Phone Desk Wall
Phone Desk Wall
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Reminiscences of a Wall Street Market Maker
It all began on a brutally cold February day in 1993. I had interviewed multiple times at a small firm and finally got word from the head of the company, I was hired. At the time the word market maker or bid/ask were as foreign to me as German, French or Spanish. However, being hired on Wall Street meant money and clout. I could barely contain my excitement.
It is important to remember that this was a time when things were very different. Wall Street was a club of the elite. There were no computers pushing orders through using ECN's. It was big boys ruling the small. I did not have to know one thing on technical analysis or fundamental analysis, I just had understand my level II and have connections.
Certain market makers had reputations. What I mean by this is that market maker XYZ would be known for being long stocks and market maker ABC would be known for shorting stocks. As a market maker you would know this and seeing that market maker on the bid or the ask would alert you to the direction that stock was going. The direction of a stock was determined and is determined by the amount of money forcing it in a certain direction. Those market markers would use their hundreds of millions to force a stock in a particular direction.
As I mentioned earlier, being a market maker was an elite club. Most trades back then were done over the phone, not the computer. With the phone came a personal experience and market makers including myself were able to build close relationships with firms. As you talked to these other top players at other firms you would find out key information on whether they were buying 100,000 shares or 1,000,000,000. You would start to understand and connect with them and know whether or not their firms were forcing stocks lower or higher. As a market maker you could position yourself accordingly. As computers have become mainstream in the trading world, that connection is much less prevalent. It is harder to tell whether someone is buying 1,000 shares or 1,000,000,000. Computers allow the ability to hide ones identity and motives and size.
The firm I started working at was much like any fraternity. Those that were new had to start at the bottom and work their way up. At first my job was doing anything that the veteran traders needed. From answering phones to handling paperwork. A missed phone call meant the firm lost quite possibly thousands of dollars. The phones were always ringing off the hook. The job was grueling, market markers got burnt out and quit left and right or just could not handle the life style and were fired. Succeeding was all about adapting to the craziness and stepping up. The money was there but many could not meet the expectations required.
Very quickly I worked my way up to the assistant to the head trader. Being the assistant meant you were one step away from being an official market maker. Being a market maker was one of the most coveted jobs on Wall Street. If you were a market maker you had control of the firms money. This meant hundreds of millions of dollars at your disposal. With the title came huge money if you were able to perform. I was almost there.
As the assistant to the head trader I began to learn all the ins and outs of the job. I started to create and connect on the phone with the guys all over Wall Street. I found that your word was gold. As long as you were trust worthy and kept your word you were taken for it. However, there were certain guys who did not keep their word. That got around on Wall Street as well and soon enough they were outcasts. I stress the idea again of a fraternity or a good old boys club. The day finally came where I got my own box. Getting your own box meant you had the firms capital behind you and you were officially a market maker. I remember it as clearly as if it was yesterday. I walked into the office and made my way to my desk. On the keyboard there was a list of stocks. I looked the stocks over carefully, noting each one. These were the stocks which I would be making a market in. It basically meant that it was up to me whether or not those stocks would go up or down. I had full control. I was extremely happy but very nervous at the same time. This was the big leagues and I was now a pro player.
With this new responsibility came some negatives as well. The days of weekly paychecks were over. Now I was paid purely on performance. Making a market meant you had to be on the bid or the ask of those stocks throughout the day taking profits. If you lost money one month you would not be paid again until you overcame that loss from the previous month. I was paid as a percentage of my total profits. For instance, if my box grew by five-million one month, I would be paid a percentage of that total at the end of the month.
The first few months were mixed for me. I had some great months and some poor months. The key I found was to have the great months far exceed the poor months. Over time I developed my own style of making a market and did very well. My years as a Wall Street market maker taught me many lessons about the market and its underling functionality. The use of the computer for trading purposes has changed the way the markets work mainly by their ability to hide the key players. The fraternity of market makers is much less prevalent at present day though it still exists...
In 2003, I decided that I was going to trade for myself. Since that time I have traded my own money and have done well. In 2007, I had the opportunity to team up with two of the best traders I have ever met, Nicholas Santiago and Gareth Soloway. At that time INTHEMONEYSTOCKS was formed and as they say, the rest is history. The nineties was an exciting time to be a market maker on Wall Street! All the stories and lessons learned can fill numerous books. I hope to bring you more in the near future.
