i have a few friends scattered across the shony offices, and im curious as to who were the ones laid off... and why!? (could be to clean up shop, and hire newbies) in any event why are only a few traders priveledged to use them???
Why are bullets considered "precious gold" at the Schonfeld office? Are they trying to save money by not using them?
Schonfelds original thinking on bullets was that it would develop bad trading habits because it would enable a trader to short into down movement and probably sell at the bottom.
there has to be a better reason than that... (dont take offense one bit im not saying youre lying or fibbing etc. just sounds like some ish the higher ups tell ppl when they dont really know)
That was a quote directly from Schonfeld at a meeting I attended in which he was debating whether to allow traders to use bullets. Schonfeld is run by quants now and they may not have the statistical evidence to prove that bullets would help, particularly over night traders.
as opposed to the bad habit of going long during a rally, and buying at the top??? Plus, bullets cost extra, so I am surprised the firm wasnt encouraging the usage..