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Mitch
Do you still trade on the floor?
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From: Tullman, Mitch <MitchT@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: RE:
Date: Wednesday, May 13, 1998 6:20 AM
Here's an example. ...You are a floor trader at the AMEX (American Stock
Exchange)
and you have found a home in a busy equity option pit. You ,and the
other guys you know in your crowd
are making a very nice living trading . To set up your business all you
needed to do was take an exchange exam,
deposit $25-50M in a trading account and file for your B-D. So in less
than 2 months you are a trader.
What's the next logical step.?? Take some of your cash..open a new acct
...and find someone to trade it.
You provide the cash and act as a position/risk manager and you get 50%.
You then do this again
and again...and at some point the 1st guy you started out is bringing
people down to the floor and you are getting
a piece of them. By the way...you pull your initial investment after a
short while, so all your guys are trading their own cash.
Then you turn each one into limited partnerships so you are protected
from rouge traders.
This is the way over half the traders you see on the various floors get
there.........This is how I started.
> -----Original Message-----
> From: Eckardt [SMTP:alexgegc@xxxxxxxxxxxxxxxxxxx]
> Sent: Tuesday, May 12, 1998 12:43 PM
> To: MitchT@xxxxxxx
> Subject: Re:
>
> > Mitch ,
>
> you wrote
>
> There are plenty of people
> who will give proven traders capital for a 40-50% cut...(not
> me...that's
>
> not my
> thing)
>
> Could you explain that, please. I´m interested in finding out how the
> industry works in the US. I´m german, but I can´t really think of
> living
> here forever, so I´m looking for all the input I can get.
>
> Thanks - Ulrich
>
>
>
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