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An old trader once told me the best way to trade is flip a coin.....but use stops!!!

http://seattletimes.nwsource.com/html/businesstechnology/2001769317_nysespecialists19.html

Are these actual results or those from backtesting?

my point is...if you have been burned once losing your money to a prop shop, are you ready to be burned again? I guess I worked to hard to get mine! "keep your mind on your money and your money on your mind"

"spoils the brain" Find the same problem living in Fla......was much more productive living up north.....maybe most men needs adversarial conditions to really succeed!

From frieneds at Shoney, and from office tours, all the above seem true. However, it is true that if you produce you can get whatever you want, bloomberg, etc, but you will have to pay for it. For a newbie, with no capital, if you can get in the door, I still think it is a good...

Why is everyone so negative about Schoney taking the Worldco guys in? I am sure after losing money with one prop firm, they would be loathe to put money up with another. Of course Shoney isn't doing it out kindness, they are still firing non-producers like crazy, he is a businessman, looking...

Totally agree with Reardon...that is how I started....if you have sincere enthusiasm, you will work for "nothing" to get in the door. Again, sincerity is the key, don't bullshit these guys, they see thru everything!

I get a headache thinking about the question. You can have multiple accounts...I don't know about moving money around like that...for that purpose.... but....not that you asked but aren't 20% drawdowns pretty high for a short term trader? just trying to learn here.

I find it odd this story isn't getting press. I guess the reporters haven't heard of it. It affects every prop trader out there to a big degree, and the rest of the investing public albeit in lessor fashion.

in defense of hypostomas, I agree: I totally "prepare or antiprepare" by letting the day go. Letting the world go round, taking many deep breaths..... first of all....I either come in to "give it all Ive got, or I don't trade. If I have reason to get drunk, I get drunk. Usually it's off...

thanks!

thought this might be of interest http://www.securitiesindustry.com/midweek.cfm?article=927

i think Taodr is on to something.....next week I am just going to watch ES and hire a nude dancer and watch her......I will advise of any correlation. Seriously....the importantant thing with trading futures is the discipline......

Fast... thanks for starting the thread..... Everyone had good points....in thinking about this....I couldn't say I remain fixated all day on making sure everything confirms....I observe casually and when a divergence is STRIKING....thats when I find it usefull.

This shows you what an bit player these firms are in the overall equation!

regarding Ditch's comment about just watching 1 indicator.....Ive seen traders who watch hundreds of quotes...and some that watch just what they are trading......whatever works I guess..........personally I need to know what the basic overal markets are doing and certain key components...

Fast..... If you find it confusing...perhaps don't watch it! not trying to be flippant.....maybe ease into it....and relax and observe till something makes sense..... In terms of market cap...ES is HUGE compared to NQ.....and INDU is the serious money! (again simplification)...so...

I'm looking for divergences and/or confirmations...being an ex-floor trader....I miss the sounds and 'smell' if you will of the marketplace....so it took a while to let an intuitive edge come thru for me..... this is rather simplistic but for example only: if NQ trending higher...but SOX...

Yes...IB