What did you do to your FX / QX70 today?
- Thread starter pmanliu
- Start date
That's a good guess. I suspect not otherwise we would have heard from FXP in December. Traders love volatility and January is awesome for it.
And speaking of traders....they typically only work a few hours a day...maybe 1-3 hours in the morning and 1-3 hours at closing depending on the market. Every single full-time trader I know has plenty of time for anything.
So my friend that trades, he goes to the CBOT to do it. He pays dues or something? Something crazy like $60k/years? I think he can do it at home, but probably does it there to get away from home? =) I guess trades would be nanoseconds faster, being closer to a server.
I think he trades t-bills? Said he's taking a breaks due to the volatility, hence the comment. He trades his own money.
Another friend that trades works like 1 day a month, for like a hour. What a life. Trades 1 family's money and lives off the management fees.
I think he trades t-bills? Said he's taking a breaks due to the volatility, hence the comment. He trades his own money.
Another friend that trades works like 1 day a month, for like a hour. What a life. Trades 1 family's money and lives off the management fees.
The guy paying $60k/year probably has a seat somewhere at the CBOT and is there all day. I thought they were much more so they must had come down in price the last several years. If he is older, it might be because that is what he is just used to even though it is quickly dieing and everyone is spending more time on screens. If he is younger, he is probably assistants that will call out stuff or do the trades for him or through headset let him know what the PIT is doing. An advantage to being in the PIT over not just the speed, but also you get a quick sense of what everyone else is doing and being on top of it. For example, when the plane hit the world center, I guarantee you all the trading pits knew before the news ever broadcasted it. That's a day those guys if they are good can make into the 7 figures in one day and the seat pays itself fast.
My goal is somewhat very similar to what your second friend is doing, but looking to do it automated. My goal was to do it by 30....but it's taking longer than anticipated......
My goal is somewhat very similar to what your second friend is doing, but looking to do it automated. My goal was to do it by 30....but it's taking longer than anticipated......
1) CBOT trader is 45. He is there all day. I think he said $60k, but I could be wrong. Either way I was shocked, both by how expensive it was and by how cheap it was at the same time if that makes sense (I remember reading in the old days it was hundreds of thousands of dollars?).
2) Second friend is 32. Worked for a i-bank, middle east oil baron was one of his clients. Client liked him so much, offered for him to manage his assets at a much lower fee, except it 100% went into his pocket. Obviously he took the offer. Not sure the details on if he had to wait 2 years to manage his assets after he quit or whatever, but he works for him now. Probably the best work/life balance I've come across...
You're over 30? I thought you were under 30.
2) Second friend is 32. Worked for a i-bank, middle east oil baron was one of his clients. Client liked him so much, offered for him to manage his assets at a much lower fee, except it 100% went into his pocket. Obviously he took the offer. Not sure the details on if he had to wait 2 years to manage his assets after he quit or whatever, but he works for him now. Probably the best work/life balance I've come across...
You're over 30? I thought you were under 30.
One of my friends had a stack of probably 75 smashed keyboards next to his desk. If he lost big he would yank out the keyboard and smash it with keys flying in the whole office. There were plenty of bad days, and much much more "mediocre" days, but probably the best day I had was when from 8:30am - 9:15am between about 15 of us had made $100k. We went home at 10am. This is very good considering we were trading equities at the time (which have no where near the leverage that futures/commodities/currencies have where you could easily do 50/100 times more). When you make that much after working 45 minutes, it's hard to leave it no matter how bad it may get at times. That's why some even consider it gambling, but the only difference is you are the casino in this case because you make the calls the whole time....if the cards you are dealt you don't like at any second, you can pull them. It's like playing blackjack....if the casino deals you 16 and he is showing 20, I would say "Eh, never mind" and take my money back instead of hitting or staying. If I am showing 19 and the casino then shows 20, well, I lost, so that is gambling, but I chose it because I had the edge. That's how I've always seen it and it really is just like this if you aren't a dumbass about it.....and there are plenty of dumbass' in this field.
