A Trading Edge at a Proprietary Firm?

Eugene,
You may have misunderstood me. My post had nothing to do with daytrading versus Wall st pros. I firmly belive daytrading is a negative extectation for the long haul becuse;
Frequency of trials - in and out of positions are taking
individual risks versus buy into a position and holding
in intra day or more. Also added to the slippage of getting
in and out of the position you also incur the "vig" each
time enter/exit. You are playing specialist without his
bankroll, his knowlege of the books, and his zero commision
(actually he gets paid commission by everybody else)
It's a fallacy to think holding overnight is a more of a risk, it stems from the crazy naz volatility drops and yes I would have not held Naz stocks overnight but again I would not play the naz at all. Having said this I know that one can make money for a while, but trading for 16 hours can also be taxing as a life-style.
I am not saying here that one can not be successful of daytrading, I am saying that it's hard work and not a stable
profession as some imagine. Trading can be done for a longer
timeframe and it's less stress and less chance of error and blowing out. Trust me trader who trade 3 year are trading
quite big, they can blow out faster that you can say unemployment.
I don't stick my neck out every day 100 times. Not glued to
my terminal and never have to consider cost of quote machine
EDAT costs etc ! I also make money in a day job and NEVER
have the pressure if I make money this months or not in the
markets.
 
Speedracer:

Thanks for the input... Sounds like the consensus..

In one of your previous posts you mentioned that you work for HB.. What are your opinions of the firm in regards to their prop. trading? Do you they provide adequate training? Are you locked in for life? I was told that the mode salary for 2nd yr traders taking into account the current markets is 200K-450K. Are those realistic figures? That's more $$ than what 2nd year traders at MSDW make. Any idea of turnover rate? Comparison to other prop firms.. First New York Securities?? Thanks for the help!
 
I was wondering if anyone had any experience with JGM securities or Broadway trading. What about the "Mach" trading platform? Thank you so much in advance....

pro_25
 
hey prospective
well i havent traded at broadway/jgm securities but i did go down there for an interview, well let me tell you, i saw their rooms, nice setups, kind of a hole in the ground enviroment but nice setups, oh this one was in boca raton, and joe goldberg who was featured in activetrader mag was running it, so i interviewed with him, damn what a bunch of arrogant people!!! i went in and started ok, then his i guess helper, started asking questions, he gave me one on whats my opinion of the mkt, so i kinda told him what was my take on it, some tech analysis, blah blah blah, and this little punk just comes out saying wrong you have no opinion of the mkt. well shit- then dont ask me. i know opinion doestn mean jack, but to have this little punk who thought was the god of daytrading shoot me down like this, well i just looked at him and laughed. anything you read basically talks about how mkt will punish you when you get too cocky with it, etc... well these guys need a good ass kicking. quite hinestly i would not want to work in that type of enviroment where everything i hear is how great they are, and you dont know shit! thnx but no thnx., then i went to Worldco LLC and that seemed like a damn nice place. oh yeah broadway had some funky contract terms as well, which i didn like at all, it basicaly pins you down for few years and if you get out then they come after you collecting all kinds of fees. thats bunch of crap. anyone else out there on bradway???
 
Prop, The training is as good as anywhere. You get guidance, then it is all on you to be disciplined and learn. Get around the big guys and watch what they do and mimic it. Succesful traders can create successful traders. Be open to scrutiny when you screw up, and remember it because those are the opportunities to really learn. Listen to what you are told. Those who have failed think they are so damn smart that they don't need to follow advice. Follow the advice. Then become disciplined. Learn to accept defeat and just cut the losers. Never hold losers being wishful thinking and don't double down. While holding onto a loser you are missing out on a winner in the other direction.
As far as saying people will make 200-450 in year 2, yes it is very possible and many do. Many don't. If I continue on pace this year, I will hit that mark. but I could also lose 100grand next month. The risk and rewards are both very high. As far as turnover, It is rather low. I don't know of many people who have actually left hold because they failed, it is usually other reason and they continue to trade. You have the possibility to make alot of money within a few years. I know many people who have made over a million and higher the past few years. That is no guarantee they will continue. At MSCO, you have the possibility to make a lot of money, but it will take longer, but it will also be less riskier there.

I look at trading as a great way to have a comfortable to great living while really enjoying life. But make sure you stick it away because I don't know how long you can continue to do this in the future, and I don't ever want to take a real job, so I need that cash sitting there for that unknown future.
 
I think what would answer everyone's question is: Does anyone know of any professional trader who has gone back to trading a non-leveraged, non-professional account?

I don't know of anyone who has done that.

I make on average $30K a month trading professionally, I honestly don't know if I could make anything if you took away my bullets, leverage, and .80 cents per share rate.

But for all the prof. guys, let us know if you know of anyone who has gone non-pro from pro.

TraderJimR
 
TraderJim
One of the founding "principals" ETG quit trading a while
back due to "family" etc. He basically did not need the
pressure and risk. He is still with ETG on salary etc in
Chicago.
He traded for years and if he quit that means more than
half the board here (trading prop) has "his/hers" days numbered.
Prop trading also has the draw back of the presure to be in
the market every day etc. It's easy to picture it. I am
only in the market when I feel a compelling reason
(like today shorting QQQ ;)
Enjoy while it lasts because Wall street has funny ways of
showing reality checks to people. Also don't spend your
money foolishly - really, it's non of my business - but you
may need it !
All I am saying here is that a great many traders get
cocky have a few months of great runs and it's easy to
blow money once you are used to trade big and spend big.
 
Originally posted by andrasnm
.
Prop trading also has the draw back of the presure to be in
the market every day etc. It's easy to picture it. I am
only in the market when I feel a compelling reason
More...

I talked with echo, and they told me they put no pressure on you to trade... There are no rules for activity. You can trade once a month if you feel like it.

 
I can also add to the above post that I have the same info with Echo. Don't trade for a few months if you don't see the opportunity, trade only 100 lots if you want.

rtharp
 
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