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"Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey. It may hide in the bush for a week, waiting for just the right moment... 1/n
another time buying memory bounce and selling pretty much dead bottom only to see it going up right away after closing for a big loss..... beyond tilt
This is very interesting knowing the sick performance they had on an ok month (talking mainly about sc even tho I know they trade other stuff)
I wonder what were the main opps for them in September.
I personally liked $BWET mean reversion and caught a decent chunk but there wasn’t liquidity there…
in light of transparency, i decided to share whats been happening to me since my biggest loss ever trying to bounce SOXL and SNDK one day before the real bounce.
I had had my biggest run ever, slowly increasing size. After the big loss, i started sizing down and focusing only on my bread and butter but FOR ME sc changed a big at the beggining of august. There were days i went probably 0/7 on tickers. Felt like nothing worked for me.
So i decided to nail down size even more and got fed up with trading. Also some days off or barely traded when i showed up.
On one side, i believe the break is good and much needed mentally. On the other, this is the moment i need to be focusing on trading the most (even tho its very hard currently)... this is something Richard Denis talked about in the first MW book.
Anyways... just wnated to share the update. Market seems harder for me at the moment but i gotta adapt and thrive once again
GStrades retweeted
Had the pleasure of lunching w/ legendary commodity trader Richard Dennis today in Chicago. A Leopold Aschenbrenner of his day, Dennis was nicknamed "the Prince of the Pit." Dennis chased trends, making $50m three times in his career (in the '70s that could buy u something). At 26, he purchased 3% of the White Sox for $300k, selling the stake over the years for $20m.
Was leverage where Aschenbrenner went wrong? No, says, Dennis--he didn't focus on liquidity and avoiding becoming a target of shorts. By more actively trading his positions, he could have avoided the front runners.
"He needed to be more Livermore and less Einstein," Dennis says. "He was a whale who stopped swimming."
What does the 77-old Dennis do all day today? Trade--what did you think? His average holding period? Five days, like most of his career.
"I'm a degenerate trader," he told me, "I'll be out of my positions by the time" you read this.
