Traders - Millions by the Minute - New TV Series


jack

Administrator
Staff member
https://www.youtube.com/watch?v=07XwNQrFd50

Just one episode out right now.

Setting up to be half decent, but we'll see where the next few episodes take the show.
 

sqa

Village Scribe
Re: Millionaire Traders by the Minute - New TV Series

Cattle Futures guy was in the "Floored" documentary from 2008.
 
P

Piper

Guest
Re: Millionaire Traders by the Minute - New TV Series

Great find! Enjoyed every moment of it.. Though it's so sad to see the pits slowly dying out. :-\

-P
 

rod178

Well-Known Member
Re: Millionaire Traders by the Minute - New TV Series

Jack

Thanks for the link.

Episode 1 is a bit of a worry, do any 'real traders' really wait to push a button upon release of News? I received the impression that the 'Trainers' were leading their Trainees to 'Never Never Land'. I felt a little sad to see the guy with the big expectations (as well as needs) taking delivery of his multi monitor setup.
 

rod178

Well-Known Member
Re: Millionaire Traders by the Minute - New TV Series

Piper said:
... sad to see the pits slowly dying out..
Happy to see them go myself. Pit Traders only exist due to market inefficiency.
 
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Piper

Guest
Re: Millionaire Traders by the Minute - New TV Series

Might call me sentimental, but those are a great part of trading history. Always wanted a CME membership to trade a few cars live :)

-P
 

jack

Administrator
Staff member
Re: Millionaire Traders by the Minute - New TV Series

rod178 said:
Jack

Thanks for the link.

Episode 1 is a bit of a worry, do any 'real traders' really wait to push a button upon release of News? I received the impression that the 'Trainers' were leading their Trainees to 'Never Never Land'. I felt a little sad to see the guy with the big expectations (as well as needs) taking delivery of his multi monitor setup.
Well, it was probably more of an exercise in making quick decisions and acting swiftly. If they were going to take a news release like that, they'd have a plan for what to do in a multitude of scenarios, and all the focus is put in executing the right plan the split second you hear the release based on what number they hear. Going through the motions and executing according to plan regardless of the outcome is important.

About trading news a la keyboard money at the release.. well.. this was a pretty popular way of trading news back in the day.. now though, any news that's machine readable a nanosecond into the release is either dominated by bots, or the bots making such markets are able to get out of the way before getting run over (meaning you can't find much liquidity to get into the trade at a decent price before or during the bulk of the move.)

That being said, we still see opportunities to punch in on economic and commodity releases even to this day.. there's a bunch more that goes into such trades, but there's still something there.

EDIT: That being said, firms still teach people how to be mindful of news when they are already in positions. Getting out quickly on some shit news that will hurt their core position is an important skill to master.. it's all too common to see new trainees watch a nice winner go south just because they got 'deer-in-headlights' frozen as news runs them over.

As for the firm itself... sadly, you're right to some extent. The retail level traders they are training are probably not going to stand much of a chance in the long run. In the UK, "education vendors" are popular and charge upwards of a low 5 figure number. The UK bettering/trading culture helps fuel this. As far as the retailers are concerned, given their success rate, never never land is pretty accurate. A lot of these vendors stick to the basics plus some TA.. it's bullshit really.. but heck, I know some people who've lost more than that just figuring the same things out for themselves in the markets.. so maybe there's some merit to a course here and there.

Monitor setup wise.. he should have started with just one or two.. if you can't make money off a single monitor, 4 isn't going to change anything. Monitors make a profitable trader slightly more efficient, that's all... they don't do a thing for a consistent loser besides giving them something to sell used on eBay so the rent is covered once they bust out.

