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I took some editorial liberty with your reply.. I hope that is ok...
1) not true, there are lots of things that professional traders have that you and I wont. It comes in terms of support staff and availability to research and technology.
2) yes, more than likely you do and you can get one that is also just like them.
3) not true, you have access to retail platforms which are not the fastest. Unless you spend money on bloomberg, retures, or others that allow you to build your own order book into your own trading platform (custom) that you dont have access to; or if of course, your account size is $1MM+ and you can go with the same firms they use for clearing.
4) hmmm... IMO, there are some that know, there are some that think they know, and there are those that like to poster as if they know.
5) not 100% true, the education comes from senior traders that are successful and train others on their desk.
just my opinion based on what I know...
Can you help answer these questions from other members on NexusFi?
A personal thank you...I had my suspicion regarding this topic. So a reasonable plan would be for me to just build up my account for 2 years and then consider my trading style as if I were in a prop firm.
A key note is that I need to make my system robust and scalable as you said.... hmm... at least my R&D is coming along ahead of schedule....knock on wood.
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
Series 3 & 7 IMO have nothing to do with knowing how to trade... but everything to do with ensuring the person trading understands the instruments they are trading.
Thank you for taking it a step further and clarifying it more...
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
The series 3 is great teaches you the fundamentals behind futures. from there you can learn some great stuff. you can sit all day and look at charts but it really helps to understand mechanics. One way or another you need to familiar with them so there are no (major) surprises. more importantly, you can sponsor yourself and it's not even that expensive
And I wouldn't go as far as saying that everyone has access to the same information. You would be amazed by how much you pick up on from being around others. When i worked in the pit i would pick up on so many small things (like how people talked, how people reacted) and i didn't even know it. Its the same way with a prop shop. And i would have to agree with who ever said that its not so much "prop" anymore. i would even it an "arcade." One of the main disadvantages of trading alone is that you can be your own worst enemy at times because there is no one there to balance you out. whereas if you work with a couple different traders you can work to pick-off certain opportunities.
OK, I think you may have a point about the series 3. I will look into it, but not to get a license, but for an education. I plan on going short on Corn and Wheat, but will post it on your commodity thread.
As far as the prop firms, from the response, I realize there is no advantage of trying to get into a prop firm, it's schemed against the new trader.
"Faith is the substance of things hoped for, the evidence of things not seen." --- "Therefore, I Believe it and I will see it. And every day and in every way, I am healthier, wealthier, and wiser."
I tried a prop firm in 2005 because it provides the option to over-ride the nessesary paperwork by charging a desk fee. I paid $200 a month. I had no capital to invest however had to prove myself on sim first and then on to live account. The split was 70-30, 30 for me. We traded the emini's and the turn around was high. I think it was a great experience and would recommend to anyone to try if they find a true house. The problem today is everyone is out to make a buck without stepping in the ring, lol....anyway I have seen the new rooms and it is a great marketing camapign. You can always spot something too good to be true. Hell you give me 25k and I will train you and when you run out of money, oh well, who's next.
If you can trade the mini's, you do not need anyone but you
If you are trading stocks, well more cash is needed unless you are having your way with options