Thanks for sharing your insights. I’ve got to be honest: I’m JEALOUS that you’ve been there and seen ‘the real thing’!!! LOL!!!
I have to tell you that it is INDEED my goal in life i.e. to end up in New York because that’s where ‘the rubber meets the road’ in this business as far as I’m concerned. Before my ‘spectacular wipeout’ I figured it would not take long to get there but it’s now going to take a (long) while I guess. But: I sure will never give up!!!
To be honest: I’ve been looking for vacancies at various places (brokers) to see ‘how things work’. It’s interesting to note that in almost ALL cases: you don’t just get a PAID job at a brokerage i.e. in all instances that I’ve seen you ‘arrive’ with your OWN money (and don’t forget the cost of living in New York). You don’t get paid ANYTHING by the brokerage. You trade your OWN money (they of course will train you) and only after you’ve reached certain performance standards and passed exams will they allow you to trade client’s money (and of course: the sky really is the limit after that assuming that you can ‘tow the line’). The only other alternative for me is to possibly move my ‘Deltastock SA’ ‘operation’ to the USA but from what I gather: due to the regulatory requirments in the USA I’ve got more chance of falling pregnant and giving birth in the same month (for those you who don’t know I’m a MALE) than this happening!!! LOL!!!
On the subject of the pit: one thing that I hope that new traders take from this thread (and the movie) is the realisation that you’re TRADING (whether it be electronically or in the pit). In other words: just because you place an order at a specific price does not necessarily mean that is the price at which it’s going to be executed. In other words: electronic trading is STILL a ‘market’ and the words ‘Bid’ and ‘Offer’ mean EXACTLY that. As a matter of fact: think of it as an e-Bay auction!!! In other words: SLIPPAGE is just ‘the name of the game’ and it’s not NECESSARILY the broker that’s trying to ‘fleece’ you. (Sorry: but I read so many posts on this subject that I don’t even bother to respond anymore).
On the subject of the movie: I make the observation that people that are truly attracted to this business (not JUST for the money to be made) are a certain ‘type’ of person. I ‘saw myself’ in many of those interviews. For the past few years: I have, now and then, asked myself WHY??? WHY THIS business??? WHY have I never felt the same way about anything else I’ve done in my life??? The answer lies in many of those interviews I can tell you!!! LOL!!!
Hey ‘green as grass’:
Well: I’ve cried, I’ve had the shakes, I’ve shouted, I’ve sworn, I’ve begged!!! LOL!!! Does that answer your question??? LOL!!! BUT LET ME SAY THIS: that was only for the first two to three years!!! In the past two: sure I’ve been dissapointed and sure I’ve lay awake nights worrying about my situation but I no longer ‘lose it’ i.e. I simply accept losses as they come my way. As a matter of fact (and this I now believe is probabl the most important advice that anyone can give): it is noted in the movie that it’s NOT how much you MAKE in this business but how LITTLE YOU LOSE that makes the difference between being successful and ‘wiping out’ over and over again. I was fortunate enough to read this in a book a year or two ago and it sure changed MY (trading) life let me tell you (I forget which book but I THINK it was one by Larry Williams although I’m probably mistaken here).
Anyway and just for fun: here’s links to some other YouTube videos that had me ‘in stitches’ this past week.
YouTube - Angry broker at the CME
YouTube - Stock Futures Trader losses it all and flips out
The above I’m not ENTIRELY sure was not staged. I don’t THINK so but I had to ask myself WHY on THAT DAY, was the guy ‘recording’ his charts and had a camera pointed at himself while trading. Nevertheless: I KNOW the FEELING i.e. just look at his one position i.e. on that particular day he was BETTER OFF by around $60K than I was at the time ALSO on the Dow and it’s a day that I’ll never forget. Why??? NO STOPS!!! The trade NEVER comes back to you!!! And one of my FAVOURITE sayings (that somebody from one of the banks so aptly put on Bloomberg WHILE I was holding on to losers): in a bear market you run out of money LONG before you run out of ideas!!! LOL!!!
YouTube - Trader Goes Nuts Office Stress
Anyway: enjoy. I’m not going to post any more i.e. I don’t think I’m supposed to be pasting linke to YouTube let’s be honest!!! But: take these links as a bit of ‘R & R’!!! LOL!!!