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Chapter Four
Getting Started |
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Increased Need For Training |
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In the past years, the number of DAET traders has grown exponentially. A by-product of growth is additional competition among DAET traders as well as increased market-maker efficiency, which keeps the market makers' quotes in line and counters DAET order flow. As a result, new candidates entering the DAET arena must be well trained. |
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The fortuitous training of years gone by, when a student could simply look over the shoulder of an experienced electronic day trader, no longer provides sufficient skills to allow a new trader to successfully compete in today's environment. You have to truly understand markets and the psychology of trading. |
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Without proper training your chances for success at Direct Access Electronic Trading are greatly reduced. Even former market makers from major Wall Street firms have found how difficult DAET can be without the necessary training and background. DAET differs from the type of trading done by market makers, which historically make most of their money by working against customer orders. DAET traders, on the other hand, make their money by identifying trends, capitalizing on the spread, and acting quickly to participate in opportunities. |
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When Charles Darwin sailed on the voyage of the HMS Beagle in 1857 and published his Origin of the Species, he espoused the law of natural selection in which the smart, |
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