College surfing

This is some superb shiiite right here. Truly. It's pretty much nearly-exactly where my mind was at when I ditched The Street.

 

God, I have two standing job offers If I ever want to return to CA. One for my old company in San Diego. The other is to work for my wife's uncle up in Malibu doing the wall street thing again. He was VP at LPL Financial in La Jolla when I lived out there. He took a huge gig up in LA and has a castle in Malibu now. I was no wall street mogul like yankee, but I worked for Alex Brown (The Deutsche Bank) and Merril Lynch. I quit Merril Lynch in 2004 because I went from a Network Technician to being dragged into the financial side, doing my series 7 and all that. But the job was crushing my soul. Not because of losing or gaining other people money, it was just a rat race. Our advisers were in at 4am and would leave at 1. I would come in at about 7am, because I worked directly with the VP of the SD Branch. I was supposed to be able to get out every day around 4pm. 4pm turned to 5, then to 6, then to 7. For a whole winter, I missed too many opportunities to surf and the days got longer, all with the promise of the HUGE bonus.... The money was nice, but I wasn't balling out, taking private jets. I was getting a good salary and great bonuses. But I was miserable....

I think you have to get over the hump, make some serious money, and then it's whatever. My direct boss there was a surfer. He surfed EVERY MORNING in La Jolla. But he would waltz in at 9am, talking about the surf and I wanted to gut him like a pig. Showing me his mansion and all his toys, giving me his "This will all be yours someday boy" speech. Sounded good at the time. This guy bought the mansion in front of his, just because it was for sale and he was afraid that if someone did renovations, it would affect his ocean view.

And it wasn't wall street that screwed over america. It was the government. The goverment lined their pockets that entire time as well, and they let the bastards off the hook. ALL OF THEM. Merril Lynch Tanked, from what I heard, BOA owns them now. The power just shifted around a bit, guys couldn't buy their 16th home for a few years and everything is back to normal....

 

Damn it... You guys are crushing my dreams...

Still though, as of right now, this is where I am headed. I guess I'm going to have to make my own mistakes, and learn things the hard way.

P.S. Yankee, I still want an answer to my question.

 

Hey, my wife asks me all the time, Do you regret not working for my Uncle, or quiting Merril Lynch, and of course I say, no, no regrets.... But that is not all true.

The money was GREAT. Dude, if you are making an honest living and stacking money. Keep doing it. It sounds like you have a good thing going right now and you can expand for yourself. It's only when you are required to start working for some other entity and with everyone elses money, where the hours get nuts and the stress gets unbearable.

Its like any business. My next restaurant start up I do, I will get a private investor or go through a bank. I have people in my family and my wife's family that offer to help invest in some of these restaurants. I always thank them but say no. I explain to my wife, I have no problem having to deal with a bank, and paying back money I owe over the next decade. I am NOT comfortable accepting money from family or individuals, to which I could potentially owe money to that I cannot return in a prompt fashion.

But seriously bro, if the money is good. Keep doing it. It's not like you are selling drugs to kids. You are day trading like everyone else in the world. If you are good at it. Keep doing it. I just think there is a middle ground, that is filled with stress and hard work once you enter the wall street world working for a huge faceless organization. Then it all comes down to numbers and you become only as good as your last trade. What can you do for me TODAY, not what have you done, and in the blink of an eye, you can be swept away...

Keep doing it your way. Control your own life, bank most of the profits you are making and reset your investment level back to the same, controlled, safe level. Same thing I do when I gamble. If you are winning, you bank everything and still attack with control and safety. You don't triple your money and then go all in. You move quietly, calculated and safe. Keep cutting your profits out, banking it, resetting to your safety net and building back up. You will always be in the green that way, as long as your expenses and lifestyle don't get out of control.

 

damn dude I feel for u,u worked for merril lynch and now ur on here lol?stay in school children

 

Ceppy, you're like all those sharp-as-hell traders who I knew on the Street, they'd graduated (sometimes) from places like from New Utrecht HS & other places way out on Staten Island: funny, man, funny.

 

Talk to The Seen before you decide to roll south, spicoli brah

 

Ok, so it sounds like you're day trading. Correct me if I'm wrong.

It's been pretty easy to make money the past 5 or so years in the market, no offense, it is what it is & it's been a rocket ride for equities. So, good to hear that you're making some chips.

You're at an automatic disadvantage, being where you are (read: 'Flash Traders'). But, no matter. Your stated volume wouldn't be a factor if you were in Weehawken or VB, so it's cool.
Question: why are you paying per share when you can chunk in tens of thousands of shares (penny stocks, for example) for one flat rate with the online brokers? Unless your timeframe is seconds (being a day trader), ok I get that.

