SethArb. I agree with you about the best way is to find a prop firm like the turtles, but the entry requirements could be pretty steep. Heavy math, quant background, sometimes need to be from the right schools. But re: futures as the worst way? I think the jury is still out. If futures leverage is the main cuplrit there are DOW $5 or even $2 It is not that much geared-issue is liquidity at certain times. In addition, you really get to focus on pure aspects of trading-discipline, Tech analysis, money manaagement and not worry about MM, specialists ( a perception shared by another poster on another thread 2 days ago). The one thing that keeps MM and specialists more honest than they have too is the perception by them that there is a lot of public participation in their markets. Too many eyes watching, lots of paper around- they are simply too busy executing orders on the floor or book. Could you imagine a TYC specialist messing around with his order book in front of all those floor brokers-not good business. But when it is quiet, and few public interest except for us daytraders, they can di_k around their book more.They have more room to do the "shakeouts' Newbies need a liquid, honest market and an environment where if they lose $ in the AM, they will be in an environment where they can come back in the PM. Stocks these days seem to make their material moves 1-2 times a day, without the backing and filling. If you miss that move or worse got on the wrong side you are SOL. I am not saying that it can't be done in the stock side. All you have to do is read Seanote's post. But don't count out the efutures. Just my meandering musings
As has been going around for a while, Just one or two places that actually give money. I am happy to say that I helped someone get into such a place this past week. Here I sit trying to decide where to go and I got someone into the process. (probably took my seat as well). If you try hard enough you will find the place to get you going.
Instead of quoting each person in the thread, I merely was combining thoughts of many. The mention of firms that let you trade with no money down (like Carlton Sheets real estate deals). The mention of Schonfeld not hiring anymore. The mention of where doe s a person go to trade if he has no money. Things like that....Now that's what I'm talking about. The help I gave was, who to call, how to talk to the guy, what to look for, what the firm is looking for and mostly just being there so th eguy doesn't feel like he is alone in the world. Maybe I did nothing, but he was looking to go to Generic or Worldco, but I advised him to go to Schonfeld for starting his career. I gave him the info and he got in. Now he can work on his ulcer, mind burn out and other exciting things to come in the happy world of sinical (is that how you speel it ?) day traders that love to talk about the fish that got away. Is there more to life that a great over night ? I don't think so. And no, I am not taking applications for job hirings. I will however accept a nice cushy job offer with mid 6 figures in it. Did I answer your question ???
Hi Stockrock1, Maybe I am on the same side as the other guy. I have some experience, but little capital, as I am from Europe I need remote solution and many more things. So asking the right questions is really important. At least as important as choosing the right firm. Can you help me with the list of right questions? Or should we open a new thread on this subject? Lojze
I would rather see a newbie go with equity options instead of futures. It is too easy to lose way more than your account equity with futures, options have built in limited risk.
A new thread is always something to start. Why not , go ahead. What you want are the definitive questions for job hunting as a day trader. Thats not what I did. I just happen to know the company and what they look for in a beginer. So I helped him out. I now own his first 3 children and 60% of his income for the next 27 years. Otherwise I did it just because I'm such a nice guy. As far as what you need, there are some spectacular people on here that I have spoken to that are excellent to listen to. So maybe starting a new thread is the best thing because I don't want to give out names just in case they don't want to be bothered with messages and email. If they want to help they will see your posts and answer.