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I agree with Thug Life; you will get slaughtered. Try Terra Nova, good software, quotes, reasonable fees, not the cheapest but plenty of hand holding. Size kills.

The hard right edge.

What kind of volume are you doing?

If I remember correctly, if the securities are held "in street name", they are available for borrow, could be wrong, I haven't acted as a principle in a B/D since '89.

Absolutely.

It is a lot easier to figure it out than to execute it.

It would be nice to know if they are fungible.

I have no idea, our volume is down by 35%. We have been scratching for a week.

I disagree, that small edge which is a lot bigger than you stated, allows a trader to scratch, without even considering the transaction costs. It doesn't seem like much @ 1 contract, but @ 1,000 to 5,000 a day that difference is your profit. Our systems would lose money if they were traded @...

I agree, we couldn't trade without our edge in costs and technology.

We don't differ, I agree that a large percentage making the move don't make it. I would say that scalpers have the hardest time, spreaders find it easier. The worst wash out rate among my personal acquaintances is traders changing markets, they hardly ever make it. The easiest transaction...

An exchange member trading upstairs as opposed to in the pit still maintains an edge in substantially reduced transaction fees, as opposed to a customer's transaction fees. They will live through it.

That is what it is all about.

Successful pit traders move upstairs as soon as their body parts start to give out; been going on for a long time. The game is just played a little differently.

I have been pitched by a variety of marketing firms at 5% - 25%, they all say their "structure" circumvents any rule violation. It seems a little shaky to me, however that is what $500 an hour securities attorneys are for, finding the "gray area" in a black and white world.

The party has been over for a while; nobody told those guys still left to turn out the lights and go home.

Def, 1. True, charge a little for the exercise, out of 300,000 contracts a month we exercise maybe 200 times; 2. True, get someone to fill on their posted quotes and we will help you pick up the volume; 3. You already have them, we keep up with the changes in a little ten man shop, all...

Depends, you need a lot more work into it.

When you put in a tighter stop, reversing the average percent winner/loser ratio, does you win/loss ratio go dramatically down, making the system less profitable? If so, it probably won't work. If you are not accounting for slippage and commissions, it definitely won't work.

Freehouse, You are correct, you did say that, but most of the audience doesn't read the fine print. Current seat prices are: EQUITY LEASE (month) CBOE $250,000 $1,400 AMEX $290,000 $1,800 PHLX $80,000...