I trade my company's capital exclusively. There are jobs like this at several companies. As far as education is concerned, a degree is preferred at my company but isn't mandatory. Trading experience isn't needed either. Having the right psychological profile is more important.
Compliment! The wording shounded (Bklyn accent') like one of theose DaTek or TradeStation or whatever Brokerage (of the moment) commercials... Channnel Stocks, Bob...
I was kidding also....and thanks. On an unrelated note....Etrade just bought Tradescape though I am sure someone will start a thread on this. Wow WOw WOw.
DATT, that was a great story - sorry for my slow reply, i don't get out often enough As for those bid/offer guys, it is the most boring thing in the world to do. And you know what? If it moves, as it does occassionally, a lot of these guys don't know how to trade, just bid/offer. I know of one guy who couldn't really trade, he lost money all the time, started bidding and offering some little penny stocks and started making some money. THen he took a few days of movement and got wacked bad....nothings ever easy. At least with scalping, swing trading whatever, it's you who's making the decisions, so you are developing a skill. Those guys are monkeys. And no, you don't need an education to bid/offer. You don't even need a brain. If you can stand being bored all day, go ahead. I make more (and enjoy the day) by trading. And in response to the original post, which i can hardly remember now, there are tons of ways to make money, unfortunately for you (and me actually) your firm doesn't encourage it. Mine neither. Actually with mine you have to fight tooth and nail to get anything done. too many rules, etc.... Why not try the slower ones for a while?? If you've been successful in the past (ie made them money) i'm sure the owners wouldn't care? I actually like more volume. My personality suits my style of trading. Plus I am a gamer, and i do identify with all those old games. You know, some of those old ones are better in substance than these new ones. Not graphically of course. Gotta love the PS2 & XBox!! Cheers PS: Go Mets!!
Yes, we do it, however if you do not have serious experience do not try it; you will be slaughtered. What you are asking probably has the highest tuition to pay of any trading strategy.
Yes, I am aware of the risk involved. BTW, how successful are you in the business of scalping? And, are there any pointers for a new scalper? I see a weakness in the auto-ex. system which allows me to compete with the MMs. How are you guys doing this? What weaknesses in the system do you see and use to scalp?
We make a living off of it; the rest I can not help you with, proprietary information, sorry. Pointers, be very careful, you will pay some serious tuition. You are venturing into the hardest game in the business.
Thanks! Anyway, I take it that you're trading in a Prop. firm. I can safely assume that you're paying cheap commission per option contract. Could I ask how much you're paying? I guess this is not something that is totally confidential. I want to know so that should my scalping is successful, I want to join a prop. firm to lower the commission and increase my profit. Because, in order for me to make a profit trading with Terra Nova now, I would have to make $.10 on the spread or $10 per contact, with 10 contracts minimum per trade. If I can lower the commission, my success rate would be significantly higher, since I could still make a decent profit off of $.05 on the spread. It is much, much easier to make $.05 than $.10. Furthermore, I can do more trades with the $.05 profit on the spread. As for your comment about scalping options as being the toughest thing to accomplish in the industry now, I think it's not really that tough. I can try it, and if it didn't work, then I can cut my lost immediately. Meaning, I can lose rougly between $.2-.5 per contract with 10 contracts. Not much to risk to test out an idea. Doing small size, 10 contracts, I have a competitive edge over others (I am sure you're aware of this!).
The spread is going to hurt. I sent you a PM earlier, I am still @ the office, call me and we can discuss it.