Tuesday, November 25, 2008

The RO Report, "DGX Sucks" Edition

The report will be late tonight. Just know, DGX ruined my day.

UPDATE: So yeah, I was having a decent day and threw it all away on an end of day trade in DGX. The stock had a decent buy imbalance but basically went straight down. I had 4k of it. Painful.

But enough about me, the RO, once again, found ways to make money. And really, that's what trading is all about, finding a way to make money. I've been nervous recently just thinking about how people may step away from the market after all this lunacy, but all it means is that we'll have to find another way to make money. Perhaps we'll have to hold stocks longer term, who knows? I'm confident we'll figure it out.

Some dude was on CNBC today and basically said that proprietary trading was gonna die, and soon. The good news is that 99% of what you hear on CNBC is dead wrong. If he's not, this blog will quickly morph into a blog about anxiety.

Anyway, it's late and I'm tired. I've been suffering from a small bit of insomnia which began the other night when I left "Trader P's" place at 4am. I haven't slept since. Naturally, I blame him. So I'm going to go listen to some complex music in my headphones and get taken away by the trails.

Out of 24 traders today, 16 were gross positive. 7 traders made over $1,000 gross, and 3 lost over $1,000 gross. I was #15 of 24, gross positive, net negative. Very disappointing. However, on the bright side, I thought the market showed some very healthy action today. I, for one, am looking forward to more up days. Bosses win.

"Lucky Pierre" - Trader A, $26,682 on 1.1 million shares traded.

2. Trader C, $16,298 on 120k shares traded.
3. Trader P, $6,516 on 242k shares traded.
4. Trader Z, $5,901 on 348k shares traded.
5. Trader N, $3,242 on 177k shares traded.

"Chambermaid" - Trader B, -$4,391 on 141k shares traded.

2, Trader R, -$2,227 on 120k shares traded.
3. Trader N, -$1,029 on 39,000 shares traded.
4. Trader F, -$955 on 200 shares traded.
5. Trader L, -$918 on 32,000 shares traded.


MWD said...

Hey DT,

How much does the initial buy-in to become a RO trader have to be?

Dinosaur Trader said...

MWD, (WMD's brother?)

Shoot me an email for info regarding the RO. My email is under my profile.

Thanks for reading.


Anonymous said...

More up days? But I forgot how to trade those.

As for prop trading coming to an end, I imagine there are going to be thousands of laid off traders looking for a way to earn a living, so I doubt very much that prop trading is going the way of the dinosaur, no offense intended, of course.

I just don't see it happening. It sounds like what they say about trend following CTAs right before their trading systems start catching new trends.

Trend following is declared dead every five or six years, guess it is prop trading's turn to be declared dead before its time.

Pete said...

i think that dude on cnbc was more referencing big wire firm institutional prop desks disappearing as they won't tolerate the risk in this new era of scrutiny - not individual's or our under-belly side of trading w/ leverage