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Incidentally, I'll give you a legitmate edge in my opinion that many on this board can exploit. The ECN rebates are a tremendous edge. Not only do you get the market-maker edge from buying the bid and selling the offer, you get paid to do it! Take advantage while you can. I recommend black...

Surfer is not sucking balls, etc. He is a friend and I appreciate his comments. Anyway, as you state, edges come and go. To be truly successful, you must be first of all be correct in ascertaining that you in fact have a legitimate edge (most fail at this stage) and be proactive to read the...

Yes, I have been to the SAC headquarters in Stamford. Didn't strike me as anything that out of the ordinary for a suburban office and such a successful hedge fund.

This is not the big edge that Hedge funds have. Certainly, most can afford the highest power computers, servers, etc. Bottom line is you can be quick as lightning, however, if your strategy does not have an edge, it doesn't matter. Again when hedge funds are successful over prop. traders it is...

Yes, I do remember. I did get it off the ground and have hired a few people thus far. One is so amazing that I already offered him capital from my Fund which he flat-out turned down. Basically, his strategy is not scalable enough. However, it's working out really well and it's been interesting...

I am a global macro trader by trade, however, I do not run a prop. type global macro firm as a primary business (i do have a small day trading operation and of course everyone is going to jump on me and ask that if i don't believe in that then why do i have it. The answer is for the simple...

You couldn't be more wrong in your last post. I have likely been a trader since you've been in grade school. In fact, I am now a self-described, 'trader of traders'. In other words, I buy traders (with legitimate edges, buy them in a sense by providing them with capital) and I trade them in a...

Your approach is very fair and credible. I tip my hat to you. I am suggesting more traders have your exact approach which I find so rare today. The only suggestion that I would make (and I think that your approach is outstanding, did i mention that?) is to make sure that the business you are...

By the way, I do idolize him although we are in two very different businesses. I think that anyone who works on Wall St. idolizes the titans of our industry that you can truly respect such as Soros, Druckenmiller (way under-rated), Steve Cohen, Tudor, Jack Nash, Izzy Englander, etc. Notice that...

Wow! A lot has transpired in this thread since I went to have dinner. Big thanks to marketsurfer for being a friend and sticking up for me. You're the man Dave. I can't remember all the comments will go back and review and try to respond. I remember the one about Steve Cohen (Stevie). I may have...

I am man enough to admit that there was really no reason to mention Erenberg and Friedman by name. Frankly, I don't know why i did it. Maybe something deep-seated and psychological. However, Sheer's name is important because there are others at that firm like Motswyler (sp?), et al. that may not...

You should work for the FBI. I wonder how many hours you spent analyzing my name change. What a joke...:-)

Don Bright mentioned it in a previous thread. To me, it seems plausible. Ron Scheer has been trying to get out of the business for a while now and Don Erenberg and Mickey Friedman at FNY are in expansion mode.

Can anyone confirm or deny that Generic/Carlin was sold to First New York Securities? Thanks.

Finally someone with a clue. Traders shouldn't take this the wrong way. I personally believe that their success needs to start knowing the 'real deal' in this game. Once they know that, they can move on to finding a real 'edge'. Sometimes, winning is more about knowing what is possible and...

To me, it's funny about this profitability stuff being the engine of revenue. Make no mistake, there are 2 distinct sides of the business- the houe and the customer. The traders are the customers and the firms are the house. The house makes money always and the customers make money rarely if...

When you say most traders are not comfortable trading from the short-side and say traders that can only trade the bull markets will wash you, you prove my point. That is 9 out of 10 people. Even if they are comfortable 'switch hitting' it's a lot harder to make money from the short side and most...

I completely disagree with your reasoning as to why most traders fail (ie. high costs, commissions, lack of training, etc.). In my opinion, the vast majority of traders fail BECAUSE THEY HAVE NO EDGE! Without a bull market (ie. creating new paper wealth), trading itself is a zero sum-game or...

Thanks for the reply. I believe that I am suspending reality for the moment by acknowledging that hypothetically the trades do not get broken. Are you suggesting that I should suspend reality to the point of actually imagining that anyone in their right mind would sell to you as you try to buy...

You would lose your ass big-time and the market would end up about 100% higher (just an estimate) than when you started this ridiculous experiment. The locals, hedge funds, pit brokers, etc. would immediately see your pattern or believe that you sold in error and they would gap the bid back to...