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Im new to prop, so can't add much to the pros/cons discussion. However, this comment I can say something about: "...would require giving up a day job where as someone can gain much more experience and market knowledge working for a brokerage house...this could be done while trading on the...

FF, I'd agree with your last post wholeheartedly. A lot of new traders to the floor look for someone to teach them trading. As you said, someone can point out things to watch, or give guidelines, but in the end, each individual has to put it all together in the way that works for them...

Hi Livingston, It appears you answered a question I had about scaling in or pyramiding. It sounds like this IS something you'll do. Could you give an example, if you have time, as to how you might evaluate and handle such a situation? How important is this strategy to your P&L bottom...

Ok, I'll admit my ignorance and total novice status regarding equities here LOL! I asked Livingston about the "open book," but in order to not waste his time with basic nonsense, did a Googgle search. NYSE OpenBook is the continually-updated list of limit orders waiting to be filled. In...

Thanks again, Livingston - looking forward to the PM! Thiago, I was on the futures floor, but left to pursue another, unrelated project I'd always wanted to try. Now, I'm interested in equites, and think that in time a lot of the trading floors as they existed on the CBOT and CME will be...

kjkent, Just a thought here, but what you might do is to open a small account and trade 100 shares (or even less), just to get the feel of trading. Guys who start on the futures floor are generally taught to concentrate on finding big leaners to bid and offer along with them, and to get...

Hi Livingston! I just printed out your notes, and wanted to say THANK YOU! I know you're busy with your own trading, and really appreciate the time you're spending to help! A couple of quick questions if you have time: What does the SAI's mean? Also, can you explain the Open Book...

FF, A good observation, but would it matter if it were a specialist vs some large commercial interest like a bank? Not saying I know the answer to this, just musing out loud... Livingston, what do you say?

Thanks, Optioncoach! Yuo're right, a search first would've been the thing to do.

Greetings Don, Can you explain this K-1 and the Self Employment taxation exemption a bit? Does this mean one only pays capital gains taxes on trading income if you list your occupation as full-time trader? Is this a standard for most prop shops? Thanks!

I owe you my thanks once again, Livingston - thank you! Just sent you a PM!

Thanks, Livingston! Very helpful, yes, and seems to suggest that a least a few of the lessons of the futures floor MAY have some relevance to stock trading. We would've probably used that big seller that's been uncovered as a leaner, and offered in front of him. Would love to see a few...

Education's goal, since the early part of the 20th century (and probably before) has been much more about "citizenship" than teaching people any sort of realistic approach to dealing with the world. "Citizenship" is a catch-phrase for teaching people to conform. The LAST thing any society...

Thanks again, Livingston! I'd like to compare techniques and terminology a bit. In your last post, you said "read the tape..." On the futures floor, we'd watch: *Whether the locals had been buying or selling that day or over the last several days *Whether the commercials had been...

Thanks, Livingston! Would you agree that the position itself dictates holding period? It would seem that in some trades you're going to exit almost as soon as you get filled, but in others (especially those going well) you might well hold for hours. A suggestion if you're willing: It'd...

Joining the Forum to learn! I'm a former futures trader away from trading for several years, and interested in equities trading. A question for Livingston: Do you prefer NYSE stocks or NASDAQ? Which would you recommend to a new trader to equities? Thanks for any help!

Name-calling and flaming... "staples of ET." Too funny, and you're right! Thanks hcour for lightening the mood LOL!

Pabst, I don't dissagree with you at all. My point was simply amazement (and at my age damn little should amaze me anymore) at how quickly some of these things turn into irrational, name-calling sessions regardless of one's point of view. I fail to see why anyone would waste their time...

We have a runner-up, too, I think... http://www.elitetrader.com/vb/showthread.php?s=&threadid=73229

I traded ag futures on the floor. Not stocks, I know, but trading nonetheless. It took over a year to be profitable, and as someone already mentioned, you switch your approach around a lot untll you find what works for you. I'll probably take some heat for this comment from the guys who...