Wouldn't you agree that the ranking of the city depends on the skill of the trader? An accomplished trader will fair quite well in Florida. That's exactly where I'll be heading when my kids are old enough to fend for themselves. The winters in Chicago just aren't much fun anymore. NYC probably is #1 with Chicago being #2 but if you're talking futures I'd put Chicago in the #1 slot. There are plenty of Prop Opps in Chicago for futures traders and as someone mentioned earlier, the basement of Mom's house will suffice as well. Or was it Grandma's house? LOL. All we need nowadays is a little know how (ok, a lot of know how) and an internet connection.
Best place to begin your trading career NYC, Chicago, Northern NJ, Stamford CT
- Thread starter emg
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A bit OT, but not too much... perhaps i have not seen enough movies...
Anyway in all the ones i can remember, such as this mentioned here (Boiler Room), the 2 "wall street" movies and a few others, there seems never be the concept of making money through some real "trading strategy". I mean a "sound" scientific trading strategy.
It's seems that making money in the mkt has always to be about cheating or insider trading, manipulation, or some other illegal or unethical stuff.
Also the presence of a large number of scammers, "education" sellers and several "prop" firms seems to point just in the same direction.
[ I had recently an interview (a main player), and i had sadly to decline (a 3x rise) when i got that all they wanted to implement revolved essentially around front running. ]
Is it ever possible that in some environments nobody really believes that there can be (big word!) "honest" (say, not "unethical") strategies, which make profit in an sort of more "honorable" way ?
Are the ET passionate traders and researchers all a bunch of idealists and dreamers ? ;-))
Some thoughts about this can also spread some light about what is really more suitable for a young man "starting his Trading Career" ...
Tom
[ PS. Let me know the movies i have missed ;-)) ]
Why do u think i constantly post "More than 90% of small traders lose. They just lose!"
Anyway, There are tons of prop firms are not LEGIT. There business model slogan is to "Churn and Burn." Let me translate that, the SALESMAN (CEO) churn and burn new prop traders.
The salesmen/saleswomen make the most money while the prop traders burned.
Florida is an idea to churn and burn newbies and it all has to do with the skills, weather (laid back weather lazy), taxes, and laws vs the top 5 best cities to trade.
When u compare with skills: NYC vs South Florida, which cities have the best college grad skills. Of course, nyc. New Yorkers are smart enough to detect chop shop vs floridians. Many salesmen/women and failure traders moved to florida for 3 reasons:
1) warmer weather vs nyc
2) lower taxes and cheaper to setup a chop shop vs nyc
3) because Florida has less skills workers (BA,MBA, Phd) vs nyc, it is so easy to manipulate them (churned and burned)
All in all, they can maximize profit in florida vs nyc.
The ugly side of prop firms will be my next thread
This is complete garbage. There are far more chop shops in NY then FL. FL has virtually no prop firms. None! At best they have some bullshit satellite office of a larger NY prop firm. FL has it's share of scams, primarily in the CTA arena and FX retail operations. But let's make sure we keep the facts straight here. The best place for a prop firm to be is where all the other prop firms are. Why? Because that is where they recruit from!