@jmh530 I didn’t meat to come as a disgruntled ex-trader. I was just being 100% honest and I think everything I said was fairly accurate about prop traders. It was an amazing experience. @Analti_Calte_Equity > I want to be my own boss, I don’t want to go back > into FO and have someone controlling my life, but > that is just me. Having a boss sucks. Writing six figure checks to cover margin/debit accounts is a lot worse, especially when you don’t have the funds to cover the check 
Hope it works out for you, man!
daddybackstab Wrote: ------------------------------------------------------- > drop the indicators, moving averages, oscillators. > > > only focus on price, time, and volume. If you > want, incorporate mean reversion signals, every > now and then those work ok. Avoid shorting. Can you expand on this. Why not the indicators? What aspects of price, time & volume exactly?
Also while I think about it, does the CFA in any way, shape or form help you in your trading?
justin88 Wrote: ------------------------------------------------------- > brain_wash_your_face Wrote: > -------------------------------------------------- > ----- > > justin88 Wrote: > > > -------------------------------------------------- > > > ----- > > >It’s certainly not a silver bullet > > > lifestyle. > > > > Does this refer to coors lite or werewolves? > > Seriously though, I don’t know what this means. > > Google is hard. > > http://www.answers.com/topic/silver-bullet > > - A quick solution to a thorny problem. > > - A simple remedy for a difficult or intractable > problem: “There is no single silver bullet or > panacea that will solve all the problems of Bay > Area schools” (San Francisco Chronicle). > > - Idiomatic usage: The term has been adopted into > a general metaphor, where “silver bullet” refers > to any straightforward solution perceived to have > extreme effectiveness. Okay, I get it now. So, werewolves?
Werewolves. What are they now?
Muddahudda Wrote: ------------------------------------------------------- > Also while I think about it, does the CFA in any > way, shape or form help you in your trading? it trains you to be objective. something that is 100% necessary in trading.
Muddahudda Wrote: ------------------------------------------------------- > Werewolves. What are they now? There are two types: 1) http://thepackofar.50megs.com/werewolf_page.jpg 2) http://www.viewzone.com/werewolf-medical.jpg
Muddahudda Wrote: ------------------------------------------------------- > Also while I think about it, does the CFA in any > way, shape or form help you in your trading? Not short-term prop trading.
Can someone please explain why traders from big firms look down upon prop traders ? The same way someone doing valuation for JPMorgan would look down upon a self-employed valuation consultant ? Or it has do do with techniques employed by prop traders (order book scalping, tape trade, etc.) ? Great thread btw.
Viceroy Wrote: ------------------------------------------------------- > Can someone please explain why traders from big > firms look down upon prop traders ? > > The same way someone doing valuation for JPMorgan > would look down upon a self-employed valuation > consultant ? > > Or it has do do with techniques employed by prop > traders (order book scalping, tape trade, etc.) ? > > Great thread btw. its a class thing. if you’re a trader at JP, you probably went to an ivy or similar type institution and you either a) came from money and/or b) are “snooty” smart and/or c) are overly ambitious, so you’re naturally critical of those who are neither a, b, or c. if you’re a trader at PropCo, you either a) went to a lesser school b/c you’re poor and can’t find a job and/or b) have little ambition and/or c) just rolled out of a dumpster and decided you’d give up panhandling and try to make money in the stockmarket.
^^^wrong. It has to do with the way large organizations and banks make money versus small prop firms. Having not to deal with clients or other parts of an organization all day makes you work in a very different way. Most bank/large firm traders are talking to legal, credit, various clients, sales staff daily. Likewise your goal is to please clients and push a bid-ask spread, not to trade on your own merits most of the time.
jkey57 Wrote: ------------------------------------------------------- > @Ski2Much > > All I’m gonna say is most clearing houses that > service locals throw the craziest Christmas > parties you could ever imagine. Seriously. Those > holiday parties make The Hangover look like a > kindergarten art class. > It would take a week to get all the “Stripper > Glitter” out of my hair. > To be young again… Sign ME UP!
adehbone Wrote: ------------------------------------------------------- > Most bank/large firm traders are > talking to legal, credit, various clients, sales > staff daily. Likewise your goal is to please > clients and push a bid-ask spread, not to trade on > your own merits most of the time. bingo prop-shops are essentially casino’s. you can learn the methodology at a big bank, but you’re have to use it within their constraints.
like i said, the guys who actually contribute something to society look down on those who contribute nothing to society.
Muddahudda Wrote: ------------------------------------------------------- > daddybackstab Wrote: > -------------------------------------------------- > ----- > > drop the indicators, moving averages, > oscillators. > > > > > > only focus on price, time, and volume. If you > > want, incorporate mean reversion signals, every > > now and then those work ok. Avoid shorting. > > > > Can you expand on this. Why not the indicators? > What aspects of price, time & volume exactly? I’d agree this. Most indicators are just lagging derivatives of price, time and volume and end up distracting you. Focus on what is important - developing an intuitive sense of what the volume and speed of price movements can tell you. The only “indicator” I’ve ever found useful is a volume by price profile overlay
Shia LeBeouf.