Some good reading in this forum. Just wanted to introduce myself. As I mentioned on a previous thread, I have been an institutional trader for 15+ years. 8 1/2 years at Goldman Sachs, 4 at UBS, and then 3 at a smaller shop. I've been thinking of switching to prop/day trading for a while now. It's been great reading a lot of these threads. The prop/day trading mentality with your own money is much different than sitting on any bulge bracket Wall St. trading desk in my opinion. I'm trying to get my hands around the proper psyche by making realistic paper trades and learning other strategies. Many of the things I have learned over the years are very transferable, but it's great to read everyones journals and learn as well. I look forward to learning as much as I can before I make the switch.
What is the most important skill you learned on the institutional desk to transfer to the prop desk? Welcome, by the way!
ride winners, cut losers. Never fight the tape!!!!! The market has a way of humbling people very quickly! Also, listen to everyone around and read as much as possible you never know where you will get an edge from.