Source: Lou Cardinali,
www.InTheMoneyStocks.com
The Leader In Market Technical Guidance
About the Author
Lou Cardinali has worked on Wall Street since 1993. He was a major NASDAQ market maker for a prominent Wall Street firm. He worked in this capacity until 2003. While trading for this firm he earned his Series 7, 55, 62, and 63 licenses. In the year 2000 he won the Forbes 500 Stock Contest. He has been mentioned in Forbes as well as other publications. In 2003 he began to trade his own capital and consult for affluent individuals and hedge funds. In 2007 he decided to partner with his fellow traders and colleagues Gareth Soloway and Nicholas Santiago to form InTheMoneyStocks.Com.
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AT&T SB67030 Corded Desk Phone $247.99 1 3 4 lb 5" Use With DECT 6.0 Digital Business Phone System Supports a cordless twin extension or corded headsets Handle up to five calls simultaneously Corded desk phone is designed for use with an AT&T DECT 6.0 Digital Business Phone System that runs on your existing Ethernet network and connects to traditional analog outside phone lines. Desk phone can handle up to five calls simultaneously and supports a cordless twin extension. A 5" lighted display has context sensitive softkeys and on-screen help so you can use all of the features: three-party conferencing, Caller ID, 50 name/number phonebooks, call forwarding, call park, do not disturb, 30 minutes of voicemail storage, and speakerphone. Wall-mountable desk phone supports a cordless twin handset and cordless or corded headsets. AT&T AT&T Corp Black Cable Call Forwarding Conference Call DND (Do Not Disturb) Desktop Phone Book SB67030 SB67030 Corded Desk Phone Silver Standard Phone Voice Mail Wall-mountable Yes www.att.com |
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iCarly Desk or Wall Mounted Corded Phone With iCarly Stickers $7.99 For ages 4 and up, this iCarly corded phone can be mounted on a wall or desk and can be personalized with the included iCarly stickers! Featuring a slim design, this phone will be a hit with all the iCarly fans who follow Carly, Freddie and Sam! Type: Other |
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Viking Red Hot line Desk Phone. Each $179.71 Manufacturer: Viking Electronics. Each. Hot line Desk Phone Red Wall or Desk telephone with built-in Hot Line Tone or Pulse dialer. The line powered units will not dial on incoming calls, has nonvolatile memory (no batteries) and can be programmed from an |
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Man at Desk on Phone $24.99 Man at Desk on Phone - Photographic Print |
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TeleCraft SP198ID Speaker Desk Phone $38.47 FSK/DTMF Compatible Caller ID with Auto Detection. Displays Callers Name Number Date and Time. 62 Incoming Numbers Memories. 16 Outgoing Numbers Memories. 10 TwoTouch Memories. 62 VIP Numbers. PreDialing and Call Out. 20 Ring Tones. Hands Free Speaker Phone. Alarm Clock. LCD Backlight. Music On Hold. LCD Back Light. Flash Time Can Be Set. Long Distance Call Lock. Desktop Wall Mountable |
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Viking Red Hot Line Wall Phone, Red Wall or Desk telephone. Each $179.71 Manufacturer: Viking Electronics. Each. Hot Line Wall Phone Red Wall or Desk telephone with built-in Hot Line Tone or Pulse dialer. The line powered units will not dial on incoming calls, has nonvolatile memory (no batteries) and can be programmed from an |
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TeleCraft SP172ID Speaker Desk Phone $37.3 FSK/DTMF Compatible Caller ID. Displays Callers Name Number Date and Time. 12 Digit 40 Group Incoming Call. 12 Digit 9 Group Outgoing Call. 5 Real Person Ring 2 Polyphonic Music Ring 3 Group Alarm. Incoming Number English Voice Talking Function. 5 Local Area Settings 3 Out of Range Code Settings. 12 Digit One Touch Memory Settings. Tone/Pulse Dialing. Hands Free Speaker Phone. Flash. Last Number Redial. Music On Hold (8 Melodies builtin). Ringer Hi/Low. 3 Step Lock No Lock Lock 0 and Full Lock. Desktop Wall Mountable |
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Cortelco ITT3690BK Kellogg Centurion Basic Desk/Wall Mount Phone Black $44.81 Cortelco Centurion basic telephone. Streamlined directory card. Ringer volume control. Lineinuse indicator. Visual ring indicator. Hearing aid compatible. Fully modular. Tone/pulse dialing. Last number redial. Flash. Pause. Desk/wall mountable. 2 Year manufacturer s warranty. Black |
