You guys make some good points about trading from home. We have gone out of our way to set up networks of trading groups so that each remote trader is always online with their manager/mentor/team/speciality group etc. We encourage interaction, from before the opening to the end of day. Some groups specialize in automation, some doing the openings, some doing pairs, some just like to click from one group to another to hear what some of the others are doing. Heck, I have about 300 people on my Instant Messenger, and our audio rooms seem to be growing each day. No need to be an island upon yourself any longer... FWIW, Don
You know Don, that reminds me of a specific pet peeve I had when I was trading at home. I had Skype setup with a couple trader-buddies and there was nothing more stressful than hearing 2 or 3 of them talking loudly about big market/stock moves while I was in the john But yes, technology allows a trader to have a virtual entourage with messengers, voice chat, etc.
LOL, yeah, we keep the squawk box going, and don't see any hype from another trader pumping his position. But, the rooms do share a lot of valuable info with each other, and seems to be beneficial overall. Don
Trading at home via a instant messenger or what not is not the same as trading in a office. The mental support is just not the same. No technology will make it feel authentic. Plus if any prop firm has a policy of giving capital to someone remotely w/o a proven track record, that's just ridiculous. That setup interests the firm who wants its commission dollars and will get rid of you once you burn through initial contribution. The leverage may be a good service, but for a novice to trade remotely w/o experience or support is suicide. Having mentors IM-ing you from across the country is not support.
Are you allowed to have an open long & short position simultaneously on the same stock with a prop firm? For example, can I have 3 long positions and 4 short positions on MSFT at the same time? thanks, Walt
Multiple entries in one stock in the same account do not constitute multiple positions! I realize this is not the answer you are looking for, it is illegal to take your own name on any exchange. Can you "trade around" a positon, sure why not! Don E Boy....do you concur?
Traders go through training, and many choose to in one of our ongoing Mentoring groups as well. I use the term "comfort level" when speaking with new traders. They all know that they can trade in our office for as long as they like before going remote. Our remote contingent has really embraced the interactive environment via what we call TeamSpeak (live audio rooms). Some actually prefer to be home vs. the office...but since it's their business to run, we do our best to accomodate their wishes. The same risk controls and monitoring are in effect whether remote or in the office....seems to be working pretty well all these years. Don
First off, positions are "universal" - so, if you're long in one account, and short the same number of shares in another account (frowned upon for many reaons), then you must sell short even the long positions to stay within regulatory guidelines. Keeping a position to "trade around" is very common, but is generally done in the same sub-account. Don
Please forgive my ignorance, but what is meant by "trade around"? Also, I was wondering if you can be long & short on the same stock within the same account. I would be interested in the same account because of margin requirment implications. thanks, Walt