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PAPER TRADING:
The discussion of paper trading always brings up what I call the REAL
MEN kinda issues.
A good number of people on our floor and on trading desks around the
world have trained on SIMULATION systems for years. There is a firm in
Chicago callled Internatioal Traders Institute that..some years
back...created and pioneered a voice activated/real time simulation
system that helped train many hundreds of folks successfully. Another
firm in Chicago O'Connell and Piper have been instrumental in training
thousands of ttraders.
Simulation training clearly helped round their overalll learning
experience. I'm still of the opinion that truely great traders are
born..not made....but a good simulation can surely help round the
experience.
I don't know what ITI or O & P charge today(O'Connell and Piper once
created a set of training tapes used by all traders at First Optioons in
New York, Chicago , Philadelphia and San Francisco)but it wasn't cheap
years back when they created the systems. Generally, back them it was
over $10,000 per trader to train.
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