Probably a bit more complex in trading but the same idea. Personally I can't see a reason in the world for poker bots to be outlawed.

Very similar. A lot of what I do in arbitrage is the same basic premise as sports arbs but the scale in trading is way way way larger because the markets are so much bigger. Arb trades come and go. The really good ones never last because they get arbed out and there is no edge to it anymore after everyone catches on. But they keep inventing new contracts and etfs and new opportunities pop up all the time. Just gotta ride as long as you can and keep looking for the next one.

hapa / others,

Obviously to a nontrader that setup looks ridiculous, but realistically, why isn't it standard? The cost of 24 or even 100 monitors to any profitable trader is chump change, no? And the luxury of not having to replace graphs on screens has not be at least somewhat useful it seems.

Good question. While I do think the particular setup I've linked is very impressive visually, in terms of discretionary trader performance, the utility gained from number of monitors is, I suspect, highest between 2 and 8. You only want to use as many monitors as you are comfortable with. I believe for discretionary traders, it's actually possible to have TOO many monitors where you'll suffer from information overload and performance potential will be negatively affected.

The setup I've linked, as described by the poster, included 24 lcds, with voice activation for order entry, and 2 full time traders watching over the system. If I recall correctly, trade signals were automated; the system was trading equity options.

This sounds about right. I use 4 monitors on 2 computers (2 monitors each) and a laptop for other stuff. A lot of the stuff I do doesn't take constant supervision though as long as it can be seen when needed. On 2 monitors I have my charts and stock/option trading software and on the other two I have my commodities trading screens.

A lot of traders get by with just a laptop with some basic charting software and MS Excel.

It depends a lot upon your timeframe and trading style. I think a lot of guys with all the monitors perpetually flickering red and green with each tick become mesmerised.

It must be like sitting in front of a huge one-armed bandit all day.

instead of starting another thread, I thought it'd be appropriate to post here: what are some of the best books to read about option strategy and general option trading?

and, what is the appopriate attire for a professional trader.

Interestingly all of my options books are very old, very basic and probably not the best out there. Some of the options authors I have seen mentioned here time and time again are McMillian, Hull and Natenberg. Probably all will tell you what you need to know. My initial training was a series of videos by Shelly Natenberg and although I haven't read his book I am sure it's top notch.

The boxers and t-shirt that you slept in that night.

When I was on the floor there were 4 rules. No jeans, a collared shirt, socks and a tie. Most guys dressed pretty sloppy as it was a physical environment. Comfy shoes, khaki type pants and a golf shirt. Golf shirt looks stupid with a tie but its comfortable.

In my office there are no dress codes. Shorts, tshirts and sandals are fine although I typically wear khakis and a golf shirt.

ooooooooooooooooo

no whaley or stoll??????

they were both my profs in grad school

I'm not knowledgeable of trading, this question will probably show, but

Why not trade your own bankroll, and exponentially grow? Why aren't you a billionaire?

I assume the problem is scalability? If so, how much do you think you could make before running into scalability problems?

Already asked and answered but basically a lot of the arbitrage and more sophisticated trades I do require the resources and relationships of a firm.

Why aren't you

Do you consider yourself a daytrader, swingtrader, long-term holder? By that, I mean, does your average trade (from purchase to sell) last for seconds, minutes, hours, days, etc...???

where's the best place for a newb to look for information on trading?

All of the above. Some of my trades are very long term, some medium term and some pure short term noise. I'm involved in a lot of different things and they each have different styles and strategies.

Read. I have referenced a few books in this thread and there are lots of book threads on this forum. One thing there is no shortage of is trading books.

My brother is into options and on paper he does great but when it is real cash he breaks even or looses slightly. I feel when its not real money no emotion and on paper more trades.

Any books you could suggest to help or buy him for Christmas?

what are important qualities to make a good trader?

Im thinking about applying to several day trading firms when I graduate in December.. Any advice on cover letters, resumes?

tips on things they will want to hear? (the one post i saw even wanted the applicant have online poker experience and video game experience woot

Options can be tough to execute well even in the real liquid stuff and that "may" be part of his problem. As far as books go it depends. Some of the more entertaining ones are Market Wizards (I and II) and Reminisenses of a Stock Operator. For more detailed trading or trading psychology books there are a million of them.

Discipline, courage and common sense.

No idea really. I have been removed from that aspect for years and most of the guys who come into our shop have experience of some type.

I walked around on the CME trading floors yesterday. Pretty nuts, especially at the close of what I think was the hogs or live cattle pit.

Stood over the ND and ES pits as well, those people are all crazy. It looks like a lot of them just arb what is shown on a monitor (the electronic trading/prices) and what is going on in the pits. If that's the case why is there even any pit trading any more? Did you, or anyone you know, trade on the floor? What did they think of it?

How stable is your income? Do you have down months?

What is a typical gains/losses ratio for a month?

eastbay

The pits are dieing fast if they aren't already dead. Some customers still prefer going the the pit though I think? Also options are still primarily traded in the pits due to most of the orders being complex spreads which doesn't lend itself well to computers (yet!). I still know plenty of guys trading options on the floor.

There is variance to be sure but my income is fairly stable. As mentioned I do a lot of different things. The options stuff I do probably has the most variance. My arb trades have very little variance other than how often they trade and my speculative scalp trading is very stable.

I rarely have a down month. About one a year and those are typically very minimal. Some of the stuff I do is seasonal too and that means certain times of the year are better than others.

Really hard to say since I do so many different things. On my scalping/day trading I typically only have 4 or 5 down days a month and they generally aren't too painful. The arbs always make money (eventually!) and the option portfolios are largely market dependant. The positions are put on and monitored but not exactly actively traded unless something needs to be rolled, profits taken or losing positions puked. There are minor adjustments almost daily however. They are more strategy trades than active trades so a lot depends on what happens from week to week and month to month. In the long run they work out fine although they do carry higher variance than the other stuff I do.