Tuesday, December 18, 2007

Moving On

I just severed my link with my company.

After 6 years of being with them (with 3 total down months, in March, April and June of this year), I guess I expected more than a phone call 2 minutes before the open and the threat that "should you lose much more, we'll shut you down."

I lost $700 more yesterday and today they shut my account down with nary an email or phone call.

So I called them.

"Send us another check and we'll be more than happy to open you back up," they said.

Nope. While I understand it's a cold business, I simply expected more.

While trading is about numbers, it's more about psychology.

I can only assume by their actions that they were basically asking me to walk away. Traders are people and if you have a business that revolves around traders, you need to learn to help them manage difficult times. I would have found it helpful simply to receive a phone call now and then, just so it seemed like they were watching and showing some type of concern about my struggle.

Instead, the only time they called me was when they wanted to shut me down.

Like I said yesterday, I had contacted them a number of times since April in search of help. They were always nice, saying things like, "If there's anything we can do to help, just call," but other than sounding helpful, they didn't help me at all.

The one thing that did help was when I put a loss-limit on my account. In the end, that didn't even help me, since none of my days this month were your typical trading blow up day (a la HPT ZING!) as Moom mentioned yesterday in the comment section, my recent downturn has been steep, but minor if looked at in the perspective of my trading year.

So whatever, fuck them, their loss.

I contacted an old friend and hopefully, I'll be up and running again by January 2nd.

16 comments:

Danny said...

damn dude. That sucks. only 3 down months in 6 years? that's impressive.


OT, what is the advantage of trading with a prop firm? leverage? sounds dangerous.

Do I understand correctly that I fund the account, say 50k or whatever, then the prop firm gives me 7x leverage or whatever, then charge me per/share AND based on my profits?

is that what you do?

just curious. I thought you used to trade on the floor. so what do you do now?

HPT said...

After reading Moom's stats on your P/L, I was surprised how much you made this year. I wasn't keeping track of your running P/L for the year, but you sure kicked butt this year. Much better than me. One of the best traders in the VO for sure (besides the robot of course). Keep blogging.

tradersnarrative has a huge list of trading firms.
http://www.tradersnarrative.com/list-of-proprietary-trading-firms-735.html

Dinosaur Trader said...

danny,

Yes, it's all about the leverage. You have the idea however, I've never placed more than 25g with a company and normally get more leverage too. It may be because of the track record.

I never traded on the floor... always with prop firms.

-DT

tapeworm said...

dt: trading is a cold business, but what they did to u is bad for "their" business...this isn't a one size fits all thing here...with your track record, they should realize that they are actually losing your business...which has to be more important than some guy that won't be there in a year...if anyone should understand the low percentage of traders to actually make it, year in and year out, its them

i dont' know anything about the prop business, but i know that's just stupid on their end!

the good news is that u still haven't heard from NO EQUITY today

Dinosaur Trader said...

HPT,

A seemingly good year. However, it's my worst yet ever. Especially considering I made almost 30 percent of the year in one day, it's been very frustrating.

My other years I would have maybe 1 down day per week... sometimes 2. This year I've had a far more difficult time limiting down days. I know I sound like a broken record, but it's all about the hybrid and my style of trading. The two just don't mix.

With my new firm, I look forward to figuring this shit out.

-DT

Dinosaur Trader said...

tapeworm,

I agree. But I've seen this type of short-sighted behavior in regards to traders many times before.

No firm really seems to invest in their traders, with training, help, Dr. Brett's... it would be a great idea but I guess it's not profitable or something.

-DT

tapeworm said...

here's one way that doesn't cost anything...quit being dicks to your best earners!

Richard Todd said...

Probably won't hear from NO EQUITY for a few more hours. I heard when he's done cooking the fries, they're going to let him take a few orders from the drive-though line today.

There are too many prop firms out there to put up with any amount of bullshit from yours. Never forget that you are the talent, and they are just providing some basic infrastructure. I hope the next one works out, but if not don't hesitate to move on until you're happy.

tapeworm said...

richard: LOL

Dinosaur Trader said...

richard,

True, true. Thanks.

Every once and a while you get dealt with a negative type of event. You have to take the negatives and turn them into positives.

It's the only way to "win" long term.

-DT

wincity said...

Good luck, DT. Often seemingly bad events turn out the be good ones in disguise.

Dinosaur Trader said...

Win,

That's exactly how I'm looking at the situation.

Thanks,

-DT

Shane said...

I got "released" by my firm in 1995 for holding a trade longer than I should have. 1 trade and bye bye. Horrible and disheartening at the time but the best thing that ever happened to me. Good thing ahead. You could be a full time blogger. That pays almost 3 dollars a day.

TraderCaddy said...

You will land on your feet. One thing to keep in mind since you are still young. Make as much money as you can and when the time is right find a business and become your own employer. A new set of problems but you can never be laid off.

Bluedog said...

You did the right thing, DT. You can do better.

-BD

BOOMER said...

I've been let go from an employer in the past. Not laid off, mind you-- I was F I R E D. Summarily shit canned. It sucked blue whale's dad.

I did some reading, talked to friends, regrouped on some issues bothering me (like health and church), hired a trainer, took a vacation which became more of a sabbatical...

Anyway, I am better off having been through the fire than if I had not.

You will land on your feet and be better for it.