Prop Trading

[bigpaul]

Has anyone had any experience with prop trading? I'm interested in this but don't know where to begin.

[ideas2earn]

I bought and sold 3 homes back in the UK but didn't trade actively. IMHO you can only ever lsoe money when you sell. One of the richest families in the UK (The Blenheims) have a motto which says "Never sell, Only Buy" or something like that. They came up with it after they sold a little piece of land encompassing most of Fulham and Chelsea in London (whoops).

[bigpaul]

Sorry, I meant proprietary trading, not property.

[NYCentrepreneur99]

You really have to know what you're doing. If your not educated about the markets you will need to do your best to learn about them.

For example, there are MIT and Harvard Ph.D's who do prop trading make millions, while those with similar credentials lose millions.

If you want a good book to read try When Genius Failed - The Rise and Fall of Long-term Capital Management.

[22mil]

I've traded, but got bored sitting and staring at a Lvl 2 screen all day so now I swing trade my own account.

Tips for prop trading on an intraday basis:

Take everything you learned about the markets and throw it out....
Markets do not trade on logic, emotion, news or pure randomness (this is true and untrue at the same time...... welcome to Wall street)
Watch for 2 weeks without making a single trade (this teaches you things if you pay attention)

The most important tips for being a successful trader:
Plan your Trade - Trade your Plan
Remove emotion surrounding money from the equation (this is very hard)

If you do decide to take on trading, send me a PM and I can point you to some great resources.