brownsfan019

CONTINUATION OF NFA FILES: Link to Case File for Sutherland Commodities (too big to post here): BASIC Case Summary

Cooter - I thought it only fair to go to the source and ask exactly what had/has been going on at OEC with Rick. Here is the response verbatim: This is important to understand. I'm not sure where you got your info Cooter, but when I go the NFA site and search specifically for Rick Tomsic and check the site, I do not see any strikes against Tomsic OR OEC at this time. Link to NFA directly to Rick's file: BASIC Details Now, to complete some more due diligence on my end, here are screenshots of every NFA file that Tomsic is linked to, including the one you are referencing Cooter. I think you'll find it interesting to note that Tomsic is not listed anywhere in the complaint, which you noted, and if that should be considered a strike is up to the end user. I don't see a problem since his name is not listed in the document. Screenshots of the NFA site and where Tomsic is listed:

dog is right, being nimble has its advantages. I remember when I would visit mutual fund co's that were trying to get us to sell their funds and one of the biggest (American Funds) and one of the best would tell us that it takes MONTHS to build and MONTHS to unload a position. When you get so big, you have to enter positions in such a way as to not raise any flags which is easier said than done. There's something to be said to be able to flip on a dime, but that also implies you are trading very little in the grand scheme of things. I'd like to think of myself as a nimble, bigger little guy.

Here's my 2 cents - the more things change, the more they stay the same. If you have an edge and can exploit it with consistency, you can/will make money whether discretionary or automated. I think more and more bots will enter the markets (and add more liquidity in the process) but there is one constant - a computer programmed software package will eventually fail. There are few (if any) computer programs that can survive up, down and sideways markets. Point being that no matter what, it is human emotions that will drive the markets. Even if a computer program is calling the shots, a human has the ability to over ride the system and decide when to turn it off. A good example I can think of is when online stock trading became mainstream (ETrade, Ameritrade, etc.) stockbrokers (like myself at the time) were being told that this was the death of that profession. Why should I pay hundreds of dollars per trade when an online broker will do the same for 10 bucks?!?!? Guess what? The full service firms are doing just fine and their businesses continue to grow. Having been in that business before I try to keep a close eye on how the brokers are doing and they are fine. There's always going to be a reason why discretionary traders will die. And many will. And many will use that a reason for their failure. I saw it all the time at the brokerage firm with the failures - can't compete with online, can't compete with no load funds, can't compete with ETF's, etc. As much as a cliche as it is, only the strong will survive and for those that do survive, the journey will be well worth it.

I started a thread cooter on OEC - http://www.traderslaboratory.com/forums/f92/review-open-ecry-futures-broker-1904.html ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Here's my review of Open ECry (OEC) who is a futures broker. website: http://www.openecry.com/ I've been discussing moving my business to OEC recently for a number of reasons and have found that OEC is a great firm to discuss your biz with and they will do what they can to help you out. Some of the impressions I have thus far: Very competitive commissions. Platform is FREE and it is very nice in my opinion. Free would normally mean junk to me, but the OEC trader is just as nice as the $500/mo T4 I have currently. Easy to get answers, help, etc. They are smaller, but not so small to be concerned. They are based in Ohio! How cool is that! (well, for me at least. I can go and actually see their offices). I do not have my business there yet, but at this point, it appears this will be the most logical next step for me. If you are in the business for a new futures broker or just want to receive a competitive quote, I would suggest at least contacting OEC during your due diligence. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

