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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Leland Charon who wrote (1522)7/6/1999 4:34:00 AM
From: JB2  Read Replies (2) of 18137
 
Leland, You'd have to have seen the CNBC piece to know how the 20something Chris, at Lasalle Securities I think it was, was able to profitably handle doing 500 trades a day. Basically he has figured out a way to bypass getting under-filled and having to go to the end of the line to wait for the fills he wants: He wears a headset by which he communicates to four (maybe more) other guys at terminals lined up next to him. These are his assistants. When he makes a trade he tells them what to trade as well. So essentially it appeared that he was able to magnify the size of his trades, without having to place 5000 share orders and wait for them to get filled---he just places something like 5 1000 share orders simultaneously, like institutions often do, to try and fake out marketmakers and seem like little individual traders.

I suppose this is his way of putting his increasingly large chunk of capital to work, since he has grown his trading capital in the last four years he has been doing this. It is an interesting approach. I have heard of others who periodically "sweep" their account of all funds over $100k and put these profits into longterm investments, and just keep daytrading with the $100k.

So the assistants place the extra trades for him---doesn't it seem though that there would be some sort of software solution that would take the place of the assistants? Of course, remember the search for the "holy grail" of trading software is what put Block Trading out of business...having proprietary software written and tested probably costs alot more than hiring a few college students to follow orders and keypunch.
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