Victor... who does Bilow work for?
Why himself... 9$ profit at a time. 50 shares at a time in and out. Our new mentor. He's laughing his way to the bank every day. See... look here... this is his secret. I want to grow up to be just like him:
To: unclewest who wrote (35769)
From: Bilow
Friday, Dec 10, 1999 1:20 PM ET
Reply # of 36056
Hi unclewest; The round trip commission cost (marginal calculation, ignoring seat fee) on those 50 shares was
$2.80 for me, plus the SEC fee... My profit before seat fee was about $9. Not bad for a few minutes of screwing
around.
I also pay a "seat fee" which is added into all my share costs for the day, but it is charged the moment I sit down.
Of course I don't know what it will add on a per share basis, but that doesn't mean I shouldn't take trades that beat
the marginal costs, just that I can't trade on an overall basis below the marginal costs plus the seat fee costs.
Basically, I do this as a business. I like to make a lot of relatively small profits during the course of the day, rather
than try to swing for the home run. So I count profits in terms of dollars per second, rather than in overall
percentage moves. The idea is to keep my cash and attention ready for the next trade. Trading is a somewhat more
complicated business than a lot of people think.
I'm just slumming on RMBS today, cause I'm too sleepy to do my usual scalping of INTC, MSFT and DELL. But
the stock has been kind to me, nevertheless. Best of luck, this puppy has to turn sometime, maybe today is the
bottom.
-- Carl
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