Shan, you should tell Lucias your story. [/B][/QUOTE] When I read his post, I almost lol. I though he was describing me except for the fact that he said nobody would go through with it. Just shows you how different people judge similar situations or circumstances.
I understand that, I'm familiar with all the firms you've mentioned (even knew some of the principals involved with crt, hull, etc..) My point was that 20 years ago it was a floor environment and the path to trading was vastly different from nowadays. Back then, you didn't just come right in on the ground floor running. Once things went all-electronic I noticed all of these kids trading from the get go. There's a big difference from now and back then.
Ah, this brings back memories...and a couple of points. When we were in Chicago full time, with our good friend Blair Hull (mentioned above), and CRT etc. - we, too had "employee" type traders who were willing to stand in pits or trade upstairs for a bit of a "salary" and some share of profits. As technology got better, we needed them less and less... and several of them went on to be independent traders. The point I want to bring up is that we all, Blair, John Olegues, Oconnor's, all the gang... started the same way.... they engaged in the floor trading business model. We all put up some capital, then used the Clearing Firm's money to trade with, and kept our profits.... how do you think we all acquired enough money (from trading) to start firms in the first place? Certainly not by clerking for someone else (although a good start for many)..... but by risking a few bucks and running our own business model. As I've stated many times, after this worked so well for us on the "other side" - we started Bright Trading (after years of Bright Securities and other enities)... to offer those entrreprenurial traders the capital and market access we enjoyed. Still working after 20 years, for those who don't want to buy a seat etc., (simple licensing now days, so much simpler and cheaper). And, this model is not for everyone.... it is still in existence on the trading floors, but you all know that the trading floor experience has changed over the years. We are all "off-floor" traders - some as employees, some as independents.... if you're making money, you want to keep it, if you're not, well... you're not going to be around long in either environment. With full respect to Maverick, he is right, there are many jobs in Chicago, and no one should be "geographically limited" (as my brother calls it)... heck, we had to move to S.F. and Chicago (from our initial base), just to make few $million, LOL. So, if you're serious about a trading job, go where the jobs are... if you want a career as an independent trader, put up some money (see article earlier), if you're somewhere in the middle, then try one of the other alternatives (Swift model, etc. in Canada)... all up to you guys.... There is no "fight" here, no "right or wrong" - just alternatives.... All the best, Don edit: Hello and props to Rosy and denner - might have been there when we were!
I knew I could get you out of the cave Donny boy. It's all about using the right "buzz" words. Too easy.
LOL, actually just nice to hear some sound logic from you old friend... you're doing your best to keep these guys straight... and nice to hear others from the"good old days" - it seems like only yesterday, taking that car to the train, then to the city, then to the CBOE, up all those stairs... having to go to the pits to keep track of our guys... stop them from getting stuck in "out trades" (LOL, LOL another story for another time)..... Hope you're doing well.... Don
Just completed info session this week. Not sure whether this is a legit opportunity, but the trader I sat with had been there for 10 years and seemed to know what he was doing. Does anybody have any good insight into this company? They said they had to revamp their training model, and the way they do business because their attrition was too high. They say they're focused on developing good traders. Any input is appreciated. Thank you.