It has been fun, but the club is closed. I am a former exchange market participant, and personally disgusted with the fact the exchanges went public for profit. Itâs not worth it to provide temporary liquidity in this environment of constant program trading. We are on our way to major fragmentation here lads. My average post order size dwindled down to 300 shares at a time, with most being autoexec. The few floor brokers with any order flow left, scrapping for pennies, as they all get orders in small bursts. If a market does need liquidity, why the hell would I want to work to stabilize a price when a program is just waiting for us to buy and lean on my post position with reserve orders panicking the original institutional order? What ever happened to letting the stock lift Evergreen Funds? Enjoy the new hybrids and walk the book till your blue in the face, Iâm done with this phase. That brings me to the original point of the post. Iâm looking at alternatives in this market. Conventional prop trading doesnât interest me, though some of my colleagues ended up there spinning their wheels. There is this one option with a private equity fund I am looking at that has a more modern approach to the markets. My costs would be .01 a share, and if I use a regional floor broker to execute .02 a share. This is cheap for prime brokerage. Portfolio compensation would be 90% of net. Instead of locking 70% of my net worth to the fund, my stake would be 50K, not bad at all. Floor guys are probably familiar with them. My question is to those who have experience trading behavioral finance models with a quantitative program algorithm. Whatâs the max number of positions you could manually handle at once. As in say you have multiple valid signals, at what point do you stop adding positions to the portfolio, would you use the concept of portfolio heat even trading intraday? I know the emphasis in this style trading is not on charts, would you just trade the overall portfolio P&L? When a good market wide distribution event occurs in your favor, do you close out the portfolio all at once, or pick and choose positions,trying to maximize each ones individual gain? Finally can anyone give me the lay mans explanation of kurtosis, and leptokurtic? The way these guys describe what Iâll be doing gives me a headache, just give me the signals and Iâll trade them. Thanks in advance..