San Diego, Stan, California discussed on Chat With Traders
And went on taking I wanna use this other route but there's a lot of advantages to that these traders in me included now have access to inverse routes in I mean I'm I'm learning a lot from Stan stands really a really good resource for is a retail trader I knew of inverse routes but I never understood why why would anyone why would anyone one let me take their liquidity and I collect a rebate I never understood stuff like that little questions like that little things I've noticed over the years and now I'm getting a little bit savvy to it but I still have a lot to learn are there any other advantages which just sort of come to the top of your mind being with a firm yeah like maybe the commissions as well or the offenses are are a great point seven point seven charge any commissions so zero commissions and all the rebates are passed through and Visi CNN fees etc pass through so if you you know you're sitting on the book all the time and you can make money on rebates and it's really nice to not have to pay commissions and I think that's a formula by the way you take someone like Stan who might trade half a million or a million shares in a day on some days easy you good luck doing that when you retail that doesn't that's GonNa get really expensive really quickly so there's there's some edge to be had and in pushing volume like that you know when you're not paying commissions and stuff like that yeah definitely chat with China's podcast is brought to you by in vast the broker our trade with every single died seriously. 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DOT COM dot edu slash chat yeah so the next part I guess would be talking about how you've set up this office in San Diego which I think is really awesome enough to hear a bit more about it it just tell me a little bit about what you've set up their head sort of came about yeah sure so we launched on September three what led up to that was you know cats had a vision of having an office out on the West Coast and the more we talk about it the more it just seemed like it could it could work and and we're just both jumped into it and we we launched on September three I mean before that we had to find some office space so I went around the city looking for some office space the we works and all those other kinds of places and we settled on a on a great spot here we're on we're not just on the outskirts of the Hoya right by UC San Diego and it's a great spot comfy room it's intimate it's not it's not the biggest not the biggest room and we got four desks in here and had a opened up for applications and had tremendous response I never thought that that many people I just didn't know that many people were interested or that many people would wanna sit in a room to together and I just didn't know I also didn't have a gauge for how many traders are they're actually in San Diego or you know in southern California you know it's tough out here we're west coast so we're on in California time so you know if you're if you're planning your trading day no market opens at six thirty local time so you gotta be gotta be up an atom in the the four. AM's four thirty or something you know at least give yourself a good hour hour and a half if not two hours of prep plan your day see what you're you know you're gonNA attack all that kind of stuff but I was delighted I couldn't believe how tremendous amount more applications than I ever so it was really nice to got to got to I did a deep study cats made it clear to me it's it's my office he'll support me and guide me as much help as I want but I get to decide you know who's going to sit in a room with me all day and so having that many applicants that was just wonderful 'cause really got a all spectrums you know all spectrums I had guys that applying the same they never played the trade before two guys applying that were very very very very profitable but it didn't comedown profitability you know it's also a personality thing it's got to be the right fit and I knew that coming into it because you know you could pick this most bad ass superstar trader there is but if he's got a ton of ego or she's got a ton of ego you gotta ask yourself is that someone I wanNA be sitting in a room with all day probably not at least not for me so there is that there is definitely an interview process and you know email back with some questions so these you and three others that's right currently what was probably my challenging and setting this up like oversee at something you've not Don before yeah what was most difficult about getting it setup might even not even just the setup but maybe on Edyta die lock is there anything which is sort of pain a little bit challenging about this this whole thing I'm thinking I mean I feel like something up I mean really now I wanNA make anything up I don't it's it's basically been a breeze I'll tell you what was the most challenging was getting the licenses do this you know to run an office and and all that stuff the the series fifty-seven to to be a licensed trader no longer read L. A. Professional Traders that you could trade firm capital and then I took it one step further with the series twenty four license to have my own office and so I could run the office that kind of thing that studying for those licenses and that was probably the biggest challenge but and that's because the the firm has already done this before this isn't the first satellite office seven points has launched they've got great again in New Jersey Stan in Fort Lauderdale Riley in Toronto and we launched San Diego it just early September so it's not their first Rodeo they had a lot of they done all this stuff before so any challenges Salie easily mitigated they already knew everything to do now Detroit is you have in the room when the office there with the what sick on of experience level like the three guys we've got two guys that are kind of similar her one's definitely heavily trading Mike in the micros like me the other one another one is also but also trading bigger names you know big board name it's bigger market names and then there's another guy who's who's trading I'd say almost exclusively large-caps Oh Nice Oh you gotta you gotTa Really Nice Mix and really nice blend in each throughout the day we're all you know sometimes were some of us are trading in our heads like I'll catch myself where I'm trading and even though I got three guys right next