True life I'm a "prop trader"

M

MadBulgarian

Fellow traders,

I would appreciate your suggestions/guidance on where I should go from here.

Shortly after graduating with a BS in finance/accounting I took a position as a trader trainee at an equities trading firm. It was a non salaried position that allowed me to trade firm capital. I was placed in a group with other traders and my mentor showed me how to scalp listed earnings/news plays.

I've been trading there for a little more then a year and I have been able to keep my head above water and only make enough money to cover commissions, data, etc fees and haven't made anything for myself.

Lately I've been having a difficult time getting fills on NYSE and its causing me to take some too big losses compared to my usual winners. I've dug myself out of a hole many times and I know I can do it again, but scalping listed stocks is starting to wear on me lately (also I'm tired having to eat at the salvation army)

I would like to hear some guidance from you guys maybe possibly from other NYSE traders that trade earnings/news plays
 
Dont eat at the Salvation Army. Go over to Walgreens. They have dollar frozen meals and cheap clothes.

I eat the dollar frozen meals, only 250 calories and its better then the Nutrisystem. Ive lost 10 pounds on these cheap meals. I couldnt have done it with the expensive stuff in the restaurants.

Instead of taking a date on the expensive Circle Line, try the Staten Island Ferry. Its free.
 
I am a prop trader as well you might not be getting filled on NYSE lately because of the switch to the hybrid system. I don't know all the rules and regs or what software platform you use, but I my boss mentioned something this to me a couple of weeks ago. If you aren't get filled try arca.
 
Quote from eagle488:

Dont eat at the Salvation Army. Go over to Walgreens. They have dollar frozen meals and cheap clothes.

I eat the dollar frozen meals, only 250 calories and its better then the Nutrisystem. Ive lost 10 pounds on these cheap meals. I couldnt have done it with the expensive stuff in the restaurants.

Instead of taking a date on the expensive Circle Line, try the Staten Island Ferry. Its free.
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Too much sodium I'll look like a water ballon:eek:
 
The hybrid, so far in my experience, is much BETTER with NYSE fills than the current system. If the shares are there and you want them, you got them. You dont have to wait and "see" if the spec will fill you. If there are 4000 shares offered and you want the whole lot, just NX the whole thing or buy market 4k shares. You'll get the fill no problem.


Quote from aneres:

I am a prop trader as well you might not be getting filled on NYSE lately because of the switch to the hybrid system. I don't know all the rules and regs or what software platform you use, but I my boss mentioned something this to me a couple of weeks ago. If you aren't get filled try arca.
More...
 
are you people nuts

this guy is asking for more advice than just eating crap at walgreens

listen bud, don't scalp, learn to day trade using short term sup/resistance

and no forget prop for now, learn to trade first

prop guys will just use to churn trades, IF you don't have any real system of yours
 
Quote from Steve Tvardek:

The hybrid, so far in my experience, is much BETTER with NYSE fills than the current system. If the shares are there and you want them, you got them. You dont have to wait and "see" if the spec will fill you. If there are 4000 shares offered and you want the whole lot, just NX the whole thing or buy market 4k shares. You'll get the fill no problem.
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That's exactly my point . Well said Steve! You are no longer at the mercy of the specialist (in most cases). So if you're not getting filled on nyse, it's because the damn stock has not become hybrid yet:D
 
a little off topic:

What does everyone else think of the commision prop trader. I know the OP seemed to have a positive experience, however it seems a little sketchy to me. Especially if the firms strategy goes against flow of the market. For example if they are big in shorting, and a big bear market comes along, you basically are working there out of charity. right?
 
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