I don't know about this. I think at the collegiate level maybe. But not for people over the age of 22. I can't tell you how many people out there, doctors, lawyers, pilots, you name it, that trade on the side hoping to make enough money so they can quit their jobs and do this full time. I'm not just talking about the number of guys that sit at home in their pajamas all day watching Oprah and trading in their IB account, I'm talking about the guy that is in sales that works at a cubicle and tries to manage his swing trades on the side. Just look at the late night infomercials and tell me there are not hundreds of thousands of people out there trying to do this full time and make a living at it. I don't know many 28 year old guys with beer guts that are trying to make the Bears practice squad. LOL.
Actually, the best edge is an edge that doesn't fit into those three categories. Coming up with an edge nobody else has thought of is the best one of all.
Heck, last I read it was all just simple "reversion to the mean" - how hard can that possibly be? LOL (just screwing with you)... And, some of your posts are so darn depressing that I think you better come to Vegas for some much needed R&R. Hang out with some guys who make some money (we have the other 2% of all the people in the world who make money, LOL). Don
Stay away from the prop shops. Thankfully, most of these shady operations went bust back in the meltdown of 2000. A few others, like Datek, went on to become reputable institutions. However, they are the exception rather than the rule. Most of these shops are more interested in squeezing you for commissions than in teaching you to trade or even to see you profit from your trading. As long as you have enough to pay their commissions, they don't care how well you do.
Me thinks he equates a real edge more to a gimmick rather than edge as great discipline, money management & a unique programable strategy. Which is what I tend to believe also. Like bullets were a huge edge, before they spread out. SOES bandits had a big exploitable edge. Direct instant access to CHX, PHLX, CIN & BSX on NYSE stocks was a great edge. Restricted participation which create low competition markets, that's an edge. Being on the floor is a humongous edge. Getting a read on the specialist and human tendencies is kind of an edge. Barriers to entry, that is what it's all about. Business empires were built on this. I do think it's funny how Maverick rags on futures prop firms, when the equity side ones have not been able to afford real prop deals for years. Only true equity prop firms are Schonfeld and FNYS. And only FNYS can afford to pay salary and is extremely selective, plus they are above the in & out daytrading. Meanwhile the futures firms will only do real prop deals and pay a salary/draw. So there must be something about futures, and I do believe there are still some barriers.
This might be true in Chicago and NA, but there is a number of Prop shops in UK and across europe that offer a base salary, most of them trade STIRs I guess spread trading ( I don't really understand it if someone would care to explain would greatly appreciate), seems like its risk free. I went for an interview to one of these shops and the HR person told me they have 90% sucess rate. I figured they must have some edge if they can offer base and put you on a simulator for 6 months. One that comes to mind is OSTC they adverstise a 12k pounds/year sallary. Mike