to me you know I'm extremely silent in I'm just really quiet and I'm kind of in my head I have to catch myself in those moments try and pull myself out of my head and realize hey I got like I got a huge edge over it's like every other retail trader out there right now I got I got a team of guys right next to me like you know what are they thinking about what I'm seeing what did they think about this trader trading equities but you focus on slightly different areas in that equity market definitely I think that's that was it almost seemed like I did it on purpose I wish I would have but it just I went for personalities over you know when you put a four traders and a in a room together that's that's a recipe for some conflict I feel like if defending on the tray so I was very active I wanted to pick it had to be the right guys it just had to be the right fit and I couldn't be happier these guys are these guys are are great they're doing well and and there are a pleasure to be around and I'm just really enjoying it and I assume they are to Nas Norris that's really cool man I'm happy fully what what's it like on a die today they're lucky they're D- have some sort of processes or routines implies like his era a premarket mating if so what sort of things discussed during them is there an after hours like sort of reflection on the die key talk little bit about that sure so in the mornings I'd say our mornings or pretty uniform were all you know individually at least going out there and sifting through what's available and seeing what you know between all the headlines and between all the gap irs and you know the different size markets You know I think each one of US basically putting together our own game plan of what looking to do on market open to the guy's really seem to lake trading you know in pre market so they'll they'll start pretty early the guys get in like five am our time which is eight am New York time so these guys are waking up you know at like four thirty in the morning or a little bit earlier to get into the office by five I roll in a little lead I'm in at like five thirty in the morning kind of the Lazier one but a love that stadium is light well yeah I'd go in earlier it's just having a Family at home I'm staying later than you know I I just need to stay up late to do family stuff and all that stuff so I I roll in like thirty minutes later it yeah every morning we're basically putting plans together and sometimes these plans overlap and we're looking for you know to see what we see like what do you think of this pr I read it sounds like sounds like shit to me sounds like a bunch of nothing or you know sounds like it might have merit you know the age you check out their balance sheet or did you see that that recent SHELFORD forty four filing we're just looking for it's kind of sometimes alone sometimes hunting together forming our plans in the morning in like I said sometimes those plans overlap sometimes they don't in us about like today we're experimenting right now with like a trade review where were at the end of the day or maybe sometimes during law when the market it's slow we are sharing our trades you know someone will go I will just share chart executions and ensure trades of what we're thinking you just kind of like you know put yourself out there in totally dear robe and just open yourself you know honesty you know from fresh perspective maybe from other traders the other guys that were in the same trades you were in or trading the same name you were in or just a freshman perspective from someone that wasn't even in the trade and it had no had no skin in that name in and just kind of get some feedback from them on what they thought of your trades and that can be very very lucrative thing to do but it's tough it's you know it's tough because we we sometimes we we do stupid things so it's putting yourself out there and sharing the great the good the bad and the ugly and just seeing what people think you know it's just I think the key of it all is a kind of take it back to the hiring process even though was answering a different one of your questions but I really wanted to hire some guys that were were hungry that were hustlers that were happy individuals people I wanna be around and these are guys that are growth minded that they're consistent already or they're almost consistent that kind of thing and let's get this going further let's grow together scale this up you know what I mean we're trading the amount of capital that were trading now is more than any one of us had access to individual early or put together I mean it's it's an opportunity to really push push yourself as as an individual and push yourself as a team in really take it to the next level and really grow as a trader in. I mean that's what it's all about for me that's why I had to just full speed ahead and and just let's let's build a team in San Diego I I had to I'll just say one last thing and to me that's the best thing in the world it was for a very long time nothing's better nothing's better than being a fulltime trader trading for home for living there's there's nothing better is the best thing in the world and I never thought I would give it up never in a million years but I'm not surprised I gave it up the to really put a team together and you know a team that wants to grow together a team of guys are just say it man just happy and Hungary and hustling together every day and just really going out there to get it in and just really wants to to scale and really really grow having a growth mindset that kind of stuff I mean you've definitely work yourself into a really good sate I think at least for me coming from retail from what I was doing as a retail trader you just take nothing now for me as and it's just the right formula to really push the pedal and excel just really see since then and how it's evolved sired Laktasi what's changed and what stayed the same and what you've point shown but yet let's let's address each of those separately so first of all what has changed since two thousand and sixteen if anything if nothing's changed then that's awesome size find find consistency in using much bigger size and I was using in two thousand sixteen I mean that's the biggest that's the first thing that comes to mind since since two thousand sixteen but there's there's been some setbacks along the way no doubt about it you know like I said you know just using hard stops if I figured out how to just.