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Another interesting thing to check out are the SEC 606 disclosures. I'd rather be routed to an ECN rather than a market maker like Citadel who is doing god-knows-what with their retail order flow. http://institutions.interactivebrokers.com/download/2Q_2011_IB_ORDER_ROUTING_REPORT.pdf...

Just my guess but I would think that sitting on the bid with an iceberg would be better than taking from the ask. If you're using IB, I'd also stick with direct routing instead of smart routing so your order isn't broadcast unnecessarily (for example, DirectEdge still supports flash orders I...

I'd agree with this comment. Probably unwise to jump in $100K at a time unless you're asking to get squeezed.

I think everything falls on a bell curve so there are very few absolutes. There are few things which are absolutely impossible, but definitely are highly improbable.

Call me stupid but I don't get it. Why would anyone back someone who took a 5k account down to 2500?

Profitable for the last 5 years 1. News and event-based 2. Not in an automated way. 3. 100% limit 4. Try really hard to understand your edge in each situation and adjust your trade size accordingly.

I'd recommend Interactive Brokers. Ameritrade's commission structure is still good if you're buying in volume, but you do need to put up with the bad fills and bad quotes.

With that being said, aggression (not arrogance), is definitely a positive attribute to have in trading. There are so many analogies between trading and poker and it's definitely becoming too cliche, but all the great poker players are known for their aggression. Great traders are harder to come...

I don't think aggression in trading is the same as being an arrogant asshole in life. Yeah arrogant assholes tend to be aggressive/persistent types, but I don't think the converse is true. Just look at guys like Nadal and Federer. They are class acts off the court, but nobody can doubt their...

I like the Jack Schwager books. They're easy reads and I learned a thing or two.

You: "honey, I quit the day job" Wife: "YOU DID WHAT!?!?!?"

Plenty of good stuff has already been said. Just to add a couple of thoughts.. When I was starting out, I certainly had a very limited understanding of how the market worked. I didn't understand the other participants in the market and simply assumed that stocks would go up and down according...

Trading is a closed system, but retail daytrading is not. You're competing against traders at banks, hedge funds, market makers. Basically I think the odds are incredibly weighted against individual traders, especially given the enormous profits that the bank traders extract every day. I do...

Don't mean to rag on you but statements like this really IRK me and make me think you are clueless.

I tend to agree with the main points of the OP. Most traders do fail. If anyone got a real peek at performance of individual accounts of retail traders, it would probably discourage people from ever trading. Since this is the case, those numbers are closely guarded and never released to the...

Which is why stops are generally not a good idea and averaging up or down in a losing position is a better way to go.

Do you think that a successful trader at Goldman would be a successful trader if he left the firm? I think it's a different ballgame trading the firm's money and trading your own. I imagine the edge you'd get by working for GS would be your access to the research, access to programmers...

>Those that want to begin trading as a career should use those steps >above whether u are 40 years old or 50 years old. If you decided not >to get a math and computer science degrees will have a hard time >getting a trading job in the house. Know any 40 or 50 year olds who actually made...

Gambling for 95% of daytraders

Mr Rajaratnam would beg to differ.