Ask mrbaseball about trading for a living - Page 10

mrbaseball · #91 09-19-2007, 08:15 AM

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Do you consider yourself a daytrader, swingtrader, long-term holder?

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All of the above. Some of my trades are very long term, some medium term and some pure short term noise. I'm involved in a lot of different things and they each have different styles and strategies.

mrbaseball · #92 09-19-2007, 08:16 AM

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where's the best place for a newb to look for information on trading?

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Read. I have referenced a few books in this thread and there are lots of book threads on this forum. One thing there is no shortage of is trading books.

lozen · #93 09-19-2007, 10:29 AM

My brother is into options and on paper he does great but when it is real cash he breaks even or looses slightly. I feel when its not real money no emotion and on paper more trades.

Any books you could suggest to help or buy him for Christmas?

mudbuddha · #94 09-19-2007, 02:13 PM

what are important qualities to make a good trader?

Im thinking about applying to several day trading firms when I graduate in December.. Any advice on cover letters, resumes?

tips on things they will want to hear? (the one post i saw even wanted the applicant have online poker experience and video game experience woot

mrbaseball · #95 09-19-2007, 06:47 PM

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My brother is into options and on paper he does great but when it is real cash he breaks even or looses slightly. I feel when its not real money no emotion and on paper more trades.

Any books you could suggest to help or buy him for Christmas?

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Options can be tough to execute well even in the real liquid stuff and that "may" be part of his problem. As far as books go it depends. Some of the more entertaining ones are Market Wizards (I and II) and Reminisenses of a Stock Operator. For more detailed trading or trading psychology books there are a million of them.

mrbaseball · #96 09-19-2007, 06:50 PM

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what are important qualities to make a good trader?

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Discipline, courage and common sense.

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Im thinking about applying to several day trading firms when I graduate in December.. Any advice on cover letters, resumes?

tips on things they will want to hear? (the one post i saw even wanted the applicant have online poker experience and video game experience woot

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No idea really. I have been removed from that aspect for years and most of the guys who come into our shop have experience of some type.

CrushinFelt · #97 09-20-2007, 10:52 AM

I walked around on the CME trading floors yesterday. Pretty nuts, especially at the close of what I think was the hogs or live cattle pit.

Stood over the ND and ES pits as well, those people are all crazy. It looks like a lot of them just arb what is shown on a monitor (the electronic trading/prices) and what is going on in the pits. If that's the case why is there even any pit trading any more? Did you, or anyone you know, trade on the floor? What did they think of it?

eastbay · #98 09-20-2007, 10:54 AM

How stable is your income? Do you have down months?

What is a typical gains/losses ratio for a month?

eastbay

mrbaseball · #99 09-20-2007, 07:46 PM

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why is there even any pit trading any more? Did you, or anyone you know, trade on the floor? What did they think of it?

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The pits are dieing fast if they aren't already dead. Some customers still prefer going the the pit though I think? Also options are still primarily traded in the pits due to most of the orders being complex spreads which doesn't lend itself well to computers (yet!). I still know plenty of guys trading options on the floor.

mrbaseball · #**100** 09-20-2007, 08:01 PM

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How stable is your income? Do you have down months?

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There is variance to be sure but my income is fairly stable. As mentioned I do a lot of different things. The options stuff I do probably has the most variance. My arb trades have very little variance other than how often they trade and my speculative scalp trading is very stable.

I rarely have a down month. About one a year and those are typically very minimal. Some of the stuff I do is seasonal too and that means certain times of the year are better than others.

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What is a typical gains/losses ratio for a month?

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Really hard to say since I do so many different things. On my scalping/day trading I typically only have 4 or 5 down days a month and they generally aren't too painful. The arbs always make money (eventually!) and the option portfolios are largely market dependant. The positions are put on and monitored but not exactly actively traded unless something needs to be rolled, profits taken or losing positions puked. There are minor adjustments almost daily however. They are more strategy trades than active trades so a lot depends on what happens from week to week and month to month. In the long run they work out fine although they do carry higher variance than the other stuff I do.