Service writers do make good money, fleeching the general public. My first business job at Enterprise Rent A Car, the service writers tried to recruit me when I would pick up customers, they all made 60-80k at a ford dealership, upselling yuppy moms on overpriced tires that didn't need replacing. Needless to say I paid my dues at ERAC, went on to make money in sales, now I am speculating with that money and pay my dues everyday in front of the computer. When I am ready I will make money at this endeavor too.
sure. i have been living a pretty lazy life, many many vacations. in fact i just returned from a month in buenos aires. i think controlling your risk is most important and trading works best when you have some easy edge, like rebates, millenium or arbitrage or specialist reading. i see all these new kids coming in thinking they are gonna be the new soros, when the only thing they will need to learn is to focus on these things. to overcome these easy edges and go to the next level, requires an extra-extraordinary human being imo, or just immediately start at a hedgefund or bulge bracket firm. i enjoy this story as well, i wrote it down some time ago: "Some time ago there was a computer which would "switch on" for a short time, once or twice a day. This made our boys a lot of easy money. What's funny about it, our guys would watch videos or play games all day until the computer would switch on and then they would do their thang (everything quited down in concentrated demeanor) and end up thousands plus in their acccounts after some minutes. One of the guys consistently would play the song "P.I.M.P." very loud and we would start hanging again waiting for the next turn hilarious.. also because one of the guys who didn't like making money on a computer trick was particularly annoyed everytime they played the p.i.m.p song " (http://www.elitetrader.com/vb/showthread.php?s=&postid=712778#post712778) what i am really grateful for is that having this experience as prop trader showed me life can different from going through the ordinary 9-5 threadmill. but maybe i wasn't prepared to do that anyway who knows. and also you can't learn more about yourself than through holding major positions in stressful situations there probably are some more stories i can't think of right now
yes many people in my firm. i know personally people making consistently very good money since i started. caution: i have seen much more people fail.
Aside from you are a loser, what more did you learn from holding major positions in stressful situations? (Sorry, I am not saying you are a loser,) but.. thats the only thing I learned about myself when I was holding major positions in stressful situations.
It must be due to over-confidence since you were very successful. How fragile this business is! Well, first you need support from your family. Second, do something else for distraction then make a come back. Why not?
Ya, I agree, my daily unrealized losses can be that big when I'm in volatile markets... You'd have to trade 1 mini contract, or 100 shares to only risk 2000 bucks... However, if I was bored, just wanted to try the markets for a little, then sure, why not... I mean, it's better to cut your losses than to keep pushing money in if in the end you're not gonna put more than a half assed attempt...
yes could well be over-confidence, or something else i still don't know. I like to quit when things don't go up fast enough anymore in other areas of life as well. i am at a point where i couldn't care less about stocks. maybe that's the right moment to quit anyway.. i have been holding it off due to not knowing what else to do, but it appears now i have to find something else
1) What kind of dollars takes u out of the market? I mean how much do u lose before you are asked to leave at a prop firm. I know it must vary... but for example at your firm ? 2) Working at another prop firm with lesser load .. is it possible ? Thanks mishwar