Friday, November 21, 2008

The RO Report, "That's Not The Bottom" Edition

Call it the "Obama rally," or, more specifically, the "Geithner rally" since it began when word was leaked that Obama had chosen him as Treasury Secretary. 500 Dow points when you're in the mid 7000s is nothing to ignore... that's a substantial rally.

Depending on what happens with Citigroup over the weekend this rally could have turkey legs.

It would be nice, but I'd be seriously surprised.

I just wanted to relay the topic of a conversation I was having with "Trader P" last night... how hard it is to be satisfied with your job performance as a trader. If you do well, someone has done better, or you let a good trade go too soon. If you do poorly, you just feel like shit no matter what. Really, the only way to feel good, is to be the "Lucky Pierre" day in and day out. Easier said than done.

Anyway, after my 4am drive home from the city last night, I'm shot. The RO did well that last hour and the Bosses finished out the week on top. I'm just getting straight to the numbers.

Out of 24 traders today, 20 were gross positive, or 83%, a nice number. Better yet, 16 traders finished over $1,000 gross, while only 2 traders lost over $1,000 gross. I was #7 of 24, good for no sleep, but man did I mook out of that last move...

"Lucky Pierre" - Trader B, $53,371 on 770k shares traded.

2. Trader A, $41,601 on 908k shares traded.
3. Trader Z, $21,078 on 391k shares traded.
4. Trader F, $12,822 on 192k shares traded.
5. Trader J, $12,746 on 156k shares traded.


And the Manservants...

"Chambermaid" - Trader C, -$6,425 on 222k shares traded.

2. Trader E, -$3,659 on 266k shares traded.
3. Trader 8, -$626 on 8,600 shares traded.
4. Trader 9*, -$231 on 4,400 shares traded.
5. Trader K, $45 on 1,000 shares traded.

24 comments:

Attitude Trader said...

Crap DT,

I thought we were making progress with your attitude. What's with this "performance envy" and "self-deprecation" stuff? Is there a deeper issue here?

Back to the drawing board I guess.

-AT

Pete said...

still waiting for you to pull back the curtain and talk about trading style sometime or different office styles that are workin/not working.

Dilly Nuts said...

Agree, this blog is useless without a discussion of trading style or something. I mean what's the point...really, ask yourself "what's the point of someone continuing to read this blog??"

Pete said...

yeah what dilly nuts said

Pete said...

neti pots post though was hot

Dinosaur Trader said...

Agree, this blog is useless.

-DT

Soulfire said...

More discussion on trading styles would be great, but seeing the same folks consistently bring in big profits by trading regardless of knowing their style is inspiring nonetheless.

Attitude Trader said...

Hear hear Soul,

DT's blog is at the top of my blogroll and I come here everyday not to see trading technique - it's something else.

Similar to NYSE Scalper's blog when he was posting. It wasn't about how he was trading...maybe it was more about "life as a trader." I don't know for sure but DT's blog is a daily read for me.

So don't move into a cave anytime soon DT.

-AT

Dinosaur Trader said...

I started the VO originally as a way to compare myself to other traders back when I wasn't trading in an office. I felt the Hybrid market ruined my old method of trading and I was hoping to find other people who were making money, and then figure out what they were doing.

The RO makes money a majority of the time. It should serve as an inspiration to other traders and point to the possibilities of making money on a daily basis in the market. That's what it's here for.

As I mentioned the other day, I will try to interview each member of the RO in an effort to highlight some of the different styles used by the RO members.

I appreciate the suggestions for ways I can better serve my readers, but just remember that I get paid nothing for this blog, I don't clutter it with stupid ads, and I have a full time job and I'm a full time Dad.

I'd love to have more time to write, but it's not easy.

As always, thanks for reading.

-DT

mdawsz said...

Hey DT. I also enjoy the posted returns of the traders in your office, it's cool to see some of the cabbage these people rake. I'd definitely like to see some strategy posts if you have some time.

Jawbreaker said...

Everyone should also realize that to make the kind of stacks DT's R.O. make it ( besides the obvious talent ) takes big buying power and good amount in the acct to start with. No Prop. trading unit will allow those type of swings without it. JMO.

Dinosaur Trader said...

That's a great point, Jaw.

Most of those guys have hundreds of thousands sitting in their accounts and have up to a few million in BP.

On the other hand, I rarely use over 500k in BP. I think once or twice over the last couple months I've pushed a million.

-DT

mdawsz said...

On a quiet day I'm pushin' 1,000 contracts around on the spooz.

mdawsz said...

jk

Dinosaur Trader said...

Damn futures traders... you were all kicked off this blog long ago.

Not sure who let you in, mdawsz.

-DT

Whisp said...

In response to Jawbreaker's comment, I have to take a moment to recognize the role that Trader P played in getting this office to where it is now.
I didn't start trading with a seven-figure stack, I came to this prop desk with 3 grand, and I think Trader B came with even less than that. We put our time in grindin and pushing ourselves to trade bigger and better. Trader P, who was running the office, saw our hunger and potential, and loosened some of the reigns in terms of constraints and facilitated an atmosphere that encouraged progress and rapid growth. I wouldn't have the type of account cushion I have now if it wasn't for him. It might have come one day in the future, but definitely not this soon. Basically, the point I'm trying to make in response to jawbone's comment, is that capital and talent are not the only two crucial variables that contribute to high levels of success. You must find a group being run by a person that is willing to work with you, and has your best interests in mind. You have to put yourself in a competitive environment that promotes growth, not stagnation or complacency. You must surround yourself with other traders that challenge you, have something they can teach you, and hopefully are also of good character. After all, what is good for me, is good for the partners because my fucking volume is out of control!
- Trader A

Jawbreaker said...

Good Post Trader "A" I come from a similar background as you describe. In fact, i was one of maybe 10 traders who started at "ANDOVER BROKERAGE" That was about 15 years ago. I was one of those "SOES" whores back in the day. Anyhow, i started with very, very small BP and like you said a few good men to learn from. When ANDOVER was sold in March 02 i had 90 million in BP on my screen. No Bullshit either. Thats the most ever saw 1 trader have. One other guy from the same time had the same so i heard. Anyhow, good for you trader A. Keep making stacks.

Whisp said...

Jesus Christ, 90 million!!!!!!!
What's the max exposure you remember holding? Was it all in one direction or split long/short? During this time what was your average daily exposure peak?

Jawbreaker said...

Thats easy, I had some really retarded long position in YHOO when it was added to the S&P. Plus, long/short of bunch of other stuff. Prob. about 65-75 mil. I dont want to say exactly what i made in YHOO but i also went out short when it closed and made like 10 pts on instinet by 4:25 the same afternoon. lol. Those were great times. BTW, if your @ the firm i think your at ask your compliance officer "Joe D" he knows me and can confirm my BP and the rest. Good luck today.

T said...

Jawbreaker,

Joe D is in midtown, were you trading at midtown? Where are you trading now?

Jawbreaker said...

Remote from my house right now but i do have an office in mid-town also. DT has my e-mail if you want to talk. take care.

Jawbreaker said...

BTW, I traded from the Montebello office. Joe D was there as well.

Jawbreaker said...

Me, Steve K, Ricky E.

Whisp said...

Don't know who Joe D is....
not my firm