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Hello all, Just checking in. I am,as I said VERY new to the game. I have not traded anything yet...ever LOL. I am still in the learning/research phase. I have, and still am,reading through the reference section and past posts. I am getting a lot of questions answered already. I am "practicing" on the VSE marketwatch game,and from what I have gathered so far,I have some reading to do. Advanced apollogies for dumb noob questions that will flow from me like a floded river,but I want to learn,so I have to ask. That is all....for now.
-------------------- If your going to swim with the bulls and the bears,you better watch out for the sharks Posts: 4 | From: Ponte Vedra beach FL | Registered: Oct 2007
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The market is very choppy right now. Not to discourage but it's not to great for newbies right now. You're doing the right thing by watching. Maybe practice with a paper account. The MM's (trading floor guys) haven't been giving away much in penny land this year. And understandably so. The dollar is low. Gold & silver at new highs. Lackluster economy. The list goes on.
As such, the MM's are playing things close to the vest and playing every card they have to stay on top. Remember, these guys hafta pay $17,000 PER DAY for the "privelage" of working on the trading floor. And that's before they make one cent in profit. That said, I only have about 7% of my total portfolio in BB stocks and maybe 1% in pink sheets. Remember, most pinks are scams so trade accordingly and do your homework.
all the best
Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006
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Never, and I mean NEVER, trade the latest "hot stock pick" from any site. These are boiler room pump & dump scams that lure in suckers at the top of a run and take your money by shorting the stock when it falls. The guys on the floor can short penny stocks (make $$ when the price falls). You and I can't! Remember, the MM's are after YOUR money. And they have more ways to make it than we do in pennyland. If your going to play pennies I suggest buying shell stocks only. To lengthy to explain here but they can make you a fortune if they are bought out (R/M). Do some research and google shell stocks for more info.
good luck
Posts: 669 | From: Gouldsboro, Pa. | Registered: May 2006
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I think he's basing on a $6million price for a seat on the exchange. The number sounds familiar, but I don't know if it's accurate.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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quote:Originally posted by PCola77: I think he's basing on a $6million price for a seat on the exchange. The number sounds familiar, but I don't know if it's accurate.
out of his imagination is more like it. the NYSE doesn't have 'seats' anymore. after the merger with ARCA they switched to trading licences which are only about $50,000 per year. of course any joe blow can't just walk in and get one. don't know how much nasdaq fee's are.. 17,000 per day is ridiculous.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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Metal, what's the arrangement for someone who gets hired to trade for a market maker firm? Do they get *any* salary...or it all depends on their executions?
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trading for a firm you generally get a salary (sometimes salary is a draw on profit) plus trading profit bonus.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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