Monday, November 24, 2008

The RO Report, "Optimism" Edition

Look back in my archives and you'll see that I've been bearish on this market for well over a year. I have to say that after I read the C news last night I felt bullish, in a giddy way, and that feeling didn't leave me all day.

Folks, I believe our long national nightmare may be over...

I'm impressed with the volume today, and I'm impressed with the leadership that Obama and his team are showing. I feel good about the market here and will be somewhat surprised if we see 7449 again. We'll see.

Despite my bullishness, I was unable to convert to big gains. I underperformed the RO all day, and underperformed them in the end as well. That's okay... the RO is so good, that you'd make a nice living underperforming them on a daily basis.

If you're a prop trader, these are the markets you wait for... stack it up and save it. We'll have dry spells again. If you want this to be a career, you need to be responsible with your gains and put them away... call it a confidence stack.

If you're working in a shitty firm where the majority of traders aren't making any money and everyone just worries about getting tenths of pennies shaved from their commission rates, drop me a line (email located under my profile), the RO is always hiring active traders who have their Series 7.

Finally, I'd like to highlight "Trader N" for a second. Here's a dude who started trading a year ago. He took some hits along the way, but he's kept a positive mindset throughout and he's been active with the group of traders we have. He's learned a lot and I can see him becoming a leader among our group in 2009. Trading is a very difficult job, and it's great to see a new guy succeed.

As for me, I plan on taking it real easy into Thanksgiving now that we've had a strong rally. I plan on tightening up my layout, getting some hot keys reconfigured, and basically getting ready for December.

I'll post the RO each day and comment, but otherwise, this blog will be quiet until next Monday.

Anyway, out of 22 traders today, 20 were gross positive, or 90%. 16 traders finished up over $1,000 gross, and 1 trader lost over $1,000 gross. In fact, the trader who lost over $1,000 gross was a "Chode" today, which means he went from "Lucky Pierre" all the way down to "Chambermaid." Ouchie. I was #9 of 22.

The Bosses dealt the Manservants a severe blow:

"Lucky Pierre" - Trader A, $54,636 on 1 million shares traded.

2. Trader N, $40,537 on 150k shares traded.
3. Trader Z, $26,579 on 261k shares traded.
4. Trader P, $18,849 on 316k shares traded.
5. Trader C, $12,424 on 157k shares traded.

"Chambermaid & Chode" - Trader D, -$3,665 on 349k shares traded.

2. Trader 3, -$532 on 10,000 shares traded.
3. Trader I, $57 on 800 shares traded.
4. Trader U*, $205 on 0 shares traded.
5. Trader 8, $238 on 3,400 shares traded.

See you tomorrow.


ShortBus said...

I still do not understand how someone could trade 1 Million shares on a day like today and only make $54k ?

I mean 1 Million shares in AAPL would have made you $10 Million, in SSO $2 Million.

I guess it is just one of life's little mysteries.

Whisp said...

I can answer your question...
I traded a rack of penny stocks under $5 per share.
Obviously you have to buy a ton of stock to make any money in these pieces of shit.
Hope that satisfies your curiosity.

By the way, if I was crazy enough to be long 1M shares of AAPL today, my volume would at least read 2M shares, cuz you gotta get out your shit.
So 2M shares traded in AAPL would be the smallest amount that could make $100M in AAPL today, and thats assuming you were holding it overnight from Friday. And if you think we hold millions of shares of high-beta stocks over-night, much less over the weekend, you got us painted all wrong.

- Trader A

Jawbreaker said...

Off Topic, DT i feel almost exactly the opposite as i really believe we are headed for very bad times by 2011. Its not because i dont like Obama, that seems to be shaping up as Clinton 2. Its just a feeling i have. I hope iam wrong cause the only thing i care about is my 8 year old son and his future. I havnt felt this bad about shit since Bush won the first time and i was right about that obviously. @ Trader 'A" i answered your last post and congrats on an awesome day. Looks like to took it to em good today. Drinks on you.

TRader said...

Trader A is a true scumbag who trades completely for delf by the way.....

trader d

ps yes i fucking blew it today... i either need a sick vacation or i should just quit cause i'm over the hill.

Jd said...

Short bus, next time you know a stock is going to be up 10 bucks let us know and we will put that trade on.

However, until then, we will continue to trade in such a fashion that we make a lot more than we risk. Your comment makes no sense from a risk management standpoint. We scale into and out of market exposure based on our perception of risk, and the risk profile of each trade. Trader N made most of his money today on $1 million in exposure. Whats the BP in a million shares of apple? It's $92,000,000. 1 million shares traded does not equal $92,000,000 in exposure, in one position? You must have us confused with SAC capital or something.

-Trader P, as in piker today.

cheers whisp. cya for thanksgiving :)

sage08 said...

Ok, i have to say that you guys are freaking good, esp you, DT. Congrats!

Angelo said...

Thursday was my most profitable day, net 2,000. I started trading 3 months ago. In 9 months I will have been trading the same amount of time as Trader N. In 9 months I want to have 40k days.

n said...

After getting props, I had to at least respond.

I have to echo dt and whisp/trader A from a previous comment. My first experience trading was with a different group where I struggled horribly and was miserable. Being with the right group and people is completely invaluable and the RO has been hugely positive. It might be cliche, but it's completely true that I owe my learning progession to being around the guys at the RO and all the help they've given me.

So thanks

ShortBus said...

OK, you guys took the second half of my post a little too seriously.

Whisp told me all I needed to know. You guys are trading penny stocks. I figured you were either trading penny stocks, or moving in and out of large caps hundreds of times a day.

Although today's penny stocks were yesterdays large caps, so I guess they have heaps of liquidity for you.

I trade by myself, It would nice to be part of a group. :-(

Jd said...

sorry for the flame Short Bus, I'm defensive of my traders.

Dinosaur Trader said...

Don't flame my readers... I'm defensive of my readers...


Whisp said...

Cheer up Trader D, you're up almost twice my year-to-date. You almost lapped me.

@ Jawbreaker
send DT your e-mail info and I'll take care of those drinks. I'd love to hear about how it feels to hold 75M in stock.

Jawbreaker said...

Bro, Drinks on me. DT has my info. You sound like a bunch of good guys. Next time DT does Manhattan LMK and i will shoot down there and we can BS. Iam in Rockland county, like 40 min from NYC. There is only 2 firms that does this stuff so i got the right place. I actually used to trade @ your firm a few years ago. Hope you killed em today.