Pro NY trader goes from 200k salary down to 25k

cstfx · Jun 3, 2009

Quote from sjfan:

Seriously, this guy is talking out of his ass. The palm is not bad, but it's not exactly in the top 5% of the city. Front of the house at the palm is nothing special, certainly not six figures + benefits.

Where does 10-15/hr translate into six figures? Your math sucks.

(See rhetorical question above prior post.)

nkhoi · Jun 3, 2009

Quote from Martinghoul:

Sorry, have I heard this right? Are people here suggesting that the guy in the article, given his circumstances, actually starts trading and taking risk with his remaining capital?

I don't quite know what to say to that.

given the amount of free information out there this is exactly what he should do, learn and earn, instead of sitting on a confortable chair waiting for some customers to show up.
ps. I think we should invite him here but wait he may not own a computer or have access to the Internet.

neveragain · Jun 3, 2009

"GOD ONLY GIVES WALNUTS TO PEOPLE WITHOUT TEETH"

Angrycat · Jun 3, 2009

Quote from neveragain:

why this guy after so many years din't have his own account???????? doing " crack spreads" or just spreads isn't that hard he could do it from home if he was smart enough....
unless he's trading style was like" a dog trying to catch his own tail"

I think you answered your own question - he is not smart enough.

Landis82 · Jun 3, 2009

Quote from nkhoi:

given the amount of free information out there this is exactly what he should do, learn and earn, instead of sitting on a confortable chair waiting for some customers to show up.

ps. I think we should invite him here but wait he may not own a computer or have access to the Internet.

Why should he come to ET?

So that he can join a website with 90% of its membership a bunch of trader "wanna-bees" and people that have the reading comprehension of a 6th grader?

But leave it to you to believe or imply that he's "sitting on a comfortable chair waiting for some customers to show up."

Landis82 · Jun 3, 2009

Quote from Angrycat:

4%? When was the last time you paid NYC taxes? It's higher now.

It's been awhile since I was last paying the NYC tax.

But I believe that in 2008 it was $3,071 plus 3.648% on anything in excess of $90,000 if you were making $90,000 or more as a resident married individual filing a joint return.

Given this former floor broker's $200,000 salary before deductions, his NYC income tax rate would be right around 3.54%

http://www.tax.state.ny.us/pdf/2008/inc/nyc_tax_rate_150_201.pdf

nkhoi · Jun 3, 2009

Quote from Landis82:

..

But leave it to you to believe or imply that he's "sitting on a comfortable chair waiting for some customers to show up."

marketsurfer · Jun 3, 2009

as a former regular patron of said establishment and being a member of the infamous club of having a mugshot on the wall ( looks like a 300 pound baby) but none the less, its there---- i will say with some authority that the "front of house" at the palm brings in far more than 25k/year. im not sure how much, but its more than 25k, likely much more.

surf

marketsurfer · Jun 3, 2009

Quote from Angrycat:

I think you answered your own question - he is not smart enough.

remember, those guys generally look down on "day trader" types.

atticus · Jun 3, 2009

Quote from marketsurfer:

as a former regular patron of said establishment and being a member of the infamous club of having a mugshot on the wall ( looks like a 300 pound baby) but none the less, its there---- i will say with some authority that the "front of house" at the palm brings in far more than 25k/year. im not sure how much, but its more than 25k, likely much more.

surf

Enough hyperbole. I called. Hosts can earn up to $50k with seniority, and they are hiring.