Peterffy for President?

Quote from Max E. Pad:

Yeah that definitely makes sense, especially given the fact that people start getting ripped off at an exponentially higher rated when the market starts falling apart, because the so called geniuses who only go long start getting buried.

Its funny you say that about people not knowing how to trade, cause i know about a dozen traders, (all far better than me) who day trade for themselves and are comfortable with a high 6 figure/low 7 figure living who would probably trade half of these guys under the table if given the opportunity with that kind of money. Alot of the guys(but not all) you see running billions of dollars are long only junkies who mistake brains for a bull market and dont realise that they arent much smarter then the market until the first big dip hits.
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I'm currently reading this book:

http://www.amazon.com/Street-Freak-...=sr_1_1?s=books&ie=UTF8&qid=1320454559&sr=1-1

It's a great story about the trading culture inside what was Lehman Brothers. It's very geared towards the "trader" so you should check it out.
 
Quote from Max E. Pad:

Ahhh yes the one where the floor traders beat up the hippies... :D

Thx again, ill let you know what i think of them, its always hard finding decent trading books, I always get myself hyped up by a couple paragraphs and it ends up being shit. I have read alot of garbage already, not to put any pressure on you.....:p
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Well, Street Freak is better then Day One Trader. If you want, you might want to utilize Google books which allows you the ability to read about 90% of any given book online and decide if you like it before you buy it.

http://books.google.com/books?id=uz...&resnum=1&ved=0CEcQ6AEwAA#v=onepage&q&f=false
 
I find that i cant actually get into a book if i read it over the computer. So reading if i have to read anything on the computer for a length of time i cant do it, and enjoy it. I spend so much time staring at screens and going over information throughout the day that its just automatic to start scanning stuff and treating it like work when i read a book over the comp. So reviewing a book on google or anything like that for anything more than a coupe pages just makes me not like the book.

My folks bought me a "kindle" for Christmas last year and i gave it back to them because the only place i can relax and enjoy reading a book is in the hot tub, or in my bath tub with the jets on, right before bed, and i need an actual book. (as i dont want to fry my ass with a kindle) I love roping the heat to the point where it is so hot i end up coming out looking like a lobster, and im dizzy when i get out, this is particularly sweet in the winter when its -30 outside with snow coming down in the hot tub.

Im a bad insomniac i cant sleep at the best of times, but if i dont soak in the hot tub or bath before bed i wont sleep. thats like the only way i can get into a book, nice drink hot tub, and smokes, (or cigars) thats like the one way that i can just shut my brain off and not think about work, and just enjoy a book.

So im kind of screwed for reviewing books over the comp but thx for all the good suggestions. I will definitely order these books, and i will definitely hold you accountable, im waiting till tuesday though so i can order a copy of the atlas shrugged movie as well. :D

Quote from Maverick74:

Well, Street Freak is better then Day One Trader. If you want, you might want to utilize Google books which allows you the ability to read about 90% of any given book online and decide if you like it before you buy it.

http://books.google.com/books?id=uz...&resnum=1&ved=0CEcQ6AEwAA#v=onepage&q&f=false
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Quote from Max E. Pad:

From what has happened here and what you have described with JPM it sure makes me feel uneasy about leaving my money at a prop firm, particularly cause its uninsured.

Didnt some trader with genesis recently blow out the firm and everyone lost their money? I guess thats the risk you take to get leverage.
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I was once part of the "ownership" of a prop firm. this is probably obvious to you but maybe not others. the point being the firm management has tough decisions to make when high volume traders start getting risky. If they cut the volume guy or guys out, there are no profits to pay the managers salary... so more risk gets allowed.

In the late 90s we had dozens of very profitable stock traders. But the clearing firm had the most votes and all of sudden they were mixing in an arb trader with our llc.

A few of us fought like hell to have the money segregated into pods. Sure enough the arb trader blew up. He took out someone elses money but not ours. I remember the llc manager still thinking that poor "arb trader" was so surprised when he blew up. This guy was a former cbot option trader with years of experience. Our llc manager was stupid enough to give him the leverage that he wanted. He did generate a lot of commissions. But he and some of us knew he would eventually blow up.

keep the very minimum you need given your allowed leverage and and sweep out the profits monthly.
 
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