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Well, that's yes and no. It seems like in daytrading you can make more, but there's a "capacity issue". So, the SP500 is down 30% last year. And if a really good daytrader make .5-1% a day he can easily make well over 300% a year. But the reality it's difficult to be that consistent every...

Well, we don't know who this Dave Smith is. Whether he's a good or bad trader or runs a hedge fund or not,etc. But I gather that he's just mad because someone said something against religion and the bible in particular. Well, ET is just a forum. People can ask stupid questions if they want...

Silver, yeah. money mgmt and exit strategies are often overlooked though they are probably more important than anything..

Darkhorse, haha. That's right. Finally someone with some sense. When I was at a quant fund(actually considered to be small to medium sized), and we were running close to $2B. And on MOST days(95%), we don't even 1) read the news 2) check on prices(kinda hard with a few hundred to thousand...

You know what's so funny? It's the state of human affairs and thinking. So, it seems like a lot of prop traders think it would be cool to work as MM or in an institutional environment,etc. Whereas for me coming from an institutional environment, I thought it would be so AWESEOME to be an...

Danny Boy! Haven't heard from you in a while. But notice I did NOT say that this time around. :P hehe. -99

Haha. That's probably the best set of explanations I've heard. But I still don't understand this "hate/love" relationship that prop traders have with MMs. Market-making and "true" prop trading are TWO TOTALLY SEPARATE animals. Market makers, by their very function, is to provide LIQUIDITY to...

Sure, I TOTALLY understand what you are saying. Even though I'm systematic, there are elements of my trading that can NOT be program into the system. Perhaps, never will be able to program into a system. It's weird, because sometimes I know where the market will go,etc. It's a very subtle...

dude! $15.2K in commission a month? How much are you making a month there net? Gosh, you must be up a lot to be trading so much... Or are you scalping?

OHLC, That's what's pundits and forecasters been saying for the last 20 yrs. But it wasn't until the advent of the internet that enabled this to really happen... The push for broadband GLOBALLY(which will happen in our lifetime maybe in 10-20yrs when the entire globe is connected with high...

Yeah, I think it's probably accurate to say that the vast majority of daytraders are making min wages or less. Though no one would admit that. And a decent chunk after some experience(significiant experiences of months to 1-2yrs) make a "modest" living. And a few make 6figures. And the supertop...

So, it seems like you enjoy SYSTEM DEVELOPMENT/research more than the actual mechanics of trading. I understand how you feel. I used to be in quant research and when I was doing it I though tthat was EVERYTHING! I enjoyed it IMMENSELY and it was very intellectually stimulating. But I switch...

If you read New Market Wizards, there's an interview with William Eckhardt, who was a mathematician before becoming a trader, then there's a passage in there that's really interesting. He said a colleague entered a trading contest which asked the contest to guess a price of a certain...

Silver, That's great that you are thinking like this. Especially at your age. Always keep your options open until you really know what you want out of life. Education in all of its form are crucial too. Acdemic and life and market educations will keep things interesting and keep your...

Yes, MM has to beat the VWAP! That's why you see a lot of "shakeouts" on an intraday basis especially on the Naz when a stock drop 40-50cents then bounce right back up. It's because the MM is forcing the bid down to fill large institutional orders at an AVERAGE price. But for the most part, I...

Bond Trader, You wrote,"I was on the gov. desk at a BB and eventually migrated to a hedge fund. Like others, I got tired of the politics etc... " Gov't desk. That's cool. I remembered years ago during college when I interviewed at Citi's gov't bond desk out of fun(I already had offers...

Traderman: Let me try to answer your question one by one then I gotta head to bed and trade tomorrow. hehe. You wrote,"from reading the various posts on these boards, it seems that many people are prop. traders at the many shops out there. How many market makers would you say browse these...

Yes, they are totally different. There are 2 types of institutional trading: 1) Market-Making - like specialist and Market makers merely provide liquidity for large institutional fund managers 2) Prop trading - which actually risk firm's capital in pursue "excess returns" Day...

i-bankers are NOT traders!! they work on deals like IPos, M&A, and other advisory work. You are talking about apples and oranges here...

What sell side institutional desk were you on? I worked on the sell side briefly then moved to the buy-side on the institutional fund/quant side of things where I spent most of my career until about a year ago that I decided to do this prop trading thing. Intraday noise and execution are...