His wife.. oh my.. the look of uneasiness on her.. I bet there's going to be friction there on camera before this show is over.
 

jack

Administrator
Staff member
Re: Millionaire Traders by the Minute - New TV Series

Episode 2:

https://www.youtube.com/watch?v=hcRUqBm9GFI
 

sqa

Village Scribe
Oh yeah, one random thing about ep 1. The Hedge Fund Manager had $200 Million AUM. From what I've read, that's a really tiny Hedge Fund, these days. Probably why they were able to get her to talk to them, haha.
 

jack

Administrator
Staff member
sqa said:
Oh yeah, one random thing about ep 1. The Hedge Fund Manager had $200 Million AUM. From what I've read, that's a really tiny Hedge Fund, these days. Probably why they were able to get her to talk to them, haha.
It's not huge, but it's not quite small either. At 2/20 they'd clear $4M just sitting on their hands and possibly have a decent payday on a good year.... with maybe ~$3.5M in costs including payroll (mid-ranged estimate, they could get away with much less if they don't pay for many outside services and skip the downtown Manhattan office space, but I obviously don't know their exact business expenses.) On a good returns year, they'd bonus out a bit but the firm's stakeholders will basically be rolling in cash..

And of course, you gotta start somewhere, as attracting larger allocations often requires a given existing amount already under management.
 

sqa

Village Scribe
Ep 2 was interesting. Special credit to the pro-trader that was already on a body-building Cut diet when he agreed to it. ;) That was a great choice.

As for the entire episode in general, let me send my thanks to ICT, again. While the episode was good, that's really the response.

(Also, that Jusco(?) equity graph was not that great.)
 

sqa

Village Scribe
43:23 is the equity graph. It's too blurry to make out much more than lots of losses with a few big winners.

I guess if you're targeting 5:1 or better, you only need 21% accuracy to be profitable.
 

jack

Administrator
Staff member
rod178 said:
I suspect that the Cat lady will not last
I'm thinking the 7-years in, former antique dealer, is kidding himself and no where near being realistic about his situation. As if he's in love with the idea of being a trader, but not actually into trading itself.
 

sqa

Village Scribe
Jack said:
I'm thinking the 7-years in, former antique dealer, is kidding himself and no where near being realistic about his situation. As if he's in love with the idea of being a trader, but not actually into trading itself.
He definitely likes "playing" the part of the trader. If you have that detailed of notes, it shouldn't take more than 2 days to figure out where your errors are, then make a plan to address them.
 

jack

Administrator
Staff member
joepippin said:
Is there any more episodes?
It's a new series. These are the only two out so far... but check the user profile that uploaded that youtube video in the future to see if a new video is up. I'll post them here as they get released too.
 

rod178

Well-Known Member
Jack said:
I'm thinking the 7-years in, former antique dealer, is kidding himself and no where near being realistic about his situation. As if he's in love with the idea of being a trader, but not actually into trading itself.
more so than riding motorcycles, I suspect.

Yes, he does seem to be living in a world of (some) denial. I suppose the Cat Lady has had a rude shock soon after started to use real funds. ie the Markets are not an ATM Machine after all !!

There is a little known fact that Cat Lovers make poor Traders, so she is starting well behind from the start. Success as a Trader is inversely proportional to the number of cats that you feed. There are three (infinite number actually) major benefits to not feeding cats -
1) Become a better Trader
2) Save money on Cat Food.
3) You would soon find out that they do not really love you and only hang around for the grub.
 

jack

Administrator
Staff member
rod178 said:
more so than riding motorcycles, I suspect.

Yes, he does seem to be living in a world of (some) denial. I suppose the Cat Lady has had a rude shock soon after started to use real funds. ie the Markets are not an ATM Machine after all !!

There is a little known fact that Cat Lovers make poor Traders, so she is starting well behind from the start. Success as a Trader is inversely proportional to the number of cats that you feed. There are three (infinite number actually) major benefits to not feeding cats -
1) Become a better Trader
2) Save money on Cat Food.
3) You would soon find out that they do not really love you and only hang around for the grub.

ahah... I can honestly say I've never before heard of a correlation between cat ownership and trading success.

Decent argument you make though. It sounds like cats are a bad trade. So are 1st and 2nd wives in this industry now that I think about it.
 

Fuzzbuggy

Well-Known Member
Jack said:
I'm thinking the 7-years in, former antique dealer, is kidding himself and no where near being realistic about his situation. As if he's in love with the idea of being a trader, but not actually into trading itself.
Thought the same thing. If after 7 years he still hasn't nailed it (and down 60% on his account) he's obviously not getting it. Feel really bad for the poor guy. Wonder how he finances his lifestyle?
 

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