Hmm well its either not like that anymore or my firm isn't compliant. Like I said tho its one of the biggest three in the us so you should have a decent idea of which one I'm talking about
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daughter asks for advice
- Thread starter oldtime
- Start date
Hmm well its either not like that anymore or my firm isn't compliant. Like I said tho its one of the biggest three in the us so you should have a decent idea of which one I'm talking about
Quote from Took2Summit:
Hmm well its either not like that anymore or my firm isn't compliant. Like I said tho its one of the biggest three in the us so you should have a decent idea of which one I'm talking about
that is a joke, clearly... it shows in your lack of knowledge of compliance... because if in fact your firm acts the way you say they do, then clearly they are lacking regulatory compliance, and yes... best to use generic statements about it than to risk reputational impact (further more than likely) by disclosing their name on a board...
no kidding, I don't know who this guy thinks he is foolingQuote from ofthomas:
that is a joke, clearly... it shows in your lack of knowledge of compliance... because if in fact your firm acts the way you say they do, then clearly they are lacking regulatory compliance, and yes... best to use generic statements about it than to risk reputational impact (further more than likely) by disclosing their name on a board...
especially in 2013
Quote from ofthomas:
that is a joke, clearly... it shows in your lack of knowledge of compliance... because if in fact your firm acts the way you say they do, then clearly they are lacking regulatory compliance, and yes... best to use generic statements about it than to risk reputational impact (further more than likely) by disclosing their name on a board...
i dont know what to tell you other then i personally dont work in the investment bank department and work on the brokerage side. i dont know if that has anything to do with it, but my company is technically considered an investment bank.
i also highly highly doubt my company is non compliant...its one of the big names.
and yes it works exactly how i said. like i said, maybe the people in the actual investment banking department have different rules which is very likely.
Quote from oldtime:
no kidding, I don't know who this guy thinks he is fooling
especially in 2013
guys...i personally work for an investment bank, and not any investment bank but like i said one of the largest. the only thing i can suggest is if you also work for one and cant trade in your personal account is to come work for my firm i guess i dont know. im not looking to argue with all of you, im just telling you how it is for me.
oh, so it was one of the "BIG 3" "technically" considered an investment bankQuote from Took2Summit:
i dont know what to tell you other then i personally dont work in the investment bank department and work on the brokerage side. i dont know if that has anything to do with it, but my company is technically considered an investment bank.
i also highly highly doubt my company is non compliant...its one of the big names.
and yes it works exactly how i said. like i said, maybe the people in the actual investment banking department have different rules which is very likely.
even if you are just a teller, you can't so much as open a money market account without filling out a disclosure document
Quote from oldtime:
oh, so it was one of the "BIG 3" "technically" considered an investment bank
even if you are just a teller, you can't so much as open a money market account without filling out a disclosure document
right, but im not a teller, im a financial adviser on the brokerage side. im done arguing about this, the 3 points i listed are the only things i have to follow. its up to you whether you want to keep your tinfoil hat on or not
Quote from oldtime:
I told her I am not smart enough to trade stocks, but she is
I don't want to see her get lost in math over there in options
or spend nights staring at the ceiling wondering what I am going to do if it rains, like I spent my youth in futures
so where does a stock trader start?
I once bankrolled a stock trader, but I had no idea what she was doing
so where would a young girl who wants to get started look, or what would you advise (besides the usual crap of killing herself now, or taking a cold shower)
I don't know that much about stocks, but she is a born natural, has all the elements a trader needs, ice water in the veins, she's a good card counter, and can read people, and most importantly she can talk you into anything, a very good salesman.
I don't know where to point her, other than to point her away from options futures or forex
this is the new breed of kid, just like all us kids that ran those dot.com stocks up
so where would you advise a kid just starting out to go when it comes to trading stocks?
I had to think a while what I would say to my own granddaughter. She is two and smart as a whip. She could send text messages to her Aunt at 10 months old. Of course, no one knew what they said. Her Aunt was thrilled. She is a talker and a dancer.
I would suggest that she start creating a base of her own capital to trade with by saving and setting goals. That will show discipline which is useful later on. Too little capital can knock one out early.
I would suggest that she start researching what works and what doesn't in the stock market. Be skeptical about almost everything you read and hear about trading and learn to see both sides of all arguments. The ideal would be to work handling other people's money in an investment firm. ( She may not be able or willing to spend some time doing this). Learn from the mistakes of others with no cost to her capital.
I would suggest she start learning, thinking and reading about the market. After a year or two, when her capital base was sufficient, she could practice trade for a while and then go live. The best would be with a mentor checking the trades at the beginning. There are so many lessons to learn. Most will not hurt you much. One must look for the most deadly ones.
Trading is continuous improvement and breaks are good for the spirit at times. Some kind of stress relief - zen, yoga, exercise, solitude - is essential I think along with a strong desire and belief in yourself.
I would suggest she study business failures, successes, trading failures and successes, and life failures and successes trying to discern what causes each. Luck and skill will be in every trade, given time the luck will cancel leaving only skill. Skills can be learned by observation of others and reflection of self.
I have thought of writing a book sometime with less technical stuff of trading but more observations, lessons, and stories of how others crashed and burned and how a very few succeeded. I have seen so many fail and only a few succeed longer term.
The books by Dr. Elder are great for learning the technical side.
If she still wants to be a trader/investor when she has the capital then go for it. Preservation of capital is essential or you are out of business. Blowups are not necessary to trade well in my experience.
Mark Twain said something like: It's not the return on my capital but the return of my capital that keeps me awake at nights!
Hope that helps.
that was back before the "Nasty Boys"
they use to call them the NASD (Nasdee) Boys
and when they showed up they camped out for three days and completely destroyed your life
If you ever had any sales skills, that was the time to make friends
Lord help you if you were short and one of your clients was long
after about three months, they call and tell you if you passed
and then they ask "So how is oldtime doing?"
they use to call them the NASD (Nasdee) Boys
and when they showed up they camped out for three days and completely destroyed your life
If you ever had any sales skills, that was the time to make friends
Lord help you if you were short and one of your clients was long
after about three months, they call and tell you if you passed
and then they ask "So how is oldtime doing?"
Quote from oldtime:
that was back before the "Nasty Boys"
they use to call them the NASD (Nasdee) Boys
and when they showed up they camped out for three days and completely destroyed your life
If you ever had any sales skills, that was the time to make friends
Lord help you if you were short and one of your clients was long
after about three months, they call and tell you if you passed
and then they ask "So how is oldtime doing?"
this is also true, though not against firm policy youd be in deep shit. for this reason i dont trade anything clients are in short or long. the other main reason is because if i want to sell/buy anything for a client i have to wait 24 hours to do it for my own account.
however, the worst is being long something, my firm putting out opinion downgrade on my long, and having to wait 24 hours to get out.
all major downsides, but with that said, i still do trade my personal account