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At 1:15 AM -0400 7/20/98, LCranston wrote:
>Being a market maker is very different than trading your own money. When
>trading the banks money or any other institutions money it is more like
>monopoly money, and there the decision process is much less stressful than
>if it were your own money. I think the same would hold true of a floor
>trader as opposed to an off floor trader with the exception that in both
>cases the money you are trading is yours. You have the same sense of
>awareness that you are risking your money, but as a floor trader your
>order execution is much quicker and with less execution costs and less
>slippage.
I also formerly invested millions for my employer and it definitely seemed
like monopoly money. So now, I continue to mentally think I am investing
"company money" just like I always did, even though I "own the company". It
seems to totally eliminate the psychological barriers to trading that I see
discussed on these list from time to time.
Bob Fulks
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