I don't have much time to watch the markets, and I'm no longer trading futures. Novices are enthralled by futures because they see the massive upside potential for stunning profits; problem is, they don't acknowledge that, unlike with equities, there's no bottom in futures trading - - if that puppy turns the other way on your position, it can get incredibly, unfathomably ugly before you can say Angeline Jolie used to have great tiiits.

I built from scratch, and currently run, a coupla companies. Ergo, I have little time for trading. But, this year there have been so many opportunities in the markets. It's been plucking candy. I've just been diiicking around with some stocks this year, through May closing I'm up $200k with no losses, zero. Did that with the spring spike in the weeders, as well as NVO, UA, SD, AAPL & others. The weeders have had a heckuva year. We'll see what the election hype does for them in the next 60-90 days.

To answer your direct questions: I started at the bottom. History major from a very good NY university, aggressive varsity athlete, grew up poor and knew I didn't want to be poor, saw The Street as a route to international travel & money, both of which I wanted. Researched my companies. Mailed letters. Yeah, letters; no email in those days. Pulled an interview with an executive VP at a very good commodities trading firm. Got the slot. Made $13k a year plus benefits.

They started me as an order taker / broker's assistant, totally low level, on an overnight currency & precious metals trading desk in White Plains, NY. 11pm - 7am. In the morning, I'd stay over past my shift. That was all my doing. I wanted to learn. I very badly wanted to run with the big dawgs. Asked a senior trader if he would be ok with me sitting by him & asking questions. And thus found myself a 'rabbi' - - critical in trading. (aka mentor) Go home, sleep during the day if I could, go back in the evening & do it again.

Made some connections. Including the California traders. Guy outside of San Diego, owned a huge ranch, gorgeous blonde surfer girl trophy wife, perfect existence. He traded silver & gold all night long. And he grew &sold marijuana by the tonnage during the day. Had acres of it in his almond groves. Camo netting to keep the fed choppers confused. I know this because I rode my motorcycle down the PCH & stayed a few nights.

I digress.

Made connections through talking to clients who would call in to the overnight trading desk. Went to Commodities Corp in Princeton, NJ.
http://en.wikipedia.org/wiki/Commodities_Corporation

Got to know Louis Bacon. Paul Tudor Jones. http://en.wikipedia.org/wiki/Paul_Tudor_Jones

Kovner.
http://en.wikipedia.org/wiki/Bruce_Kovner

Met Samuelson a coupla times but didn't know him well.

Overnight desk again. It was there that I'd talk with Bruce Kovner every night, as he worked his intricate currency spreads for his Caxton outfit. Occasionally he'd share with me his m.o. Friggin guy was spooky & incredibly talented. He made so much money. Unreal.

Made another connection on the overnight desk at Commodities Corp.

Hooked up with the Cali guru, ex-Providence, RI, master trader, Michael P. Marcus. Departed Princeton for the west coast. Went out to Malibu & received my life degree in financial trading & a lot more.
http://en.wikipedia.org/wiki/Michael_Marcus_(trader)

The relationships between various financial instruments; how to work a market; how to, yes, manipulate the world price of gold & silver (statue of limitations is up on that one, SEC); and a crapload more lofe lessons.

You're a lone wolf, my friend, and you're doing well. Kudos & props. I'd be going about it from another angle, though, if I were in your trading shoes. Not criticizing, just making an observation. If I'm you, I'd seriously consider getting a position with a firm in NYC, on a trading desk or investment desk or whatever it is you're seeking to do. It's incredible, invaluable experience that will enable you to break out on your own, if that's what you want to do, and be very confident in managing money.

Now, if you'll excuse me I just saw a white van race by with Florida CPS in hot pursuit. I think that I can assist those CPS guys with waynetheinsaaaane's rantings on SI Forum, which may lead them to bust his warped & sketchy arse.

 

Ah, the modern state of surfing.............

Kids, remember, when you're 40 or 50 or 60 - whatever the age is that you start realizing it's coming to an end - and you look back at your life, do you want your memories to be of high-powered office meetings and 14 hour work days? Coming home to screaming kids and a nagging wife? Having to suck-up, kiss arse, and play by their rules? (Wow I sound like MIS13)

Or do you want to look back at a life of cheap vodka soaked nights and mid-morning, empty surf sessions? Running from the police on city streets by day, and passing out on the beach at night? Being broke, but winging it just for the adventure?

"In life one must choose between boredom and suffering" (Germaine de Stael)

Remember, Johnny Utah finally saw the light, and threw his FBI badge out on the beach on that historic Bell's day. The Bhodizatva may have been a robber, but they never killed his spirit.

