I believe both Don and Hitman are referring to locations in NYC that is near the trader center. Until the Asbestos questions about air quality are answered in those areas I would still hold my breath and like I said before trading and holding your breath are extremely difficult to do simultaneously.
Shortee: Like it or not, New York will continue to be one of the greatest cities in the U.S. It is the center of economy in this country, the symbol of our financial market, the heart of our businesses, which is precisely what made it "bullet worthy" for the terrorists. It still offers arguably the most opportunities versus just about any other city on this planet. I went to Worldco's Boca Raton branch over the weekend, as nice, relaxing and comfortable as that place was, it lack the intensity, passion, and aggression of New York. I would love to one day retire in Boca, but if you are young, if you are out to make a name for yourself in the business world, come to New York. The cities that can compete with New York in this regard, I can count on one hand. You get what you pay for, there is a reason why a 500 square feet studio apartment costs $1500 a month here
Hitman I agree but the area where your offices are located I believe is in an area that the air quality may be dangerous to your respiratory system. Yes it's okay to visit but coming in that area of NYC everyday and wondering whether or not I may be diagnosed with a disease related to asbestos inhalation would probably distract my trading. I don't believe anyone including yourself can say the air quality is perfectly safe to breath in each and everyday. The buildings in that part of woods may and I say may have unsafe levels of asbestos floating around. Until research clearly shows that there is no asbestos or other pollutants to worry about that can affect one lungs 5 - 10 years from now I'd rather pay the extra commish. I may be overly paranoid about this but I'd rather not take the chance until the coast is clean.
The environment is challenging because it is gambling. Trading is for losers so give up and join gamblers anonymous. Hope that help's
trade555, This a tough trading environment, but our firm and others still have talented traders making money. Not the same percentage as a "bull " market, but the tough market environment comes along every couple of years. If no one made a living trading there would be no Market Makers, Stock Specialists,Traders or HedgeFunds . Even in this environment, there are professionals making money. If you can't make money in this environment, you are not alone. Trade smaller "size" and keep your cash. Live to "play" another day and adjust your trading to a "bear" market. Use "Bullets", look for good "opening" plays etc. The current market conditions will improve with time, they always have . The question is , how long the current market conditions will last. Gene Weissman Lieber & Weissman Sec., L.L.C. gweissman@stocktrade.net
With all these Million-a-month traders around no wonder we pikers can't make any money. If they make ONLY 2 cents a share avg (not much, huh) after commish, thats $240k a year. For 2 cents avg gain. Bet some of you can do 3 or 4 cents, if you work hard, and eat lunch at the screen. Don, you guys must pull that in the opening trades alone, then you make the real dough trading in the trenches. And from the sound of it, these offices overflow with this caliber of player. So why all the vitriol, when you're all millionaires or soon-to-be? I'm just jealous.
We are doing fine, and yet I sometimes feel the urge to attempt to make some sense with facts about the business. I worry about new people in the industry getting dragged into something they don't understand (cost of entry, pricing, and all the rest). And don't be jealous of anyone....!!!
You said: "$25 grand to blow"...come on....when they waste that in 3 months by paying ridiculous fees charged by your own admission in the "bait and switch" tactic that you acknowledged. Some become good traders, some do not...but at least our people don't waste $5000-$10,000 per month in greedy, excess fees charged by their firm. And yes, I am sure we have met at some time or another, but like so many, you choose to believe what you feel is true, rather than the facts sometimes. If you added up the money, you have probably $250,000 put up in fees and "holds" with your firm....why not ask them for it? Note about "Self-Clearing" for those who read this. When a firm chooses to self clear, they have a gigantic overhead or monthly fixed cost to cover. They need to keep high "numbers" to attempt to cover these high, fixed costs. When you have the tremendous "economies of scale'" of being with a group of high profile, profitable companies (SLK, Goldman) working together, we can keep our VARIABLE costs low, so we don't have to get desperate trying to pay all those bills or paying long term leases. We could have self cleared years ago, but we prefer to keep our costs low, and not have to get into a "gas war" just trying to keep the doors open. Again, just a different business model. And, I will show our financials to prospective traders so they can see for themselves what they're getting into, and our 10 year record shows a growth rate of approx 40%... Self clearing sounds good, but when we explored it way back in 1982, and researched the JBO (Joint Back Office) arrangement, etc. , we found it better for all involved to be part of strong and growing business. I am not going to expend too much energy on this right now ...I want to be at my best for the new traders coming to school tomorrow. We can exchange "barbs" or we can discuss facts some time if you like. I am trying to keep it civil. Good Luck, and thanks for participating, it should help make new people do their homework about trading firms and the people involved...and that's a "good thing."....(and that was not a barb, just good information, IMO).
***You said: "$25 grand to blow"...come on....when they waste that in 3 months by paying ridiculous fees charged by your own admission in the "bait and switch" tactic that you acknowledged. Some become good traders, some do not...but at least our people don't waste $5000-$10,000 per month in greedy, excess fees charged by their firm. And yes, I am sure we have met at some time or another, but like so many, you choose to believe what you feel is true, rather than the facts sometimes. If you added up the money, you have probably $250,000 put up in fees and "holds" with your firm....why not ask them for it?*** You dodged all of my bullets again and dragged out some stupid numbers, do the math Don. You provide nothing more than a glorified broker service, we provide an opportunity. By the time our traders does anywhere near half a million shares a month their commission rate will be every bit as good as Bright's. THE FACT IS YOU COULD NOT BEAT MY RATE AT WORLDCO. THE FACT IS ANY BRIGHT TRADER READING THIS BOARD CAN FEEL FREE TO CONTACT ME AND IF I CAN NOT BEAT THEIR CURRENT RATES/FEES I AM WILLING TO TREAT THEM TO LUNCH AT ANY RESTURANT ON WALL STREET. THE FACT IS ANY ONE WITH 25K CAN COME TO ME AND I WILL MAKE SURE THAT YOU GET A BETTER RATE THAN BRIGHT, WE WILL WORK SOMETHING OUT FOR YOU. ***I am not going to expend too much energy on this right now ...I want to be at my best for the new traders coming to school tomorrow. *** Yes, another pack of sheeps to hand over their 25K's. Zero risk, you get their commissions if they blow up, you get even more if they make it, damn that is the business model shortee was talking about. ***We can exchange "barbs" or we can discuss facts some time if you like. I am trying to keep it civil. Good Luck, and thanks for participating, it should help make new people do their homework about trading firms and the people involved...and that's a "good thing."....*** Your attitude is precisely what created Echo, thank you very much. Why did you dodge Shortee's question? New York is one of THE biggest markets as far as traders are concerned. How come Bright only has 3-5 traders? I am sure Echo has more than that in their NY branch. I guess NY real estate is too expensive for you guys.
OOH Hitman you are really started to turn me on with your spunkiness. Boy you are mighty feisty this evening. Save your energy for tomorrows trading. Good luck on those overnights.