Any chances for a newbie,

Well, what I have to say first of all is that I truthfully regret going to college from 1997-2001 instead of trading and making an easy million or two in the bubble years, whether it being a trader, working in a chop shop or whatever.

I really really regret it. My degree and my experience means squat when it comes to trying to get a job in the financial sector nowdays.

Mali,

What you really need to do, first of all, is get a part time or a full time job. Then, decide whether you really want to spend 6 months to a year in a prop shop just learning before you can really expect any real steady profits. Your experience helps, but still.

I would NOT go to WorldCo, unless you know someone who is running a group there and who will train you. That place is not for newbies. They will have you churn your cap away in months.

Also, you can only put up 5k, maybe less. Do not put up more.

Also, you can always go to school part time and trade. You can also work part time as well. Although a bachelor degree is worth nothing nowdays.
 
Quote from Lobster:



On the other hand, I know two things about US immigration:

1. If Satan has ever actively inspired anything on this planet, it is the US immigration laws and related government practices.

2. No one, not the people who made the law, not the ones who are responsible for implementing it, no immigration lawyer, not even anyone on this board, actually knows what maledictions like "out of status" actually mean or what consequences they have in reality.

I believe this country is not sufficiently developed to handle the matter any differently than the current status quo: If you pay the right people (usually any high priced immigration attorney will do that on your behalf or, even better, be that person) you get your green card within a couple of months. Otherwise, if you speak Arabic or wear a towel on your head, your green card application will be denied. And if you fall into neither category, which seems to be your case, you will have to call a lot, write a lot, drive around a lot, wait a lot, and most importantly, pay a fortune in fees for a period of approximately a decade, and after that you will become a citizen. It doesn't really matter if you are out of status or unlawfully present or a terrorist for that matter, as long as you don't check that box on your application.
More...


Hehehehe

I've been in this country since 89. Have my green card. Applied for citizenship in sep 2001. LOL, I finnally went for my fingerprints this summer.

At this rate, I will get my passport in about 5 years.
 
Quote from WDGann:

If you don't want to risk your Green Card in the future, you have no chance...

What's after 2005, illegal trader????

Taking the series 7 test and the registration will get you exposed and you'll be in bigger trouble than before...

If you want to take the risk then go right ahead, it's your life.

If not go back to college and do what you are legally required to do...

Personally, I think you're looking at trading as an easy way to get you out of school and all the legal obligations.

Stay in school and finish what you have to. Go into an institution (Big or Small) which gives you a H-1 visa or would sponsor you for a Green Card.

You call yourself a newbie... it looks like you don't have the initial motivation to study on your own anyways... If you really had desire, you would study on your own before you even look into going to a firm and expect them to teach you....

Critical points but I wouldn't recommend you to risk your life in this country for a job you have no desire in...
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Any idiot knows that you can't learn to trade by reading tons of trading books. You need to be actively engaged in the financial markets to really understand how they work. I don't think the guy's desire to be trained by a firm reflects a lack of desire to trade for a living but rather just plain old common sense.
 
Thanks for your replys, guys.
I have been in NYC for about 2 months now.
Let me tell you my experience,
I started trading 2 weeks after I got here. I put up $5,000, and they charge me $2 per round trade, 70% pay out if profitable, I will have to take all the losses.
ECN fees,
BRUT $2.2+ / $5.00-
INCA $1.90+ / $3.20-
ISLD $1.75+ / $2.90-
ARCA $1.75+ / $2.90-

SOES is $3 per 1,000 shares.

I had traded 200,000 shares in the first two days, lost almost 1 grand. But luckily it was a weekend after that, so it stopped my losing streak. You know, that first weekend, I couldn't do any thing, couldn't sleep, couldn't eat, just want to throw up. That was the worst weekend in my life.
The next monday I traded smaller and slower, and ended up with a small profit. From that on, I have had a few small losing days only. So I guess I am a fast learner. All those times I have spent to read books really help, I have read dozens of them. It's boring but every hour you spend reading trading books worth thousands of dollars later on.

Right now, I don't have a life, no friends, no relatives, I mean it's no different with a guy in prison. I think about trading every second I awake, and I dream about it every night, I swear with god that I have dreamed about trading and stock every single night since I stepped in that firm. I has been and will be as intense as hell. My volume is about 500,000 shares daily, $100,000 buying power right now. But it will be more as long as I gain more experience. The guy sit behind me got 1 million buying power, he trades 5 millions shares daily. Compare with experience and successful trader, I am still nothing, but I guess I can promote myself to a third degree sucker now.