Will you guys follow the 50 year storm, or will you watch it on CNN on your way to work?

And before all you stock traders start getting offended and start yappping: This wasn't an insult to those who choose money. We all have our choices to make. There's pros and cons to everything, and every choice leads each individual to different ends.

 

So true.

Johnny Utah mmmmm Too bad surfed like a kook deal breaker

 

No, we never saw Johnny surf after his learning period.

Rumor had it that by the time of the 50-year-storm Johnny was the barrel king of El Porto, destroyed every close-out at the Manhattan Beach Pier, and ruled Topanga when it was on. Johnny was an enigma.

 

Find the best of both worlds: a reputable school with programs you're interested near some half-decent surfing. It's important to go to a school that has other things to hold your interest outside of cramming in the library for ten hours a day. If you're not near something your passionate about with the outdoors, you'll just start doing Molli, listening to to dubstep all the time instead and nobody wants that.

P.S. If you're an active kid, I highly recommend finding a job experience sooner rather than later that allows you to sit all day long in front of a computer screen with minimal physical human interaction. It'll be an eye-opening experience for you either way and you'll rethink how you want to spend most of the next forty-five years of your waking-life.

Godspeed.

 

After tossing his badge, Johnny Utah flew home and became a mall cop at the Galleria. A few years later when the Red Hot Chilli Peppers got paroled he had go into hiding. So he moved to the OC where he took up SUP'ing at San O and filming sharks with his GoPro.

 

A common misconception is that Trestles and San O are in Orange County. Both surf spots and beaches are in San Diego County....

I always like to throw that in there, since the OC stole that claim years ago, and I seem to be one of the only people that cares. San Clemente can not claim a wave that resides in a different County. When you leave trestles and head north on the 5, you will see the "WELCOME TO ORANGE COUNTY" sign about a half mile north of the bridge. And heading south bound from LA, you see "WELCOME TO SAN DIEGO" about 1/2 mile before the trestles parking area

Just FYI.

 

Aqua Meg, that was a pretty good line aboot the Chilli Peppers. Kudos.

 

Good job getting good grades and working hard in high school. I am also from NJ and went to UCSD. I spent a lot of time at UCSB. I can tell you that if you want to surf everyday San Diego is the spot. SB gets good in the winter but it's inconsistent. Rincon is half an hour away which is the best wave ever so that's a plus for UCSB. But UCSD is a walk from Blacks which is the best wave in San Diego. San Diego is also the best place to go to school. It is a beautiful metropolitan area and UCSD is right in the middle of it. You should know that UCSD is known for being socially dead. However, it really is what you make of it. I wouldn't trade my time there for anything. I had very comparable grades to you so I would imagine you can get into any of those schools.

You should also look into Point Loma College of the Nazarene. It gets a bad rep for being really religious, sort of like Pepperdine but I know a lot of completely normal kids go there and have a great time. It is literally overlooking Sunset Cliffs which is one of the most beautiful places in SD and one of the best waves. However it seems like your grades are too good to go there.

You have incredible grades and UCSD is definitely the most challenging school of any school in the nation that could be considered a surf school. Plus it is walking distance to one of the best and most consistent waves in the nation.

 

If you haven't read them check out Market Wizards and New Market Wizards by Jack Swager(sp?). Great interviews with many of the worlds top traders. It's been a while since I've read them but most if not all of those guys Yankee is talking about are interviewed.

 

Man... My respect level for you has gone way up Yankee. I'm totally going to read that Marketing Wizards book, and a bunch of other books on the MPM wiki page.

And yes, I realize that I'm probably not going about this trading thing in the best way possible. To be completely honest, I pretty much have no idea what I'm doing. I don't know how a tell if a company is overvalued, don't really how to analyze a company at all , blah blah blah. What I do understand is how to read candlesticks and order flow charts, and know when to pull the trigger. I know to look for stocks trading at a high volume, with a big bid-ask spread, and trade that sucker like its going out of style.

As for why I trade based on a share, because at this point its cheaper for me. The standard rate is 8 bucks a trade. Thats 8 to buy, and 8 to sell. For me, who typically makes over a hundred trades a day, that is some serious dough to fork out. I use IB (Interactive Brokerage), and the commission is 0.004 cents per share.

Anyways Yank, I appreciate your input and your story is pretty amazing. If you have any more advice for a young buck like myself, or anymore stories to share, please do.

 

HEY !!!

Go read Forbes and move to Manhattan mothertrucker.

This site is for losers who surf. Go be productive and boost your ego with your material goods somewhere else.

F'ing white people, man. I can't stand "them."

Go back to Europe.

 

This. Right here. Why we adore 'Our Billy.'