To: Bilow who wrote (156 ) 7/27/2000 10:21:50 PM From: LPS5 Respond to You're muddying three separate, and very distinctly different careers: the dealer (market maker); the proprietary trader (order entry firm, registered); and the independent daytrader (unregistered, w/own money). While the practice of intraday trading may be - and is - common to all three, the manifestation and business environs of each are typically very different. Trainee wages, both at [wirehouses] or at...daytrading firm[s] are low, around $12000 per year or so. For months the trainee does "gofer" activities for the real traders. At first he is expected to simply adjust to the environment, one typically with large amounts of noise and information. Then he might read the wire news on the loudspeaker, watch for size on an INCA workstation, or provide other services for the traders. If [a daytrader] doesn't like the deal he is getting at the firm he is trading at, he can easily pull up stakes and go to another. You can expect to keep something like 3/4 your profits (calculated after commissions), with the remainder retained by the firm.
