>Poor equipment
I don't know, I have 3 monitors and I think my equipment gets the job done.
>pooor management
Disagree, while it is no charity, this management really helps struggling traders. I have seen traders in deep holes getting special checks so they can cover their living expenses, so it is not bad . . .
>did you work for them?
I am a 8 month trader in their New York office . . .
>im wondering what is the success rate at such firm
For every winner, there has to be at least one loser, that's the rule of the game. 95% of the people talking on those boards will never ever be able to trade for a living (and I too question whether I can truly keep this up), that's a fact. At this firm, the survival rate is better, I would say 50/50 (forget what our marketing people tell you).
>i like the nasdaq much better but its a rule there i guess.
Actually, having traded both I believe NYSE is MUCH BETTER for new traders, forgive the hype, stop making excuses, and learn the game.
>oh yeah one other thing, what does an average begginer make their first year? thnx for your help!!!
Wrong question, totally wrong, if you can make any money at all first year you should be grateful. There is a woman sitting next to me who has been trading a little less than a year and up at least half a million, without previous trading experience. There is a guy sitting next to me who just quit after 10 month's worth of struggling. SURVIVE, SURVIVE, SURVIVE, that's the only word that should be on a new trader's mind, not how much money they should be making first year.
Loving it and doing it are two completely different games, it is a very ruthless game you have to play and when you hit your first losing streak you will question your ability to do this for a living. It is very different to trade your Datek account at work versus trading full time, VERY. Be grateful about any money you make first year, everyone is different, there is NO average. Your first question should be how long will it take me to get positive? The average at this firm is six months, worry about that first. This is not 1999 and 2000 we are talking about, with crazy momentum and volatility, reduce your expectations.
As for myself, started late October 2000, broke even early February (down as much as $4500 at one point), hit all time high of +$45K early April, too confident, market got tougher, some personal emotional issues, before I knew it I lost $10K in two weeks. How fast did it turn? I was on a 10 games winning streak, finished it off with my all time best +$5000, next day I lost $500, and the day after that, I lost $4250, that's how quickly your hot streak can end and how quickly your cold streak can start. I could hardly eat/sleep that night, while it was by no means the most painful experience in my life, it was a huge blow to my confidence.
Now the summer just kicked in, I am trading peanut sizes to stay out of trouble, this past week I made $400, wow, that's like $10 a hour. But you know what, after my first down month of the year (in May I lost $600, not much, but when you put in as much time and effort as I do and come up empty, it hurts), I realized being up is better than being down, even if it is just $400. I am up $36K and with 92% pay out, it is about what I would make had I sticked to my IT job during those 8 months. That said, I am still learning, and I believe i will get better, and I can't complain about this transition.
Why am I telling you all this? Because you are about to face the single greatest challenge in your career, and I can say this with total confidence regardless of what your previous career is (unless you were a professional Hitman
Good luck, you will need it . . .
