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You should also mention that many taders are using nothing more then Excel and Mathlab, hehe. On another note, to the thread starter, if you are thinking of taking classes to round out your trader acumen make sure to take International World Trade or something equivalent to it, also don't...

Options are a different animal from futures contracts. Going long and short at the same time in the same futures contract would be the same as buying a call and selling a call with same maturity and strike, this is different then buying a call and a put. The illegal part of the argument comes in...

You can't have a spread in a contract that has the same expiration date. Even in options you are not spreading the same contract, instead you buy and sell verticals or horizontals. In something like the ES you're limited to calender spreads. -Neo

I think this can be considered illegal under the market manipulation regulations. If for example you sell from one account to your other you are in effect creating fake volume and gaming the market. -Neo

You're right, I have a few close friends who have just graduated from Brooklyn Law and they can't get those $90k+ starting salaries, I think many of them are destined to work in the compliance dept of some IB. -Neo

Use the Search function (Upper right corner). There are plenty of threads on them. Some people like them, others complain about not getting paid. Do some searching, its not too hard. -Neo

Great reply :D

The unemployment rate in US isn't any better, we just fudge the numbers better. -Neo

Hey Andy, Nice to see that your journal is still alive. I haven't visited in a while, may I ask what broker your using now? I know a lot of people where using Refco before. Thanks a bunch and continued success in your trading. -Neo

This last weekends edition had some good articles on Wheat, and some Commodity Hedgies Interview. -Neo

Is it the Phantom of the Pits? LoL, I wonder if Paul Tudor will ever come out with a book... -Neo

Weight the risk to reward relationship. If its too high then don't trade on it. On the other hand if based on the probability of getting caught versus the financial gain is relatively small... you should know the answer. Businesses make this type of decision all the time, just look at the viox...

dandxg, Use it to your advantage. If there is chop, then it means there is a range, and what do you do in a range? You short the resistance and buy the support. Easy as that... ok, maybe it isn't that easy, but you have just stated that there is in fact a pattern and if a pattern exists then...

What is the theory of "rescale smoothness"? Google turned up nothing... Thanks, -Neo

It all depends on the which exchange you want to lease or buy on. I googled this usefull link for lease rates on the CME: http://www.cme.com/trading/mem/leaseprices.html -Neo

The people in the pits are either brokers or self made traders who lease or own seats on the exchanges. Many of them started out as clercs or runners on the floor. Most of those jobs are throught connections, unless you can buy a seat with your own money. The traders working for firms started...

Best thing you can do is close those positions and get yourself Natenburg's "Options and Volatility" book. Not only will you understand options after reading it, but you will also have a lesser chance of taking advise from a forum that can potentially cost of you lots of money...

About $4.2 mil assuming he is married and in the 35% tax bracket. :D -Neo

lol, Lets hope he isn't trying to build Post# credibility ;-), as some snake oil salesman have done in the past.

Q: When are you going to retire? Paul Tudor Jones: I have a son that just turned three and I would unequivocally continue to trade until he went to college. At that point I think I'd probably be airborne hunting and fishing all over the globe every day in my life. I don't even necessarily...