I've been a retail trader for over a decade now. Just wondering if there are any benefits of going to a prop firm, is it just more leverage?
The only reason I would join a prop is to enjoy the energy of the other traders in the room.................and maybe get to know a few million dollar traders as friends .
Retail in most cases means trading from home, anyone serious taking trading as business, won't do his business from home, for various reasons. Being among other traders in a trading room , or having own trading office with few others brings in more discipline and staying focus
Nana Trader Registered: Aug 2002 Posts: 2514 06-01-07 09:27 AM Retail in most cases means trading from home, anyone serious taking trading as business, won't do his business from home, for various reasons. Martin Schwartz trade from home .
We saw an "exodus" of sorts to the remote (home) trading arena from around 2001-2005 or so...and now we seem to be having a resurgence of groups wanting the association with other traders in an office environment (via affiliate offices, etc.). A cool blend is found in our BTM groups (Bright Trading Mentoring)...where we have small online groups (with some in offices) that focus on certain types of trading. A very similar online comaraderie had developed for maybe 10 groups of 6-8 traders with a seasoned mentor to assist everyone, minute by minute. We do our best to accomadate each trader's wishes. Don
In this day and age there are many small businesses, corporate employees and entepreneurs who operate from home. And having traded in an office doesn't necessarily imply more discipline. It may in some cases but it also may have less discipline in that other traders may be yelling out their trades, taking bad entries and exhibiting exuberance (at profitable trades) and frustration and anger (at losing trades). And staying focused with this "noise" isn't always easy. Hearing some guy shouting about he bought "XYZ" can be a distraction in that you may check to see what "XYZ" is doing, taking your focus away from what you were doing. Having traded in an office and remote I prefer trading from home.
I'll have to strongly disagree with this. All of the traders I know trade from home, and most make $400k or more per year and take trading 'seriously'.
I really don't care if some exceptional % of traders can do it from home. How much does it cost to have an office ( trading alone or with someone else) if your trades generating good enough profit? I know guys who were trading from home, and glued to PC all day, while trading from an office remove this temptation, giving you chance to do something else with your life when market closes. I have plan to do it as soon as i can afford it, because trading from home sounds very unprofessional to me at least