darth - yes, I have the same name over at ET as well. Just easier to keep track. I think you brought up some great points to consider in your posts, whether done on purpose or not. Sooner or later this steam will take a breather or even 'correct' some, which is what the bears have been begging for. You especially see that thinking over at ET. Time will tell when that correction will come. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Darth, Excellent thread starter. Here's some ideas that I have done, thought about doing, currently doing and/or might do in the future : Something as simple as Collective2 is a good starter option for building an independent record. Start a newsletter and/or chat room service. Managing money for friends/family, staying below the requirements to register (requirements dictated by instrument(s) being traded). Get your CTA (for futures traders) to be able to mange more accounts, receive % of profits, and/or put an add-on to the commission charges. Start an incubator fund. Start a hedge fund. Those are the options as I see it, assuming you want to work for yourself or at least be able to call the shots. You could also try to go to work for a fund or bank. There's money to be made in doing any of the above. One argument is that all the extra headaches and paperwork is not worth it. Another argument is that those extras are easily offset by the additional income and fees you can generate. I'm a firm believer in using OPM (other people's money) from my times as a stockbroker. If you can trade with a profit consistently, using OPM can get you to your goal much quicker. And if you decide to do something more formal, it's a matter of how far you want to take it. I think some people rule these extras out b/c they have preconceived notions as to what it takes, how much money you need, etc. I look at it in terms of futures - you can drop up to 2000 contracts on the ES at one time with little to no slippage (from what I have been told by 3 different brokers). Over time you might get to the point of trading 2000 on your own, but odds are, you can do that much quicker using OPM. With OPM and say your average client trades 20 contracts, it doesn't take that many to put you in a position to make some good money from the commission add-on and/or the incentive fee. It's a big decision and one that you have to either do all the way or not at all. And as for your question about the CTA route, it's not difficult to get that designation at all. And once you have it, you just need to follow the guidelines set forth and then submit performance numbers to different tracking services (of course your info must be accurate and able to be audited). And who knows... maybe one day a fund or bank calls you to offer a buy out... Now that could definitely make your time and effort worth it. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Interesting read, thanks for sharing. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Oh yeah, Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

I agree with you guys, I don't like having to ask permission to trade something. I guess some brokers just prefer to keep tabs on you, but it can be a pain in the butt. I've recently began discussions with Open ECry and I must say, I am impressed thus far for a futures broker. Very accommodating and willing to get your business. There's something to be said about being able to work with a smaller firm that has the ability to do what it takes (w/in reason) to get your biz. I'd suggest at least contacting OEC if you are in the market for a broker. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Excellent point darth. As long as the 'dumb money' continues to flow into the US markets, we'll keep trying to push higher. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Bear - I concur with Coot on this one. Daytraders typically need volatility or movements to make money, whether it's December or July. Right now, we have some nice volatility so I would keep trading it till it dries up. The common thing I've heard is that the 'smart money' guys are on vacation over the summer, so stay out. Well, if you look at the volume lately, these guys are still here doing their thing. No vacations just yet it appears. ---------- Make sure to vote for me in the trading quote contest!! Hurry before time runs out!! http://www.traderslaboratory.com/forums/f97/trading-quotes-june-2007-votes-1879.html

Hey guys, Sorry if I detracted from the thread earlier. While the forum can obviously provide a nice resource, as cooter and myself have stated, it's hard to stay motivated to keep sharing when it's just a handful of us actually doing it and then when that doesn't seem to be enough, you just take a step back and say why bother... Good to see the discussion continuing, I'll try to jump back in after catching up.

MODS - GO AHEAD AND CLOSE THIS THREAD. My point was laid out and it's there for all to see. I am not going to continue posting stats as that apparently upsets some people here b/c my entire trading plan is not laid out on a silver platter for all to see. I did not know that was a prerequisite for posting stats, but I may be mistaken.

Walter - difference is that I am not a vendor that is here to provide professional support. I am a trader like you. If I don't want to share my exact entry methods here, so be it. You've asked me repeatedly and what have I put on the board? Now you're just irritating me with this constant badgering. I don't see every trader here putting their exact entries and exits on the board. As a matter of fact, outside of me, you, pivot and a couple others, there really isn't much on the board outside of that. Case in point: Over THREE THOUSAND members, yet there's only a handful of us actually sharing stuff that is useful. So, sorry if my entire trading plan is not laid out on a silver platter here, but it looks like that is what is expected here actually - just piggyback off of others. :o According to my brief math, it appears that approx .3% - .5% of the TL population actually contribute items of substance on a regular basis. That would mean that the handful of us that are actually providing ideas are supporting over 99% of the rest of the leaches on TL. Makes you wonder if it's even worth it. If it's that much of a problem, forget about it. Have a mod close the thread. I don't care. The purpose of the thread was to not reveal my entire trading methodology for you or anyone. It was to share an idea, after all, I thought that's what we were here for. I presented an idea to consider and provided some real-time stats for me. Since that's obviously not enough, don't worry about it. No more stats will be posted. ------------ Sorry for posting this within this thread but I can't keep having Walter chase me around TL trying to get my entire trading plan laid out. Again, as soon as the rest of TL can step up to the plate, maybe I will too. ------------ Proceed with the topic on hand.

