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Just because slippage is less, you are on the other side of more trades than
you choose to be.
The money is ours. Nobody I know considers it monopoly money. People here
will kill you for a tick if they think they have the edge.
We do not have the luxury of back testing or using the indicator or the day.
As a software user, many of you can trade any market you want. I am seeing
that many of the users are Futures traders.
Why with so many products out there and obvious gimme trades in the stock
and mutual funds I wonder why the public loves a game where they have a
better chance of reaching Bill Clinton this afternoon than making it
trading commodities.
It was too bad that the recent Wally World convention held for T.S. users
concentrated on Futures. I feel that many of the celebrities there could
have included stock and mutual fund traders.But then again, you can't sell
back testing to many stock and mutual fund traders.
So what is more important selling software or the financial well being of
your clients.Tough choice.
-----Original Message-----
From: Bob Fulks <bfulks@xxxxxxxxxxxx>
To: LCranston <mulligan@xxxxxxxx>
Cc: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Monday, July 20, 1998 4:28 AM
Subject: Re: Floor trader Study
>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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