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If one gambles and loses, he is a gambler. If one trades and loses, he is a gambler. If one gambles and wins, he is a success. If one trades and wins, he is a success. But both winners and losers dream of large successes, so it seems from this thread and many other sources. Many...

Well, even outside of trading, the trend is always lower cost and better service. Thats how we compete. So the long term trend in this business is lower rates, and better service. Technology has gone a long, long way in the last 6 years and rates are down by multiples. I don't hear many...

Its always nice to see the house weigh in. :) Yes, back to it.

Well, first, as I remember, every trade has a number attached to it, that identifies it for clearing. So if you were "being fed a simulation" you would be able to tell pretty quickly if there was not actual trade. But I will give you credit for good use of hyperbole. I see your points...

My post wasn't an attack on you, although some might think you took it that way. While I agree with you, businesses do not have to share the "cost structure," any good firm should easily be able to tell you why they charge a higher rate than someone else. IF they don't, then either you are...

This is directly from the CME, maybe we can adopt these stipulations in distinguishing proprietary trader from all the rest. A. The proprietary account is 100% owned by the firm. A proprietary account is evidenced through: 1. Only the firm’s capital is at risk of loss - no traders...

So how does a firm explain to you the relationship between their higher rate and all of the factors you mention? If its in their business plan that they need to charge you a higher rate because it costs them to provide those extras like "automation, BP, Payout, reliability, risk management...

One thing missing is that its very hard to quantify "good service" or "a solid firm. " It is very easy to quanify savings on .002 versus .008, right? Over thousands of trades, thats many hundred thousand dollars per year. That is what 99% of those reading this sentence right now DREAM of...

One of my good friends is one of the top 5 commodity traders in the United States, and is on par with John Henry (CTA rankings, autumn gold) and although his results are verfied by a top accounting firm, Trader Monthly never mentions him in their top traders. His returns and earnings dwarf...

Well, thats why you diversify across a number of MA spreads at once. I spent two years trading MA for a hedge fund in Los Angeles. We typically, each trader, had on at least 6 or 7 deals going at once. Out of the 100s of deals I traded, I think only one went bad overnight, resulting in some...

I edited some of your quote to fit what really comes across as I read your thinking. Dude (to speak to your youth) You are setting yourself up with too many conditions, in my opinion. My brain almost exploded trying to read what you are looking to have happen, with my years of experience...

Okay...i just got an email from a buddy at ETG...he said something is happening with Schonfeld...what is it?

I think you miss the point of the statement. The point, to use your boxing analogy, is that you wouldn't attempt to step into the practice ring with Mike Tyson and all the while claim you are a professional boxer. You risk your health. So, you don't risk your financial well-being on...

I read Pit Bull. Thats enough of Marty Schwartz for me. While I admire his success as a trader, it came at a great sacrifice to his personal health. I was disgusted in the second half of his book, hearing his continual disregard for the signs that his lifestyle needed changing. Mr...

After much mental labor (most of it reading posts) I conclude these definitions related to trading: 1. Proprietary: A firm hires a trader, the trader trades the firm's capital with no risk deposit. The firm keeps a percentage of the trader's profit, but beforehand typically trains the...

Thanks for that, and I used to be one as well. :)

Awesome, now racking him in my ETpost hall of fame. (Scary that I keep one, huh). The Mark Douglas idea is spot on. Thank you for being upfront with your experiences, they resonate with mine and later successes.

Awesome as well. Rack him too!

Dude....absolutely awesome! Rack him.

I read this whole thread. One of the assumptions of many is that one is going to walk into this profession, and with a certain amount of money, make a certain amount of money. I think this reasoning is one of the major reasons why most traders (who approach professional trading) fail...