Ask mrbaseball about trading for a living

[Hiiiiiiii]

I just graduated from college with a communications degree and am currently in grad school for the same thing, but I haven't paid them yet and I'm not sure I'm going to.

What is the best way to go about becoming a trader at this point in my life?

[TacoVendor]

OK, I have a question that doesn't relate directly to your experience.

What is the easiest way to get onto the NYSE trading floor? Just for a non-trader that has a goal to just be on the floor once in his life? Being a big trader? Bribery? Some other method?

[pig4bill]

Become some sort of celebrity. They are carting them around the floor all the time.

[mrbaseball]

[ QUOTE ]
What is the best way to go about becoming a trader at this point in my life?


[/ QUOTE ]

Not really sure? Knowing someone with power helps. Great computer skills help too. All of the newer guys at my firm got in the door with programming skills. Particularly Vbasic for excel. Trading is getting more and more computer generated and automated. Also willingness to start at the bottom and make contacts and learn. Back in the days of trading floors most guys started as clerks and runners and trade checkers.

[mrbaseball]

[ QUOTE ]
What is the easiest way to get onto the NYSE trading floor? Just for a non-trader that has a goal to just be on the floor once in his life? Being a big trader? Bribery? Some other method?


[/ QUOTE ]

No clue? You need to know someone to sign you on or as Pig4bill says be a celebrity. Or a politian. Or an incredibly hot chick with questionable moral terpitude.

[CrushinFelt]

What firm do you trade for? ;p

[kimchi]

[ QUOTE ]
Great computer skills help too. All of the newer guys at my firm got in the door with programming skills. Particularly Vbasic for excel. Trading is getting more and more computer generated and automated.

[/ QUOTE ]

What are your thoughts on 100% automated trading systems?

I know this was popularised by Jerry Kaufmann and Richard Dennis & his turtles back in the day. I've read that many traders these days use computerised trading with a certain degree of discretionary input.

IMamateurO, adding discretion to a disciplined, emotionless and rational computerised model defeats the purpose somewhat. I think however that most professions can be computerised to some degree. I wouldn't however want to be driven in a taxi or operated on in a hospital solely by computer though - I'd expect computers to assist but with significant discretionary input by the 'professional'

Thoughts on 100% automated trading systems?

[pig4bill]

One of my trading buddies 7 or 8 years ago had about 4 computers with 18 screens. He had an L-shaped desk custom built for the setup for $2500. One computer had his charting software (Ensign), another had his scanning software, another had his trading platform, and another was used for chats and random web browsing.

[mrbaseball]

[ QUOTE ]
Thoughts on 100% automated trading systems?


[/ QUOTE ]

100% is no good in my mind. There are certain areas, partcularly risk override where you need human input. We have a couple blackbox guys but it's mainly for help in execution for fast moving trades. They watch and override the risk.

But computers and trading automation will only get more popular. There are stock options programs for market makers where they can set the volatilities they are willing to buy and sell and then the computer automatically makes the market for them. Their job has shifted from execution to pure risk management to make sure they don't get loaded up too much one way or another. It's fun to put in an options order a nickel better and then see all of the automated programs immediately join your new bid or offer.