My trading would definitely change. I would no longer use hard-stops; mental stops only. I would definitely risk more and gain more as well. Trading would be a LOT more fun with 10 Mil. -Fast
What would be the minimum activity to be considered "trading". I would move it around to the best available bonds or funds to meet this minimum and live off the 1/2 million apr.
Pressure is mostly delegated by assigning responsibilities for details. Second, you are missinformed about the propensity for failure. You might want to read more about several people who fit various images that you have. What I mean about "more" is to read full length bios or autobios. You sound like you have just read articles and short sketches of people. Another thing you might consider someday is getting acquainted with other people about whom you are curious. The Q's you do here in threads, may be indicative of how you approach whatever. At this point, it will make it difficult for you to have continuing participation with other investors. Most boards and trstee functions relate to spending money and moreso, raising capital to get local Q of L issues handled and improved. People involved in such are very tolerant of mostly everyone, and on the otherhand, they deserve to be viewed in a proper light. Stess and failure are not part of the package for most people in the place you mention.
Don, You must be cleaning up with your prop firm. How many years have you had it and how many offices do you have? Plus the money you made on the floor plus the money you are making with your own trading now. I'm being serious and sincere too. I would be shocked if you didn't have close to that right now. What am I missing here?
Why are you rambling? And yes, from reviewing professional psychology publications, stress is a major factor in dealing with performance.
The bulk of the money belongs to my brother Bob....but, since we put a minimum of $10 million to simply protect our traders from one another (much more than SIPC's $100K/$500K), you can rest assured that we have many times that. And, yes, we trade daily which obviously helps the "Bright Family" bottom line (at least Bob's trading does, LOL)... Since you asked, and seem sincere...I can say that we did sort of a "step up" to where we are now, as most people do, but for the first couple of decades, were willing to "risk it all" vs. work for someone else. Once you get a sense of "true indepenence" in your business and personal life, it's hard to "go back." (Those who have heard the "Bright Brothers Story" can click away now, ). Bob started playing Blackjack in the 1970's after quitting his decade long job as "financial supervisor" with Johns Manville Corporation (big time accountant type)...and I had recently stopped my practice in Public Accounting at the ripe old age of 25, because I got tired of "counting other people's money"....and started a new Ski Boat dealership in Southern California. Bob wanted me to play BJ, but I thought it might be a bit risky (those who know me would be laughing if they saw this now).... anyway.. Bob moved his wife and 3 kids to Las Vegas to play BJ, and he played small ($5 chips) for one year (his goal was to play one year to prove the system before playing bigger)....well, on the one year anniversary, New Years Eve of 1976, we both went to the Paradise Casino, where, at Midnight (one year of discipline, remember)...he cashed in some retirement money and moved up to $25 chips, and on to $100 chips. In a few hours, he made, shall we just say, "tens of thousands" of dollars, and went on to make multiple 7 figures in a couple of years. I went to the State of Washington, after selling my ski boat business venture, with some friends to build raquet ball courts, and help with some financial businesses up there. Bob was barred from most places, and couldn't play BJ for big money any longer, so he turned to Wall Sreet....the Options game had intrigued him....he became friends with Blair Hull (another BJ player) and Eddie Franco (another BJ player), and started trading on the floor of the PSE. He "dragged" me down in 1979 to join him in the 'pits"....I stayed there until 1990....Bob went to Chicago to trade Spoo's in the early 80's (asked me to join him, promised a good % of his profits, but I turned it donw (stupid, stupid, stupid)...he made, what he calls, "an obscene amount of money" over the next couple of years. Fast forward to 1992, Bob and Eddie tied up again to form BT, and I was, once again, "dragged back into the family business"...(It didn't take too much convincing this time...lol). We had 5 offices, and I started the training wing (Investor Awareness) to help train our traders and help with the growth of the Firm. In 4 years we had around 40 locations, and were trading billions of shares on the NYSE....the training program grew to where we could include non-Bright traders, and those who wanted to become Bright TRaders. I was asked about doing a radio show,so we started that a few years ago, and TASC invited me to a column to help with questions from traders.....and all along, we just kept growing. We don't have "employees" per se' only dedicated "gold collar" concept associates.....and several hundred traders on the books. We trade daily, don't waste money....and Bob doesn't spend money on hardly anything....He still lives in a modest house near the office, and yet the family has a half dozen houses in Vegas. FWIW, I respect your knowledge of options (actually pleasantly surprised), and hope to meet you soon. Note: Bright Trading Risk Control: "We hope you (the Trader) like your money as much as we (Bright Family) like our money... you don't waste yours, we won't worry about ours".... The "hybrid" floor trading business model has and is continuing to work really well. Wow....gotta lay of the pepsi's in the morning..... Don
If I had ten million dollars, I am going to invest them in this tremendous bull market and turn them into 20, 40 and more millions.
Don, Great story. Yeah, I figured between the two of you and all the success you have had that you must have million and millions of dollars. That's why I found it odd when you acted like wouldn't it be nice to have 10 million, and I said to myself, dude, you do have 10 million. LOL. Anyway, I never criticize successful people. If you made the money, you did something right because most people don't make the money. Very interesting story you have. Actually, the more impressive feat is not that you mae the money but you kept it. I actually don't think too highly of people in general that make a lot of money but more so to those that hold on to it. A much much different game altogether. I wish you continued success.