Why trade at all?

Quote from Maximus:

If most successful e-mini traders only make about 1.5 points a day on 1 - 5 contracts, why not just earn an MBA and get a job paying $200k/year?
More...


Where in the *uck did you get that number?

Threads like this should be relagated to the chit chat section
immediately.

People who "visit" boards like these and make statements like that frustrate me. Yeah, I don't have to read it, but it kills me that some people out there actually believe this crap.

Let me give you an example of just how wrong you are.
These numbers can give you some perspective on what real traders in this market are still capable of...

Just got off the phone with my buddy in chicago.

24yr. old trader sits next to him, trades 50 lot positions daily.
Yesterday made 180k. Ok, so shy of your number by 20.
BFD!

Y-T-D, from Jan. 1st up 3/4mil and accelerating.

yeah, 1.5 pts. a day sure....

If you want the truth, do yourself a favor, pick up the phone make a few calls to get your ass down to the floor and with some
pro traders. Spend some time either watching them, kissing there ass, getting them coffee, hanging out, whatever.

Just get the truth for yourself first hand.

You spend one iota of energy on that and you'll get a healthy dose of reality as to what traders are currently making in this market.

and one more thing... I'm not talking about most Chop...oops I mean Prop shops that have 1st year out-of-college Ivys or otherwise with deer-n-headlights look each day cuz they just dropped another 5k of Daddy's money in the market.

oh, and before I forget welcome to Elitetrader.


-momo
 
Quote from momotrdr:




Where in the *uck did you get that number?

Threads like this should be relagated to the chit chat section
immediately.

People who "visit" boards like these and make statements like that frustrate me. Yeah, I don't have to read it, but it kills me that some people out there actually believe this crap.

Let me give you an example of just how wrong you are.
These numbers can give you some perspective on what real traders in this market are still capable of...

Just got off the phone with my buddy in chicago.






24yr. old trader sits next to him, trades 50 lot positions daily.
Yesterday made 180k. Ok, so shy of your number by 20.
BFD!

Y-T-D, from Jan. 1st up 3/4mil and accelerating.

yeah, 1.5 pts. a day sure....

If you want the truth, do yourself a favor, pick up the phone make a few calls to get your ass down to the floor and with some
pro traders. Spend some time either watching them, kissing there ass, getting them coffee, hanging out, whatever.

Just get the truth for yourself first hand.

You spend one iota of energy on that and you'll get a healthy dose of reality as to what traders are currently making in this market.

and one more thing... I'm not talking about most Chop...oops I mean Prop shops that have 1st year out-of-college Ivys or otherwise with deer-n-headlights look each day cuz they just dropped another 5k of Daddy's money in the market.

oh, and before I forget welcome to Elitetrader.


-momo
More...

Amen and Amen, were else can you have this kind of opportunity. There are some of us that this our life and business and it is the best.

Good Luck

Wavetrader
 
LOL....very funny.

Most people over estimate their earning potential after receiving their mba.

if you run your own business, trading is 24/7.

choose your battles.
 
I've been slowwwwly buying and reading Tuck School's booklist from Dartmouth Bookstore. I'm pretty near the end of the 2nd year though I excluded some nutty stuff. Cost has been about 1K with no single book being any more expensive than ones I've bought on trading in the past.

Same thing as MBA as far as I'm concerned if you don't care about the credential. I got an advanced degree 25 years ago and I can't remember a single thing any professor said so I also wouldn't care about classrooms. 200K is BS and MBAs are eating out of dumpsters anyway (except Mr. Market).

Finally, I am reposting a quote from the book Crashmaker (regarding the trading life) by Vic Sperandeo which I AM hyping because it's fabulous:

"Over the years Dominic had trained sixty-four people in the business. Typically, he had started with the fundamentals, inculcating in his students his attributes of a successful trader. "First," he would say with his characteristic emphasis, "you must have personal honesty, the integrity to face the truth about yourself, other people, and the markets. Second, you must have self-confidence, the recognition that you can learn the truth, apply it to your life, and achieve positive results. Third, you must have motivation, the commitment to expend the time and energy to learn how, when, and what to trade. Fourth, you must have intellectual independence, the courage to follow your own judgment in the face of everyone else's contrary opinions. And fifth, you must have love for your work, realizing that your reward isn't necessarily fortune and fame but always the free and truthful life of a self-made, self-reliant man."

The whole clip seems well said to me but especially item 5 - often overlooked.

Geo.
 
Quote from Trader5287:

Finally, I am reposting a quote from the book Crashmaker (regarding the trading life) by Vic Sperandeo which I AM hyping because it's fabulous:

"Over the years Dominic had trained sixty-four people in the business. Typically, he had started with the fundamentals, inculcating in his students his attributes of a successful trader. "First," he would say with his characteristic emphasis, "you must have personal honesty, the integrity to face the truth about yourself, other people, and the markets. Second, you must have self-confidence, the recognition that you can learn the truth, apply it to your life, and achieve positive results. Third, you must have motivation, the commitment to expend the time and energy to learn how, when, and what to trade. Fourth, you must have intellectual independence, the courage to follow your own judgment in the face of everyone else's contrary opinions. And fifth, you must have love for your work, realizing that your reward isn't necessarily fortune and fame but always the free and truthful life of a self-made, self-reliant man."
More...
very nice. :cool:
 
Quote from Maximus:

If most successful e-mini traders only make about 1.5 points a day on 1 - 5 contracts, why not just earn an MBA and get a job paying $200k/year?
More...


I have my frickin MBA and nobody paid me $200,000

Let me tell you -- @ 40 years old I'd rather scratch my nuts in front of these monitors, taking the couple of points on the ES each day instead of being in the "which ass do I wanna kiss today" corporate world. And my Fortune 500 b.s. company just filed Chapter 11 because they didn't know which MBAs to pay, which ones to listen to, or what they were doing. Thank God they aren't part of the S&P500 I now "work" with every day.

Its still not paying the bills but I LOVE trading.

:cool:

dBtrader
 
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