I looking for a firm near southshore of Mass. with a group successful experienced traders. Is there any out there and if so about how many traders work in these offices. Or should I just trade out of my house. Your suggestions on both the positives and negatives of each scenairo would be appreciated.
Ever since the Commonwealth of Mass slammed a few firms (Bright?) a few years back no one wants to play in their sandbox anymore. Who could blame them? Trade from home or go to another state.
If Echo opened an office in Boston I take back what I said about trading from home. Go to their office. Reputable firm and trading from an office instills discipline and accountability you don't get from home.
This heavily depends on the office environment. The wrong environment can wreck havoc on a trader. They might as well be trading at home. Where as the right office environment is a real gem. Questions to ask /look for in the office. #1 Are they providing high end equipment ? --not computers given to them by their clearing firm since the clearing firm decides they need to upgrade. An office should provide you with things that would be extremely too costly for you to buy on your own. T-1 lines to trade with. (Echo always uses multiple so if one goes down you never know) Battery back ups, CNBC, squawk box, news feeds, #2 How profitable are the traders? This is extremely important. You want to completely surround yourself with profitable traders and take on their beliefs /mindset. If you were to visit an office where all of the the traders are underwater (I know a competitor that has 80% of a nearby office underwater) why would you want to join that? All of my best friends are traders now in the office or guys I met in another office. We end up going drinking after the close a lot or out somewhere else. #3 How helpful is the manager? Does he pair you with himself training you on his strategies........and than let you work with other trading strategies.. Ask yourself do the traders seem happy with the firm? Ask them? Would you want to trade in an office if I(or another manager) were to sit down with you for a month showing you day in and out how I make a profit and what you can do to consistently make money ? Does it make sense that I would want you to do the exact same trades as I do but instead of 1000 shares you are doing them with 100 lots and not doing more size till you are consistent and profitable? Would you then like to sit down next to other profitable traders and copy all of their trades trade for trade until you can trade their system with consistent profits? Would you be able to trade better if you knew a few consistent profitable systems to trade day in and out.?? Do you see value you in this? These are some advantages of a trading office Robert Tharp