I'm 29 and turning 30 in May...that is not much time....and even though stuff I am working on now looks pretty good...there are always surprises or tests that seem to crush the situation.
A trading non-compete is very common. Mine was 2 years when I worked at the Chicago Mercantile Exchange as a full time trader for a few years. Before I left my non-compete I was offered a position as a futures trader among 7-10 others where the average winning/losses would be just around $50k/$60k a DAY. 25% of those guys made 7 figures. I passed all their tests, including stress tests, and got an offer to join them. They wanted a 6 year non-compete and a payout to me of something like 25%. I told them to F off (not literally) but that was my attitude considering the contract and they were blown away by my decision. Traders typically are cocky. I had another offer at the very same time to work at Lehman brothers on a very good salary (that part of the company is still doing very well btw). This also had a contract, but was more compliance related and wouldn't allow me to do trading things that I wanted to do. I went through 8 interviews and had to go downtown 4 times. I was the first in their division I think that went through it all and then didn't take it. I took the risk of leaving both of those opportunities to go to work for the University and leave Chicago, sell my condo, and relocate at a lower salary with the intention I could do all of that myself at home/night/weekends while a steady good salary on a very stable job with great benefits. And here we are...still working at it....and it gets significantly harder (time-wise) after getting the house and know it will get even harder after a baby comes one of these days, but hey I don't give up.
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Wheres the burnout vid?Getting my rear tires replaced. I think it was time.
Didn't have time to make one. :mad.: I kept putting off getting the new tires on to make one, and then I realized I needed to get the tires done before I leave in a couple days. There's also not many good places around to do it. The one parking lot I found was really gravelly. That and I have no one to do it with, and I'm nervous about having to get out and get the camera in case I need to make a speedy exit.
Makes sense, traders mystify me, love learning more about them/industry.
Out of around 10 traders I know, 3 are using 100's as toilet paper. The other 7 are barely making it, drinking pepto by the case. One even had to take the "night shift" and his trading funds got reduced and doesn't even want to even trade his own money anymore and just takes the measly base salary. Forgot where he's at now, what's the lingo, prop shop??
But the 3 that make it are loud, and gives the impression to all my other friends that all traders make 7+ figures. The other 8 are quiet and don't talk about work except if they punched their computer screen.
I just can't imagine trading family/friends money, which a few of them do (actually in my contract so can't even if I wanted to), and I know at least of one that lost around the tune of $200k for one of his immediate family members in 5 years. Pretty much 90% of principal investment, can't imagine how that call went.
Those tests are crazy, one of the ones that make is works for Goldman in NYC. Perfect ACT/SAT, #1 in class, Harvard undergrad. He said they asked him questions like 153 x 5382 and he is one of those people that can tell you the answer in like 5 seconds. He also has perfect pitch and photographic memory. I think he's even rated as at chess or whatever.
The other one is a complete book smart idiot, except he can sell you a $0.50 for $10,000 if you give him 5 minutes to talk with him.
All those reasons above, is why I love learning about traders... such fascinating breed=)
Now next time I see you, I'm going to picture you being Matt Damon in Goodwill Hunting writing solving proofs on chalkboards, all while passing stress tests.
My goal is to end up at a university teaching, my "retirement job."
---------- Post added at 04:19 PM ---------- Previous post was at 04:18 PM ----------
Rh06 ftw!
Out of around 10 traders I know, 3 are using 100's as toilet paper. The other 7 are barely making it, drinking pepto by the case. One even had to take the "night shift" and his trading funds got reduced and doesn't even want to even trade his own money anymore and just takes the measly base salary. Forgot where he's at now, what's the lingo, prop shop??
But the 3 that make it are loud, and gives the impression to all my other friends that all traders make 7+ figures. The other 8 are quiet and don't talk about work except if they punched their computer screen.
I just can't imagine trading family/friends money, which a few of them do (actually in my contract so can't even if I wanted to), and I know at least of one that lost around the tune of $200k for one of his immediate family members in 5 years. Pretty much 90% of principal investment, can't imagine how that call went.
