Ask mrbaseball about trading for a living

[mrbaseball]

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Can you describe what an uber baller one man trading room would have?

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I currently don't have an uber baller one man trading room [img]/images/graemlins/smile.gif[/img] I only trade from home very occassionally so I am not set up perfectly. I have 2 dual pentium computers, a laptop and 2 Dell 2001's with a cable connection that I use. The cable connection is the first thing to upgrade if trading full time. Really need a T1 line and a backup DSL from a different provider. This is one reason why I don't trade much at home. If your connection goes out or even stutters it can be painful. When I have traded at home it's never been a problem. But I feel much safer in the office with ultra fast connections and the computer techs within shouting distance. That said in the office yesterday our ICE (Intercontinental Exchange) connection dropped 3 times.

If trading full time at home I would want a better connection and a backup connection and a couple of more monitors.

[ifckladyluck]

I am currently an interest rate deriviates sales&trading analyst at a major bank and find the lack of aggressive upward mobility and politics to be extremely stifling. I feel like it would be a much more rewarding experience to work directly alongside a professional/successful trader that would take you directly under his wing. I had a similar relationship with an options pit moneymaker down at the AMEX a couple of years ago, but that was only temporary and has long since transpired. Do opportunities like this still exist on the street? How do you get involved? Are you interested in an apprentice/analyst?

[poker1O1]

I also have a degree in FIN and an MBA in less than a year. I want to trade in Chicago, but am unsure what steps I need to take in order to get started. (No, I dont know someone). How should I go about looking for firms? Any advice for getting started would be huge. What should I expect getting started? What skills/background do I need in order to increase my chances. What should I expect to make starting out?

[mrbaseball]

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Do opportunities like this still exist on the street?

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I'm not sure. Floor trading is pretty much dead these days although options (at least in the world of commodities) is still dominant on the floor. I'm pretty out of touch though and have been off the floor for 10 years now.

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How do you get involved? Are you interested in an apprentice/analyst?

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I answered a newspaper ad. Sorry, but I have no use for an apprentice/analyst. Most of the guys when I was starting out all worked their way up from clerk and runner jobs. But since the floor is basically gone that option no longer really exists.

[mrbaseball]

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I also have a degree in FIN and an MBA in less than a year. I want to trade in Chicago, but am unsure what steps I need to take in order to get started. (No, I dont know someone). How should I go about looking for firms? Any advice for getting started would be huge. What should I expect getting started? What skills/background do I need in order to increase my chances. What should I expect to make starting out?

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What I did was contact most of the member firms at the CBOE, CBOT and CME. I sent letters, I talked to people and visited offices. Back in those days though you could just walk in. Now all the buildings require key cards and clearances.

I think the best skills are probably computer, math and analytical background coupled with common sense. Degrees are good because they show commitment along with the ability and willingness to learn. As far as starting money? No idea nowadays. Usually a base salary and percentage depending on exactly what you are doing. First percentage usually sucks until you are a proven earner and survivor. But I really have no idea what guys are getting these days to start.

[CrushinFelt]

Are you/your firm involved with Wheat right now? If so, how have the recent limit-moves affected your strategy and did they earn you profits or cause you losses?

Crop report tomorrow and the price jumped almost a limit in just the last hour of trading ;p

Edited to ask what firm you work for? ;p

[Fishhead24]

Gotta love these hot grain markets!! $$$$$$$$

[poker1O1]

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I think the best skills are probably computer, math and analytical background coupled with common sense.


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could you please elaborate more on the computer skills? C++? You mentioned Vbasic for excel?

[kimchi]

I've been using my own long-term trend following system (to manage what are essentially my retirement funds) which has done well over the last few years (and during back/forward testing). The recent volitility in July/August took me completely out of all markets (except China), and I recieved a signal to re-enter Pacific markets 2-3 weeks ago which I ignored for a week (fear).

I've backtested upto 40 years with various markets, and I've proven to myself that taking the trade is +EV - yet clicking on the "buy" button on the screen when all I see is doom, gloom, and red arrows, feels like selling my soul.

I have no problems with 'bankroll management' and I don't blindly follow tips or advice (although I'm probably subconciously influenced by sentiment). Taking the trade and following my system however, are very difficult.

What are the greatest psychological barriers to trading for you and how do you best think they can be overcome?

[mrbaseball]

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Are you/your firm involved with Wheat right now? If so, how have the recent limit-moves affected your strategy and did they earn you profits or cause you losses?


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Personally I am not involved. We do have some guys that trade both wheat and wheat options on the floor and the firms owners are always involved in all of the grain markets. I did trade some wheat spreads last year and it was a real roller coaster.

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Edited to ask what firm you work for?

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I'd rather not say.