should we read "rejected" for "decided not to" ? that would explain a lot about your attitude toward Wall St.
I thought we went over this. Odds are good that I am making more money than you are as we speak and will continue to do so. So unless I regret missing out on New York taxes and a subway commute, I don't really have much to miss.
I have had a number of experiences with supposed "big firm traders". Market makers from NITE, FLTT, and a few other smaller criminal institutions. The one thing each had in common was the ability to blow up their trading account in an astonishingly fast period of time. (Two guys never even made it through their first month). The reason I even got involved in this thread was because of the "EGO" theory that has been written about. For the most part, none of the traders wanted to listen to any advice. I would try everyday to explain that it is a totally different game on this side of the computer....no order flow, can't steal a teenie(back in the day), limited buying power,etc. But why listen to me (or anybody else for that matter). Confidence in your ability=GREAT Admitting when you're wrong=GREAT Being a know it all egomaniac=Start typing your resume
99% perspiration, 1% inspiration. -Thomas Edison Education's purpose is to replace an empty mind with an open one. -Malcom Forbes I recognize greatness in a man's eye. -Speaking for myself (For the record, I go to a good (Canadian) university, and have a H-I-G-H IQ)
(Prior post an accident) Intelligence will definitely help in trading but i'm too smart to try and define it or qualify it with GPAs SATs etc. I think independent traders - solitary at home and prop firm traders - are a more noble and tougher bunch than the major Ibank traders. Some started right after high school,some began atrading as a second career. It does not matter. The major Ibank traders are there because they know that is where the greatest advantage lay, or at least that's what thier daddies told them in thier senior year at college. They were smart and ambitious enough to go after an internship at Saloman, Morgan, GS,etc. These major brokerage firms have huge resources. Not just capital, but company research, quantitative analysis, economic research and analysis, banking relationships, relationships with fund managers, order books and orderflow, it goes on and on. These lend incomparable advantages. I am not guessing this is the case. And despite all these tools, they commit gross abuses and transgressions in the pursuit of profits. IMO, The independent trader who survives and thrives is truly extraordinary.
IMO, The independent trader who survives and thrives is truly extraordinary Yep , those are the real warriors risking more than a job.
"Any sufficiently advanced technology is indistinguishable from magic." -- Arthur C. Clark Streets version: Any sufficiently outperform recommendation is indistinguishable from crap There are other versions but could not recall them just now. Good posts darkhorse!
This might be of interest: http://www.education-reform.net/dropouts.htm http://www.education-reform.net/dropouts2.htm It makes me question about the whole "system" most live be. -mod: http://www.satirewire.com/news/0006/satire-ellison.shtml if this is true... LOL what a story