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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Steve_GTS who wrote (12311)	3/11/2001 7:58:47 PM
From: Brandon	Respond to of 18137

I really respect Jay a lot and think he has more integrity than most, but you need to take all track records with a grain of salt. There are so many things to factor in with fills and slippage. Maybe you cant catch one, maybe your account is maxxed out, maybe you have to go to the can. Any number of things. Usually, when my trackrecord shows a gain of say 6 points on the day, personally I made 2 to 4. The only time that there is an exception to that is when im only reporting my actual fills. Sometimes I do that too. But in general, when you see a track record its done by saying, we called it long at 50. Everyone got filled there, we said cover at 53, everyone got out at 53. Frankly, thats a lot of marketing BS. Just my take. B

To: Steve_GTS who wrote (12311)	3/11/2001 9:34:07 PM
From: jaybiegh	Respond to of 18137

Steve, if you hang out it the Pit (Jay's room) for very long you will find that even Jay wouldn't total the sum of all his daily calls and multiply by 1000 shares to come up with a daily number. First, Jay doesn't expect (or even suggest) that any one trader chase each of his calls. He doesn't baby-sit his calls (tell you exactly when to take stops, pare or take profits) so he suggests you pay attention to his calls only when it is one of your basket stocks (most of us in the pit follow 2 or 3 stocks). If a call is on one of our basket stocks you will know how to manage it because you are familiar with the stocks behavior(and will likely have already seen the setup and beat him to the call). If you aren't intimately familiar with the called stocks behavior you will get creamed (remember we are talking sniper scalps here, not swings) Second, many of Jay's calls come on top of each other (at the same time in other words) since stocks followed in the Pit often move in tandem. He may call CSCO, CIEN and JNPR at the same time and there is no chance in hell of catching and managing all three of those trades over the perhaps 1-5 minute life of that particular scalp. Third, your 1000 share assumption wouldn't even come close to holding true in the Pit. Even if the call was on your basket stock, Jay would slap you around if you were throwing around 1000 shares on some of his deadzone calls on dangerous and fast stocks. If you are a really good trader you might be 1K shares at the best moments (perhaps 35% of the time) and significantly less the rest of the time. Fourth, let's assume that Jay is trading his calls (he openly tells you that he isn't) and he get's filled at his entry price...there is no guarantee that you will. Many of his calls are made with time to get filled (he tries hard to give us this)...some simply aren't and you have to decide how far to chase it (especially shorts) Bottom line...Don't even think of totaling his calls and expecting to duplicate them exactly. You may some day succeed at 10K per day, but it won't be that way. I enjoy Jay's room immensely and along with this thread have found a resource that I wouldn't want to do without in my learning process. Jay spends most of his time telling you NOT to trade and NOT to chase his calls and NOT to trade 1000 shares which is refreshing. Jay will tell you forcefully that his is not a "guru service" his calls are to demonstrate his methods and not to provide traders with a "connect the dots" way to make money. JB