dilettante? still not the slightest sign of knowing your limitations.
At one point I had seen prop agreements which worked with just about every major clearing firm. At one point I worked as consultant to a few prop firms. I helped a few people set up hedge funds. These people came to me.... I was not advertising or anything.
And one of the reasons I knew this stuff is I owned part of an LLC... which because the industry was in such flux and the regulators were constantly changing rules... I saw numerous agreements from different clearing firms and I also saw different agreements that our LLC had with different exchanges.
I even sat through an audit from Nasdaq... I believe because a co owner of mine at the time made claims about making 400 percent a year. Regulators did not like traders making claims on the internet.
Every few years I had to fight to keep my capital and my traders capital in separate pods. I did not want to be exposed to the guys arbing takeover targets and even the groups who were doing massive opening orders. I closed down my firm when vol was drying up and the traders in my office were taking bigger risks. I was lucky to get out with most of my capital. I went away one friday. A trader blew up and took a bit of my capital with him. I saw the writing on the wall and closed up.
At one point I had seen prop agreements which worked with just about every major clearing firm. At one point I worked as consultant to a few prop firms. I helped a few people set up hedge funds. These people came to me.... I was not advertising or anything.
And one of the reasons I knew this stuff is I owned part of an LLC... which because the industry was in such flux and the regulators were constantly changing rules... I saw numerous agreements from different clearing firms and I also saw different agreements that our LLC had with different exchanges.
I even sat through an audit from Nasdaq... I believe because a co owner of mine at the time made claims about making 400 percent a year. Regulators did not like traders making claims on the internet.
Every few years I had to fight to keep my capital and my traders capital in separate pods. I did not want to be exposed to the guys arbing takeover targets and even the groups who were doing massive opening orders. I closed down my firm when vol was drying up and the traders in my office were taking bigger risks. I was lucky to get out with most of my capital. I went away one friday. A trader blew up and took a bit of my capital with him. I saw the writing on the wall and closed up.
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