Those tests are crazy, one of the ones that make is works for Goldman in NYC. Perfect ACT/SAT, #1 in class, Harvard undergrad. He said they asked him questions like 153 x 5382 and he is one of those people that can tell you the answer in like 5 seconds. He also has perfect pitch and photographic memory. I think he's even rated as at chess or whatever.
The other one is a complete book smart idiot, except he can sell you a $0.50 for $10,000 if you give him 5 minutes to talk with him.
All those reasons above, is why I love learning about traders... such fascinating breed=)
Now next time I see you, I'm going to picture you being Matt Damon in Goodwill Hunting writing solving proofs on chalkboards, all while passing stress tests.
My goal is to end up at a university teaching, my "retirement job."
---------- Post added at 04:19 PM ---------- Previous post was at 04:18 PM ----------
Rh06 ftw!
I don't know why I was oblivious to your trading background! I am looking to get into trading. I have some small family connections that are trying to persuade me into trading commodities. Which is why I am reading basic books for it. I don't have a finance background or much to support my interest other than desire because it interests me. Next meet Jonas we may have to discuss a little further!
As far as the 60k I know the pit is becoming less common because everything is easily accessed through electronic trading but that may still be on the low end for a seat?
Sent from my DROIDX
yep proprietary trading firms...there are plenty of them in Chicago. You've described it well. Nice guys that end up being very successful in trading are very rare. Either they are geniuses (but 90% that I know can't handle the stress and break very quick). One of the traders i worked with flew in from Sweden. Very intelligent, but got into a bad position because of a very dumb move on his part that was due to not being fast enough, got loaded up with tens and thousands of shares immediately from multiple exchanges, had no lean to get out on, froze up, tried exiting in various exchanges as fast as possible, got flipped positions, excited in bad prices because he wasn't thinking since I'm sure all he was seeing was the big red $$$$, had stuck orders with NY specialists cause he wasn't fast enough in determining when to do things...ugh it was a nightmare. He was done. While others are the biggest assholes you will find. These guys will rip you to shreds if you are not careful, which is why they are so good....they don't care how much, or how poor they'll make the other guy, family or not, but they'll get what they want and that mentally works very well in this field. In fact, this is why I've seen more asshole successful traders than genius traders...and if you have both, watch out.
I don't consider myself near either of those personalities, so please I am far from Matt Damon Goodwill Hunting!!! I do think I am an ass sometimes, I'll admit it, but try not to be. It's a reason I married my wife because she is the most nice person on the face of this planet and a sweatheart. Most of my friends (and my wife knows) know how I am and after understanding how I can be but know on the flip side could be a best friend ever, will stick around, others that can't handle it just won't be around me I guess. I'm quick to judge and am never "fake" which for many doesn't work well since I will always say whats on my mind. no BS. My traits exist in recognizing patterns, being able to deal with pressures when lots of money is on the line (but it's funny...I get VERY nervous when a cop pulls me over), very quick and good in analyzing and getting in/out of trading situations, and have been fortunate to be taught by a select few successful veterans, and very competitive and motivated. If you are not competitive, forget it. If money doesn't drive you, forget it. If you rather take shortcuts, forget it. I've been fortunate enough to spend a few years with my boss at the Merc who now is in the pits at the board that taught me a lot and another from Dubai that I've worked with for a few years that you can't get out of any book, website, program, or anything else, and can't be taught overnight.
Nice work!
Did you really replace the hubs or do you mean bearings?
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Yes sir, Calvin said it was the last one he had.
Wow, nice GTSPEC aluminum belly pan? Welcome to
Yes sir
. I had to weld 2 nuts into the crossmember piece because my FX didn't have any attachment points for some reason. Bolted right on and is working great. Did an oil change through the removable ports on the pan over the weekend and installed a Kics magnetic drain plug. I tried posting pictures but I don't have 10 posts yet
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Forgot to mention that I replaced the drive belts with Gates Racing belts and installed the iSimple iPod interface for my girlfriend so she doesn't have 3 wires running everywhere to charge her phone, listen to music and play it through the tape deck LOL
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