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If you think of the specialist as your "opponent" you are in bad shape. They have huge and obvious advantages over the non-professional daytrader in the marketplace - the idea that you could compete with them is ludicrous. Not that you can't make money daytrading, but if you see a way to...

The firm takes a cut of your funds on every trade (commissions). This is, in effect, the "house edge" so in a sense you are competing with your brokerage firm. It is, in my opinion, critical to your success to reduce that edge to as little as possible, while maintaining the standards...

There seems to be a lack of firms here, compared to some other cities. I am doing a seminar here in Orlando soon and hopefully will meet some guys from the area that may want to get a new office together.

Who's office asked people not to go? That has got to be the dumbest thing I've ever heard of.. What are they scared Don is going to get them drunk and take advantage of them?!! Gotta get the free drinks!

You go out to eat and only bring $300 with you! What do you expect! :)

I believe the gains losses are aggregated to a total gain/loss at the end of the year, so in this case - yes, they would offset. My understanding is that the loss you can take is limited, not to $3000, but to the amount of money you have at risk with the firm, so the limit you could deduct in...

People look at the fact that more daytraders are failing and take that as an indication that daytrading will be harder for them, but I don't think that is necessarily true, in fact more opportunity is created by the "dumb money" in the market. I see this everyday, in many Nasdaq stocks, you...

It also depends on how much capital you are talking about. The more capital - the harder to get the higher percentage returns. I'm not sure why this is, but I suspect that a system that is being employed with a positive expectancy has only so many opportunities and so much liquidity (on the...

Who cares what the prop firm cut is, beyond just wanting them to stay in business so my capital is OK. Their profit is their own business. Only one number matters, your net P&L at the end of the month. Your costs are very important, but your % of gross paid in costs is irrelevant...

Tried this a number of ways - its tough cause everybody knows the deal and the stock drops the div amount, if you hold the stock you still have the market risk. Even tried it by selling deep in the money calls, you get the div and don't lose any on the stock going down on ex-div date right...

Hammer/Citrix may cost you a little time going through that Citrix connection so be sure to demo it extensively first if you go that route. (If you are the hammer the buttons Nas scalper type) I can't imagine anything faster than IB when you get filled by TMBR (IB internal matching), which...

I thought it was to give time for the prop firm to count up all their millions! :)

How so? Your partership income for the year is apparent three trading days after Jan 1st.

This was a real problem for me too over the past few days. It's clearing becoming more of an issue. In OTC stocks, ARCA has been delinked from Supermontage as stocks have been migrated to ArcaEx, so what we are left with is an even more fragmented market. However to look at it another...

As I understand it, the partnership has until the due date for the partnership's tax returns to get K-1's to the traders. So, including possible extensions, traders may not get K-1s until after April 15th (if an extension was filed by the firm for their own taxes). Is this just...

About the current choppy conditions, please stop the whining. When the trend following stops working you need to adapt your style to fading moves instead of following them. Since you are looking at smaller moves, take bigger position sizes, shorten your holding periods, and take profits at...

It is hard to complain when rates get down to <.004 + ECNs. If they bottom out there that's OK, would be nice if they stayed there too. I am suspicious of any firm that offers .0035 all in tho, it seems irresponsible. I can just trade ARCA route out (.004 cost) and the firm will lose money...

I don't know what you mean by "efficient", but typically the platforms and support stuff is just a sales pitch to attract customers. Now if your software is going down every five minutes, then no .0015 is not worth it, but in most cases, there is negligable difference between the firms and...

Commissions is the "house edge". No one teaching Blackjack would say "If you are concerned about the house edge being 1% as opposed to 5%, you shouldn't be playing". In fact any hope of success relies on reducing the house edge. This seems to be rarely addressed when educating new...

It's not exactly "easy" for me, and your argument is ridiculous. If their training and technology was so great, THEY WOULD NOT HAVE LOST THOSE TRADERS! Those guys would have made money. Look, to be a good trader you have to know how to make money in the market. Not just a big bull mkt with...