It's no lucky because I can feel the price's movement now, it's all about studying the price action (reading tape in the Livermore's old time), how it react to the general market. Just look at the daily chart and volume, the indexes and some important heavyly traded stock on Nasdaq, I trade high volume Nasdaq stock only. Don't ever waste your time reading any technical books. It's all crap !!! There's no rich chartist. anticipate the price move, don't react to it.

Good luck everybody.
 
Quote from OxonianTrader:



Any idiot knows that you can't learn to trade by reading tons of trading books. You need to be actively engaged in the financial markets to really understand how they work. I don't think the guy's desire to be trained by a firm reflects a lack of desire to trade for a living but rather just plain old common sense.
More...

I agree completely.
 
Quote from mali:

Thanks for your replys, guys.
I have been in NYC for about 2 months now.
Let me tell you my experience,
I started trading 2 weeks after I got here. I put up $5,000, and they charge me $2 per round trade, 70% pay out if profitable, I will have to take all the losses.
ECN fees,
BRUT $2.2+ / $5.00-
INCA $1.90+ / $3.20-
ISLD $1.75+ / $2.90-
ARCA $1.75+ / $2.90-

SOES is $3 per 1,000 shares.

I had traded 200,000 shares in the first two days, lost almost 1 grand. But luckily it was a weekend after that, so it stopped my losing streak. You know, that first weekend, I couldn't do any thing, couldn't sleep, couldn't eat, just want to throw up. That was the worst weekend in my life.
The next monday I traded smaller and slower, and ended up with a small profit. From that on, I have had a few small losing days only. So I guess I am a fast learner. All those times I have spent to read books really help, I have read dozens of them. It's boring but every hour you spend reading trading books worth thousands of dollars later on.

Right now, I don't have a life, no friends, no relatives, I mean it's no different with a guy in prison. I think about trading every second I awake, and I dream about it every night, I swear with god that I have dreamed about trading and stock every single night since I stepped in that firm. I has been and will be as intense as hell. My volume is about 500,000 shares daily, $100,000 buying power right now. But it will be more as long as I gain more experience. The guy sit behind me got 1 million buying power, he trades 5 millions shares daily. Compare with experience and successful trader, I am still nothing, but I guess I can promote myself to a third degree sucker now.

It's no lucky because I can feel the price's movement now, it's all about studying the price action (reading tape in the Livermore's old time), how it react to the general market. Just look at the daily chart and volume, the indexes and some important heavyly traded stock on Nasdaq, I trade high volume Nasdaq stock only. Don't ever waste your time reading any technical books. It's all crap !!! There's no rich chartist. anticipate the price move, don't react to it.

Good luck everybody.
More...

Uh....am i the only one here who thinks this guy got a really shitty deal for someone putting up 5k?

:confused:
 
Quote from OxonianTrader:



Uh....am i the only one here who thinks this guy got a really shitty deal for someone putting up 5k?

:confused:
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Oxonian,

If they knew that someone would put up 5K in the first place, they decided to milk the cow to the fullest.
 
***
Right now, I don't have a life, no friends, no relatives, I mean it's no different with a guy in prison. I think about trading every second I awake, and I dream about it every night, I swear with god that I have dreamed about trading and stock every single night since I stepped in that firm. I has been and will be as intense as hell.***


I'm going to go out on a limb here, and say this guy has a good strong chance of becoming one of the rare fortunate ones who become young millionaires from trading. I've observed this sort of OCD neurosis in quite a few trading superstars.

"No great genius has ever existed without some touch of madness." ~Aristotle
 
My recommendation is that you keep a day job in your quest to learn. The cash flow is very important to a new trader. Without it...you're done. Also, a lot of amateur traders were profitable the last few months because of the broad market rally. For instance, look at yesterday....and tough indicator day....and a market without direction....and see if you can be successful. That will make you a pro.

Anybody looking to get into this game, needs to have at least double their capital contribution on the sidelines to be successful. Whether its in cash, equities, gold....you name it...make sure you're liquid.

Keep that cash flow...and keep on learning. The rest will work itself out.

MP
 
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