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T-Rex Interview


I am not sure if T-Rex will rise to the challenge because I still have not seen him write a single trading word. Perhaps this thread will shut me up.

T-Rex: Tell us about yourself. What sort of trader are you? Do you trade the whole day or just the morning? Do you trade the ES or other contracts as well? Are you a 1 lot trader or multi-lot trader? How long did you trade before becoming successful? What former or current trader do you most respect? What sort of work did you do before you became a trader - were you a broker/merchant banker? What timeframe charts do you look at - 15/60 minutes as DayWalker mentioned? What charting package do you use? What trading platform do you use? What inspired you to become a day trading (I assume you are a day trader) in the first place? In what year did you first earn enough to be able to fully support yourself? What type of car do you drive?

Think of this like a Jack Schwager Market Wizards interview. We want to know all about a master trader. Not just his trading ideas but his entire persona.
I have notice that since Mr Trex arrived that he has been making negative comments to everyone and about everything and has no solution to offer and has yet to contribute anything positive to this forum. My suggestion to the moderator is to ban him now because he is not helping anybody.
I agree George..perhaps they are on vacation....seems it's time for T-rex to transform and come back under yet a new name...
quote:
Originally posted by George Soros

I have notice that since Mr Trex arrived that he has been making negative comments to everyone and about everything and has no solution to offer and has yet to contribute anything positive to this forum. My suggestion to the moderator is to ban him now because he is not helping anybody.

T Rex: I've had a number of complaints about you. Please try and contribute to the trading community instead of continuing on your current track. If you're a successful trader and a philanthropist then there are plenty of beneficial comments that you can make which the trading community would benefit from.
day trading: With all due respect, is opinion which is contrary to conventional wisdom unwelcome here? The reason I ask is because I truly believe I'm making many comments which are beneficial to the trading community albeit these comments might ruffle some feathers.

I have complaints also against others; namely, BruceM and tippy tom for falsely claiming I'm a vendor selling something with no evidence and repeated denials from me on that issue. Shouldn't they be reprimanded also?

T Rex
I'm not getting dragged into this debate.

This is for everyone: Let's focus on trading and developing our trading skills. If you're going to knock someone else's trading method then provide some scientific proof that it does not work (example: a back test) or provide an alternative method that you feel is better.

Simply stating "mine works and your doesn't" or "I know how to trade and you don't" is not helping anybody. Let's forget the name calling and focus on trading development.
I think I understand what your saying.

However, shouldn't the person who endorses a trading method prove that it does work by providing backtesting (or trading statements) or is everyone to assume it does based on that person's word? I believe there is real harm being done to new traders in particular who may take some of these methods as gospel only to find they don't work and lose money. Traders should be made aware of the pitfalls of these methods just as they should be made aware of a fraudulent vendor.

The burden of proof should be on the advocate of these methods, not the person who questions their efficacy. And if they can't prove these methods work, then they shouldn't sponsor them.
T-Rex:

The theme of your posts on this forum consistently focus back on this distinction between a "professional" and "amateur" trader. The subtle implication in many of your comments is that amateur are inherently losers and only a real professional makes money trading. What is your working definition of a professional and amateur trader ? What I am curious about how you distinguish between the two types of traders.
pt_emini: Fair question. To me, a professional is one for whom trading is his sole occupation and can succeed enough to live a fairly decent lifestyle for himself and his family. A minimum of $100K/year. An amateur is one who tries to make trading a sole source of income but can't because he is inconsistent and probably unprofitable or marginally profitable.

T Rex
quote:
Originally posted by T Rex

pt_emini: Fair question. To me, a professional is one for whom trading is his sole occupation and can succeed enough to live a fairly decent lifestyle for himself and his family. A minimum of $100K/year. An amateur is one who tries to make trading a sole source of income but can't because he is inconsistent and probably unprofitable or marginally profitable.

T Rex



Thanks for your response


In the context of this forum, I agree with your very practical working definition of a professional trader.

The definition of an amateur can be a bit tricky in some cases. I know several high net worth traders who trade in a very disciplined and skilled manner, producing considerable annual profits. But due to their unique circumstances, have significant income from other sources with which to maintain their standard of living.

Based on my experience, it is better to be in the latter situation than the former. All of the really successful traders I know do not depend on their trading income as their primary means of financial support.
I would say that your high net worth traders would fall into the professional category if they take out $100K+ out of the market year in and out despite their other sources of income. Clearly, a trader living in Manhattan couldn't live comfortably at $100K, but one in Tuscaloosa could.

So, a more specific and universal characteristic of an amateur is the lack of consistent profitability at the $100K threshold regardless of other income sources. Professional and amateur are descriptions which must stand on there own outside of non-trading criteria.

Moreover, the amount of knowledge one has about the market has no bearing on those definitions. I'd rather be market illiterate and rich than have a PhD. and broke.
Wow..is there any one on this forum who is promoting trading ideas with out encouraging one to do their own research? I think it is up to the individual reading anyones post to do their own "Due Dilligence" no matter what the topic...otherwise you might as well become the type of person who buys or sells just on a brokers suggestion or a "Hot tip". Why would anyone assume a trading method works just because it is posted on a forum? That would be ridiculous to me. New traders especially need to be encouraged to do their own research at all times.

Bruce
quote:
Originally posted by T Rex



However, shouldn't the person who endorses a trading method prove that it does work by providing backtesting (or trading statements) or is everyone to assume it does based on that person's word? I believe there is real harm being done to new traders in particular who may take some of these methods as gospel only to find they don't work and lose money.