charliechan
Experienced member
- Messages
- 1,008
- Likes
- 119
spin2win said:
lol - yeah - good boozers are always filled with locals.
Sorry too labour the point but there are good trading arcades out there with good training programs that give the trainee the best chance of success. (not all graduates too answer the other thread)
As to the "good traders are too busy trading" line, well I know what you mean but it is not right. I know of an excellent spread trader who has for many years been making good money trading the short end both Euribor and Eurodollar but he has had enough of doing 14/15/16 hour days.
His way forward is too build a little trading team, teach the younger generation his methodology and trading patterns and then back them and take a percentage in exchange.
He still trades as he considers it important to lead by example and be "in the trenches" with the troops but he dosent trade the size he used too and he now works a normal day although is frequently on the phone.
As i said before, dont accept being pigeon holed and told what you are trading, also if someone tells you their training scheme is two months, avoid it, a rigid time frame doesnt work as people take too trading at different speeds. i
If they take on twenty or more trainees at a time, avoid it, this is a mincing machine with a low success rate guaranteed, look to the smaller bespoke trading rooms who give one too one or at worse two to one ratios of trainees too experienced traders.
As to the "good traders are too busy trading" line, well I know what you mean but it is not right. I know of an excellent spread trader who has for many years been making good money trading the short end both Euribor and Eurodollar but he has had enough of doing 14/15/16 hour days.
His way forward is too build a little trading team, teach the younger generation his methodology and trading patterns and then back them and take a percentage in exchange.
He still trades as he considers it important to lead by example and be "in the trenches" with the troops but he dosent trade the size he used too and he now works a normal day although is frequently on the phone.
As i said before, dont accept being pigeon holed and told what you are trading, also if someone tells you their training scheme is two months, avoid it, a rigid time frame doesnt work as people take too trading at different speeds. i
If they take on twenty or more trainees at a time, avoid it, this is a mincing machine with a low success rate guaranteed, look to the smaller bespoke trading rooms who give one too one or at worse two to one ratios of trainees too experienced traders.
Mr Socrates,SOCRATES said:
I agree with the Policeman here and not you. This is why.
If you have a trading room filled with unsuccessful traders then i would summise there is something fundamentally going wrong there. However, a trading room full of successful traders would lead me to believe that there is something much better happening there.
SOCRATES said:
Dear Mr Sorates,
You surprise me! I am not sure you actually took in what I said. You seem to have dismissed my remarks with a vague comment. But if you give me the attention I deserve you will see that I was noting the Quality of the traders not the Quantity.
thank you
Sx
Stockjunkie
Active member
- Messages
- 179
- Likes
- 1
Successful traders will realistically not be found in an arcade . they will be either in institutions , more likely at home or with some sort of pro trading fund.
An arcade is aglorified bucket shop reminiscent of the American day trader room . And we remember the kind of " successful " trader they had , guys who lost their pants and then proceeded to shoot the pants of everybody else.
Yeah sure , they may get lucky the short run with a few big gambling type wins ( I remember seeing one US and another UK guy on a TV documentary after they puy on their trades - they had no stops and were hitting and hoping , you see their extreme tension in their stupid little faces - zero risk control ) , but the long run I am willing to bet that 90% of arcade traders are net losers .
The other point is - If one wants to be surrounded by people at work then go and work in a dicso or something , trading is NOT a gregarious job ! It is very solitary , few can tolerate that .
Also , how many winning traders are you going to find who share their secrets with you free ??! Joke .
The concept of arcades like so many facets of UK life is cynical and exploitive of the downtrodden world view of it's masses .
The UK financial world is constructed politically like an ivory tower which no one but the politically approved elites can get to .
Arcades prey on this feeling and then offer " a concession and ' lifeline ' oppurtunity to get in " .
The reality is that both concepts are FALSE ! the mainstream money world is a lot easier to get in then the UK view , believe me , I was in the exact positon and 5 years down the line I ened up as a fully paid in-house trader with cuts of wins ( the old definition of a proprietary trader ) for a trading fund .
and thus the arcade solution is built on this internal fear , so they can charge your rent + comms to call yourself the now devoid title of "prop trader " . That is so far from the true meaning of PT that only the name bears resemblence.
it's a trick preyed upon your fears of inadequacy .
Great , long may it live .
An arcade is aglorified bucket shop reminiscent of the American day trader room . And we remember the kind of " successful " trader they had , guys who lost their pants and then proceeded to shoot the pants of everybody else.
Yeah sure , they may get lucky the short run with a few big gambling type wins ( I remember seeing one US and another UK guy on a TV documentary after they puy on their trades - they had no stops and were hitting and hoping , you see their extreme tension in their stupid little faces - zero risk control ) , but the long run I am willing to bet that 90% of arcade traders are net losers .
The other point is - If one wants to be surrounded by people at work then go and work in a dicso or something , trading is NOT a gregarious job ! It is very solitary , few can tolerate that .
Also , how many winning traders are you going to find who share their secrets with you free ??! Joke .
The concept of arcades like so many facets of UK life is cynical and exploitive of the downtrodden world view of it's masses .
The UK financial world is constructed politically like an ivory tower which no one but the politically approved elites can get to .
Arcades prey on this feeling and then offer " a concession and ' lifeline ' oppurtunity to get in " .
The reality is that both concepts are FALSE ! the mainstream money world is a lot easier to get in then the UK view , believe me , I was in the exact positon and 5 years down the line I ened up as a fully paid in-house trader with cuts of wins ( the old definition of a proprietary trader ) for a trading fund .
and thus the arcade solution is built on this internal fear , so they can charge your rent + comms to call yourself the now devoid title of "prop trader " . That is so far from the true meaning of PT that only the name bears resemblence.
it's a trick preyed upon your fears of inadequacy .
Great , long may it live .
charliechan
Experienced member
- Messages
- 1,008
- Likes
- 119
a room full of happy rich successful traders will create a positive atmosphere and will rub off on to those who are new. they will see that it can be done.
a room full of morose unsuccessful losers will create a lot of negative energy and rub off on to those who join. new folk will wonder if it actually possible to make money in the market.
this is regardless of whether or not anyone is teaching anyone anything.
this when you think about it is quite similar to what goes on at t2w.
a room full of morose unsuccessful losers will create a lot of negative energy and rub off on to those who join. new folk will wonder if it actually possible to make money in the market.
this is regardless of whether or not anyone is teaching anyone anything.
this when you think about it is quite similar to what goes on at t2w.
Similar threads
