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> Date: Thu, 22 Oct 1998 08:38:44 -0500
> From: "charles meyer" <chmeyer@xxxxxxxx>
> To: "OMEGA LIST" <omega-list@xxxxxxxxxx>
> Subject: LEVEL II TRADING?
> Scott, thanks for your savy expose about 'BlockTrading'. Is this
> similiar to Level II Trading and has anyone had any experience
> with the hype one hears about all the success stories at these
> firms?
>
> Charles
>
Same animal. See my post about Block. I know of only two people who
had success at my SOES shop, and both had EXTREMELY deep pockets
backing them. You can make money at SOES trading, but by the time
most people learn the games, and make all the stupid mistakes they're
out of cash. The two people I knew that made money had very wealthy
and patient backers, who let the learn the game and the mistakes, and
were willing to wait for them to learn to be good traders.
Also, you do trade differently when it's someone else's money your
burning up learning. Simple fact, echoed by all the others at my shop
who were trading their own money.
SOES trading ain't what it used to be. The two good traders kept
talking about how easy it was in the old days, and the the MM's had
grown up too, and the early advantages SOES traders had were gone.
Still, there is a place for bandits, and not all the success stories
you hear are bullshit. I saw a guy pull $28,000 one day by coming in,
shorting 7000 shares at the open bell and walking out. He came back
10 minutes before close and was up $3.50 a share. I asked him why he
wasn't closing it, and he said he thought it would fall further, and
sure enough he pulled another 50 cents out at the bell. That was one
ballsy move, because he was blind all day, and couldn't SOES out 7000
shares. But it really happened. Don't know how he did overall, but
that was one nice day.
*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*-*
"It's hard to make predictions, especially about the future."-Yogi Berra, Visionary, 19??
"I think there is a world market for maybe five computers."-Thomas Watson, IBM Chairman, 1943
"640 K ought to be enough for anybody."-Bill Gates, Microsoft Chairman, 1981
"With over 50 foreign cars already on sale here, the Japanese auto industry isn't likely to carve out a big slice of the U.S. m
arket for itself"- Business Week, 1958
"TV won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a p
lywood box every night."- 20th Century Fox's Daryl F. Zanuck, 1946
"Don't sweat petty things. Don't pet sweatty things."-Anonymous
"When you are courting a nice girl an hour seems like a second. When you
sit on a red-hot cinder a second seems like an hour. That's relativity." -
Albert Einstein
Shawn Devlin
mailto:shawnd@xxxxxxxxxxxxx
http://www.netcom.com/~shawnd/shawn.html
http://www.netcom.com/~shawnd/joke.html
http://www.netcom.com/~shawnd/spar.html
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