Nope, I read Market Wizards because I wanted to know about their experiences. Applicable trading strategies would have been helpful of course!
you've just gotten a free lunch... imagine asking the Rabbi, who will be my Rabbi (employer who pays my bills), and getting all these answers. frankly, submitting oneself to this forum for employment, will only produce, as it were, replies/answers that may not be worth what you've paid for. IOW conduct your search effort in private, and sift through the answers; this is the worst marketplace to be seeking change in.
I would like some suggestions for questions I should ask potential employers/prop firm managers. Here's a few of what I've come up with; How intensive is your training program? What are your commissions per share charges? What are your costs on bullets? What are the monthly desk fees, if any? What is the percentage payout? What markets do you trade? Are there volume rebates? Is there a contract to sign, and if so, how long is the term? Are the offices equipped with a T1 lines, fast hardware, etc.? Are there any hidden fees? Do you require an up-front capital contribution, and if so, how much? What execution software do you use? Who do you clear through? Or are you self-clearing? I'm sure there is some important issues I'm forgetting. Any input would be appreciated. Axe
Your questions are pretty much right on. An important question that you will want to ask is, "Do you have someone I can sit beside who will allow me to duplicate their technique?" This right now should be your main focus, all the other aspects of trading, software, rates, bullets, rent, da, da, da mean nothing until you find someone that will show you how to trade, so concentrate on finding this person, when you find them, you will trade right beside them, so what ever he/she pays for bullets, rent, ext. you will be paying as well. The last thing you will want to do is try to figure out trading on your own. You could do it, people do, but the tuition to that school is extremely high. You have got to find a mentor and become a Xerox machine. Make sure the person that your knew found master can produce the kind of numbers you are looking for. Coping is the quickest and easiest way into the business. Don't skip lunch, you need energy for the afternoon session.
I have to disagree about the previous person's post about copying another trader's trading. You could sit next to a profitable trader and copy his/her trades (but you'll be a few seconds slower) but you won't necessarily get the same results. That's because in volatile stocks, you will miss the ideal entry and exit points that your mentor has already exploited. You could end up buying when he's selling and vice versa. It's OK to ask tons of questions from successful traders, but the best way to learn is by doing it yourself. There are no shortcuts. You have to find a style that suits your temperament, personality and risk tolerance. Absorb what is useful from others and discard the useless as you develop your style. Trading mentors will help shorten your learning curve but the best teacher is the market itself. You have to be humbled by the market first before you develop sound trading instincts. There are many ways to skin a cat and make money in the markets. I've seen successful short-sellers, scalpers, swing, position, small spread, wide spread traders. Find a style that you feel most comfortable with. Develop a solid system through trial and many errors, and stick with it! Coupled with sound risk management, you will be able to trade confidently and (hopefully) profitably.
Pit, I definitely agree that quality of training and then per share commission rates (in that order) are by far the most important issues when choosing a firm. The rest is somewhat secondary. Did you get my PM yesterday? Axe
You should also ask about their finances. For example, how much money do the owners/principals have in the firm.