I don't use MP, but can't imagine waiting until 4+ hours have passed before placing one trade. That's all of the morning and into lunch... To each his own if you can make it work, right?

MP - good question on how long to papertrade. It's a personal decision, but I have found that when trading on a sim, it's too easy to get lax. I would suggest trading live as soon as you are comfortable but start with a very small trade amount. Since trading the ETF's, you can literally trade one share. I realize that commission on one share is probably not effective, but that's not the point. The point is to get some REAL money on the table, REAL money at risk and see how YOU react in those scenarios. It becomes personal when your hard earned money is at risk. You need to prove to yourself that: 1) you can do this live with real money and 2) your system makes money. Good luck!

OK, no offense doc, but I don't see any added value from your post vs. the other posts from the other traders here. Before I get chastised or anything, when I look to a professional 'trading doctor' I am looking for more than 'you must find your own way'. I specifically asked about how to train your brain to accept that you will not catch every move, take every tick, etc. That's a very specific question looking for a specific response. I think you'll find that the most active of us on this board have been given the 'find your inner trader' stuff. And I'm sure it looks good on brochures, books, etc. But if you really want to tap into this forum and provide value, I'm looking for more than this post, esp after 8 days since I first posed the question. Personally, I'm not impressed thus far. That may mean very little, but I think James should be aware of the overall impression we have. I would also suggest that James occasionally survey members when it comes to a vendor being on the board. It's a fine line to be a vendor on a message board and one that should be examined occasionally.

It might work if you impose other rules to it, but then the question becomes - are you even performing a martingale strategy? It's something I've thought about before as well and in the end, it was a slippery slope (for me). There's only one way to find out - do some backtesting and/or live testing and see how it goes. Keep detailed records. It could be an easy analysis if you do it on paper, while trading the way you currently do. See where you are at the end of the day.

James - any progress updates here on the ideas that we discussed? Just wondering if we might see some of these ideas implemented or not. I am interested in posting some trading updates like I started to do a little in the smaller profits thread but if there's more coming on tap, that may be easier and cleaner.

One other idea - you could also record the trading day while you are at work and then play it back as if it was real-time later and test out your trading moves.

Steph - here's my opinion on the US e-mini indexes: YM/ER2 - low volume, can see more 'spikey' type moves. I think there is a correlation between wild spikes and low volume. NQ - Nice market to trade, decent volume, can get 'spikey' at times as well. ES - The most liquid by far. I personally think that you don't see wild swings here b/c of the volume, which of course implies that the major players are here as well. That in turn leads to more 'smoother' looking charts in my opinion. I think you'll see certain levels respected much more on the ES than the other markets, if that's your cup of tea. I should note that I use VOLUME BASED CHARTS and that has helped me tremendously. Sometimes the strategy you are trading might just work a tad better if the chart was presented differently. I like VBC's to help smooth things out a bit and it's a visual representation of volume being traded. Just an idea.

TODAY'S TRADING UPDATE (AS OF NOON EST) NUMBER OF TRADES: 37 GROSS ES PTS: 8.25 NET ES PTS: 6.31 WIN %: 54.05% ------------------------- So far so good this AM. Not quite like yesterday, but I think that's why this method works so well for me. I can crank out 'small' 1.25's all day whether it's trending like yesterday PM or grab chunks like today thus far. Note - I was incorrect on the previous commission quote. I am at 2.62 round trip. At this point I think the treacherous day is going to be when it's in a very tight 3-4 pt range. And when that day comes, just have to take it on the chin and do it again the next day. Also - I would like to point out another trader 'myth' that has been talked about on this board and others - not trading Fridays. Well, today thus far has put some more coin in my pocket, so I am of the belief that you simply take your setups regardless of days (unless of course your analysis and backtesting has shown statistical evidence that you don't trade well on certain days) but to just make that assumption based on a book or website is a very big mistake in my opinion.

Steph - Assuming you can work the 9:30am - Noon EST shift and going for +5 on the YM, you can crank out some major trades with the right methodology. I personally hate the YM, but I understand the attraction. I would not rule out making some good trades and cash before you head to work. This morning yielded 29 trades for myself. That's not good or bad for you, I'm just suggesting that you don't limit your thinking and profit potential by simply saying that you only have 3 or so hours to work.