More
Day Trading Dream
Today is the kind of day that those who trade intraday dream about. Most of our traders were at the office by 7:30 this morning preparing for what ended up being one of our best days this year. As the United States financial system continues its downward spiral the level of intraday volatility is moving towards a crescendo. How this … Read More
Expectations
So here I’m in the car on my way back to NYC from OBX stuck on some silly traffic. Apparently there was some serious accident near Hampton,VA and that’s causing a 9 mile backup. Rip! We are leaving a day early trying to avoid the tropical storm but seems this drive back is just gonna be messy… OBX was a … Read More
Hurricane Mutter
Gustav. Hanna. Ike. What’s next? Peter? Connor? Maybe Hurricane Gilbert? Definitely maybe a Hurricane Meghan. Whatever the name, let’s take a moment to welcome hurricane season. Such a time that if not before had garnered credibility definitely has after 2005. I mean even our President takes notice now, enough so to notify the FEMA head. For us in this lovely … Read More
Predictions
We received an email from a very accomplished young man the other day with an obvious passion for trading. He had traded different products and still had not finished his studies. I am looking forward to meeting him. When we are interested in a candidate we ask that they answer some questions. This young man answered one of our questions … Read More