Hmmm? "Allowed" yes, because this is still America. Should they, I don't think so...and we have lobbied hard to make the distinction that "trading should be left to professionals". Don
I agree that training is essential to trading success... but first, how does one define "proper training"? For that matter, how does one define "professional" as a graduate degree? Most of the successful traders I know are self-taught, i.e. no prop shops or floor mentors, etc. Likewise I've worked with many prop shop trained and former floor traders who then tried to export their former tactics to trading at home, and failed miserably. The advantages of prop shops and pit floors where an edge was found completely disappears when said "professional" trader works from home. Then what? They relearn = adjust to a new reality, which often is very different from their earlier "schooling". ** I am eternally grateful for a high-pay profession that only took time, modest capital and sweat equity to learn. It may be nice if a structured program existed to train traders in ALL aspects of trading, i.e. futures, commodities, FX via intraday tactics, swing tactics, trend trade tactics, etc. Meanwhile, this is a self-taught profession where way more than enough knowledge & experience is available to those who seek. Success in trading is highly possible, in pure entreprenuerial fashion. Do we really wish to mess with that? Best Trading Wishes Austin P
(this was asked to Don, but I'll answer) who would decide what is to be trained? how can we be sure there'd be no conflict of interest? You dont think wall street would send lobbyists to K street to be sure people are taught things that hurt them?
. SIMPLE: HINDSIGHT Give a stock chart to any Tom-Dick-or-Harry off the street and ask them when they would have bought and when they would have sold. It appears soooooooooo deceptively easy.
To MSchey....man, some opinions..."..end up dead"...geez, remember, we live in Vegas, LOL. Another point of view is to work "within" the regulations in order to keep the ability to function at a level to make $$...and, you probably pay your taxes, and have a driver license, and even pay for insurance....and pay your bills on time. I know we all like to think of ourselves as "renegades" - but I have to admit that we (Bob and I), are more "work within the system renegades". And...if you don't like taxes, how can you live in Calif? What is that now, about 11% to Arnold...that could be from $5K-$10K per month, right? (just guessing of course). Anarchists Unite, LOL (not that I don't agree with a lot of what you said). To: swtrader... I say that learning from people who are actually successful participants (yes, I am a bit bias)...and I just spent time with the CEO of my exchange, and the head regulator from the CBOe, and we are hoping to develop a true "trader's test" for members. In my opinion, it's a lot more important to understand the risk of selling straddles (just an example, of course) than to learn how to "cold call" customers without violating their risk parameters, leaning how to layer debentures, and all the other Series 7 stuff. IMO, Don
agreed. throw in the concept of fiat currency and you are 90% of the way to understanding how america's socioeconomics works.
You Kill or you get killed. That simple. Now ask yourself do you have what it takes to make it in this business. Secondly ask yourself do you know what it takes to make it in this business. This question will take some time to answer. This is a very very serious occupation. If you don't do it properly it can damage you both financially, physically and mentally. All I can say is be carefull and tread lightly. Good Luck to everyone. P.S once you know what your doing rip their fucking throats out and make a few million.