LOL, I am not ranting or raving. My opinion is that a trader should use any and all tools that are available to him. This market is extremely volatile and moves on news and/or rumors true or not. How many traders blew up the last year and a half by buying on the dips? "If you stand on the tracks, ignoring the facts, don't blame the wreck on the train"
You know, its not like we're just sitting there looking at one stock price waiting for it to go in one direction or the other. I personally sit and watch all the major indices, and about 15 - 20 other indicators on a minute by minute basis. If something drastic happens, I'll bet I know what it is before CNBC can report it to you.
We encourage our new traders to interact within the office environment, share "real" information (not "I think GE is looking strong" type "feelings.").... I personally admonish anyone who brings a negative attitude to the office, it simply does no good whatsoever....we are adamant about it. We don't allow swearing, table bashing, or other outbursts...and if they continue, we simply move the trader to a remote site.....(it has only happened twice). Success breeds success, simply as that...and if you are being led astray by a "black hole" or a whiner.....then you should not put up with it. Stay focused, stay positive....listen to the "squawk box" - share ideas, and make money....that's all we ask!! Don
After being in an office for 4 years, i left to go to a small two man office, essentially remote but with two trader friends. We all did our own thing occassionally sharing ideas but nothing formal. I like it better than an office where everyone is trying to prove what they know by screaming things out and rooting against the winners because they are losers. I play a lone hand now that I have developed the confidence to trade as I know and to recognize that my instincts are as good as anyone else's.
Newatthis, I really like your idea of going to trade with a couple of other experienced traders. I currently trade from home (and love it) but if I were to trade out of an office my first choice would be with a couple of close trader friends - but come to think of it I don't really have any close trader friends (LOL). I guess I'll just continue to trade out of the house.... Leland
It works really well for me. These two gentleman are really good guys. We do NOT socialize after the market nor are we in the same social circles. So, during the day we talk trading macro ideas. They trade differently than me. We share the cost of the office. I don't have the discipline to not be distracted at home. I like to go to a place of business.
If I might ask...How did you end up finding two other traders to share an office? Was this just thru word of mouth or did you advertise to find other traders? In the past, I had toyed around with the idea until I became something of a security freak and did not like the idea of sharing an office space with other traders...Also, how does one go about structuring the agreement to share the office space...If it is set up as a partnership, you always have the risk of one guy bailing and leaving the other two with the bills...Just curious
I knew of the other two through friends of friends sort of thing. The risk of the "bail job" by one is mitigated by the fact that the office itself is being leased two us with 60 days notice to get out. I don't hink advertising is the right way to do it because you can end up with some real psychos.
I think that you will find it relatively common for traders to link up to share expenses in a private office. We have been doing that above the exchanges forever....and even within the firm, we have several small groups who have teamed up. Overall, the concept makes sense, IMO. Don