For those who have achieved or even just dreamt of the perfect trading setup - computer, broker, software, data services, library, etc. - post-it herein. I hope for, but obviously cannot require, as comprehensive a breakdown as possible. I would say money is not an issue but if that were true then trading would hardly be any fun. So, assume a budget of $100,000 for a single year of trading.
I'd pick Seth Glickenhous first. Good to have a veteran on the roster ... he won't upstage me too much.
A proprietary stock account for opening orders, breaking news plays and general trend following day trading (don't have to commit too much capital for a prop acct) A second proprietary stock account for longer term spreads, options positions and swing trades A third proprietary stock account to run a black or grey boxed system A futures account for trend following commodities, financial indexes, interest rate and currency trades. An assistant with trading experience who is a good programmer and can handle order execution instructions I guess you would want 3 or 4 computers running maybe 10 monitors. A T1 connection with a decent backup. Two phone lines and fax. Subscriptions to very good news, charting and filtering services. API interface to your trading systems to automate things. You also need a nice office set up with comfy chairs, a refridgerator, a microwave, and maybe a lunch service. A pee jug for when you really can't get away. And a view of the ocean would be nice. My goal as a trader is to think and operate like a fund, but have the flexibility and quick hands of a small fry. I'm maybe 1/3rd of the way to the above list, but it's an achievable goal.
I have heard of but know very little about prop accounts. From what I can tell they are akin to Kanish's offer in Rounders - I'll spot you, take 50% of the winnings, the losses are on me, you'll be back on your feet in no time kid - but have not yet found any threads on this site suitable for my level of understanding. A pee jug for when you really can't get away.[/QUOTE] At first I laughed, then I realized how important this could be. I once saw an advertisement, in Maxim I think, for a biodegradeable pee bag. It supposedly absorbed and sanitized and was meant for folks with hyperactive bladders taking long trips in their cars. No one wants to be caught with their pants down on the side of I-95. How long have you been trading to get 1/3 of the way to your goals?
Prop or professional, an account where I put up $10-25K and get a few million dollars of buying power. Cheap commission rates, bullets, good software, 100% of wins and losses are mine. Some prop deals involve no capital up front, a profit split and not respnsible for losses. Those deals are rare nowadays and don't make sense for someone who is experienced and has some capital. I've been trading off and on as a hobby since '94. Full time for a year and a half. My setup right now is 3 computers, 8 screens, two accounts. Access to a programmer and API, but no assistant. I have a pee jug, but live 2,000 miles from the ocean.
Lescor, I do not know "Bullets," additionally what assurance do the prop's have that you will not lose more than your initial 10-25K? If you do are you then in debt to them for the balance? Also, I am assuming they charge a fee, or interest on the 'loan' or something. Interesting that you began trading full-time only a year-and-a-half ago, you must have been a prescient hobbiest not to have gotten burned with the 2000 market fall. Right now I basically run everything from AmiBroker and TC2000 on my laptop, which has wireless cable internet access. To check quotes and change orders though I sometimes have to use a landline when I am away from my apartment - a real drag.
Since we are sparing NO expense, You forgot to mention the personal chef to prepare healthy meals. We also need a part time massage therapist/stripper to perform a topless massage on the trading floor. Lets bring back the decadence of the late 90's!
Where can i open a prop account where i can do over night option spreads for little money down? There are many prop firms for daytrading. I don't know of any for long term stuff where i can get 10 or 20-1 margin on overnights and long term strategies.
bloomberg terminal, reuters dealing machine for currencies, 12- 21 inch flat screens, a wall of plasma tv's with worldwide satellite feeds, a X shaped desk like tudor jones for the monitors, a 7000 book library like niederhoffer, a MIT math phD for quant analysis, 3 sexy brunettes for answering the phone, sending letters, etc AND have this all in a walled / gated, art filled compound with heliport, handball / tennis court, skate ramps, and easy access to the ocean..... that would be my dream set up ! best, surfer