i don't feel comfortable answering that question b/c going forward i don't have the information i had before . I am not very familiar with the people in charge now.. an opportunity is an opportunity especially if you are a newbie..
dsguns1 I understand where you are coming from and I do agree that many failed traders look for excuses, but at the same time I don't think that this is always the case. I have seen first-hand the way that some risk managers DO interfere with traders, newbies especially and in particular during their so called training stage. I have also seen many risk managers treat different traders very differently and sometimes for no good reason. In those cases I have seen some traders have some very legitimate beefs. I even saw one trading house MD regularly invite himself to trade on newbies machines and lose fortunes, I mean what can a newbie really do to stop the company boss who employed them from trading on their terminal using their P&L account when he is saying that he is providing them with tuition. Worst of all the guy had a massive ego that bruised very easily, and he held life grudges so when guys knew that their bonuses would be partially decided by him they often just tried to grin and bear it. Although one or two guys actually told him to fuck off and immediately made a career enemy. They asked for help and got the worst kind, the guy was a loose cannon and had no right to do that, but unfortunately he did it to many newbies. I forgot to mention that he was also a diabolical trader, but a self proclaimed guru. I wouldn't name him publicly, but he knows who he is if he is reading as will every other trader who worked at that firm. I would just like to add that since I have not named him then it could be anyone, but if this situation has been witnessed by many and sounds familiar then I am not speaking out of turn. Also if this upsets him and he wishes to protest my post then I will take it as an admission that he is aware of his guilt if he recognises my above description. It is impossible to tell what arguement that PallMall may have with Refco, but I don't think that you can simply assume that he is blaming them for nothing. I DO think that everyone is entitled to express their opinions and grievances though. At the same time there are some very bad blamers who will find reasons to blame others, as surely they cannot be wrong, as always there are always two versions of any dispute.
www.elitetrader.com/vb/showthread.php?threadid=50257 RTS and JP Morgan both in trouble (?). Anyone else in trouble ?
I am betting that when the time is right we will hear more horror stories about prop shops, prop desks, more hedge funds, managed funds blowing up thru the first 6 months of this year. The way this market is trading with all these dislocations, its inevitable. Right now, feels like July 1998. Senor Zen
I think most of these firms will be just fine. I agree about the prop shops. I can see it being a pretty similiar story alot of daytrading shops after 2001. For years it was easy for new traders to come in and make money but between the switch to decimals and to the correction in the market, suddenly you needed to know how to trade to make money. I think in the last couple of years a similiar thing has happened. For example, when the BUND was having 200 tick ranges, it was easy for young guys with little trading savvy to make money, but once the markets tightened up, people realized they werent as strong of traders as they thought they were. So basically, traders were running themselves off cliffs - they were able to build their size up and their accounts when the market was moving, but continued to trade in the same manner when the markets tightened. It almost seems as if u are a prop shop or arcade owner, u have to trade ur firm, build it up and when the thing looks like it is about to go to the moon, sell it to the highest bidder. Just an observation, would like to hear others thoughts. Best of luck guys!!!!!!!
I don't get the trader monthly magazine. I'm really hungry for knowledge regarding RTS. Is anyone able to scan the article for me or something? Thanks!