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Businesswoman on Phone at Office Desk $24.99 George Marks Businesswoman on Phone at Office Desk - Photographic Print |
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Businesswoman Talking on Phone at Desk $24.99 George Marks Businesswoman Talking on Phone at Desk - Photographic Print |
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Woman Talking on Phone at Desk $24.99 George Marks Woman Talking on Phone at Desk - Photographic Print |
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Argos Value Range Desk Phone $5.99 General information: EAN/MPN/UPC/ISBN: 5012786055335. Manufacturer's 1 year guarantee. Suitable for wall mounting. Recyclable packaging. Last number redial. Ringer volume control. 1 ringtone. Colour: White. By Argos Value Range. |
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Viking Electronics VKK1500PD RED No Dial Desk Phone $141.19 Use Dialless Phones for Ringdown Courtesy or Emergency Applications. The K1500PD (desk) and K1500PW (wall) phones features a standard wall or desk configuration with a builtin ringer. Both are available in two colors: red or ash. The K1500PD or K1500PW can be used on an analog PABX station port or standard C.O. line to receive calls. It can also be used with a dedicated ringdown circuit such as Vikings DLE200B to provide cost effective pointtopoint communications. If an automatic HotLine dialer is required the K 1900W2 (wall) and the K1900D2 (desk) HotLine phones are available. For similar vandal resistant applications the K15007 K17003 K19007 and K19008 are available Built in volume adjustable ringer. No dial pad. Hearing aid compatible amplified handset with volume control. Available in two colors: red or ash. Optional VE9x12 or VE9x20 weatherproof box. Applications. Ringdown phones. Pool phones. Catalog sales. Kiosks in malls. Courtesy and customer service phones. Automated tellers. Security and emergency phones. Point to point communication when used with the DLE200B Line Simulator. |
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Viking Electronics VKK1500PDAS ASH No Dial Desk Phone $141.19 Use Dialless Phones for Ringdown Courtesy or Emergency Applications. The K1500PD (desk) and K1500PW (wall) phones features a standard wall or desk configuration with a builtin ringer. Both are available in two colors: red or ash. The K1500PD or K1500PW can be used on an analog PABX station port or standard C.O. line to receive calls. It can also be used with a dedicated ringdown circuit such as Vikings DLE200B to provide cost effective pointtopoint communications. If an automatic HotLine dialer is required the K 1900W2 (wall) and the K1900D2 (desk) HotLine phones are available. For similar vandal resistant applications the K15007 K17003 K19007 and K19008 are available Built in volume adjustable ringer. No dial pad. Hearing aid compatible amplified handset with volume control. Available in two colors: red or ash. Optional VE9x12 or VE9x20 weatherproof box. Applications. Ringdown phones. Pool phones. Catalog sales. Kiosks in malls. Courtesy and customer service phones. Automated tellers. Security and emergency phones. Point to point communication when used with the DLE200B Line Simulator. |
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Blue iStand For Cell Phone $5.99 Suitable for Apple iPhone, iPod, cell phones, MP3 players and other small handheld devices. With a suction cup on one end for sticking firmly to the back of your device. Stands your device on a desk at your desired reading or viewing angle. Lets you hold your device in hand comfortably. Can be easily attached to and removed from your device as many times as you like. Great for use at home or in the office. Made of silicone. Color : Blue |
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Black iStand For Cell Phone $5.99 Suitable for Apple iPhone, iPod, cell phones, MP3 players and other small handheld devices. With a suction cup on one end for sticking firmly to the back of your device. Stands your device on a desk at your desired reading or viewing angle. Lets you hold your device in hand comfortably. Can be easily attached to and removed from your device as many times as you like. Great for use at home or in the office. Made of silicone. Color : Black |
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Pink iStand For Cell Phone $5.99 Suitable for Apple iPhone, iPod, cell phones, MP3 players and other small handheld devices. With a suction cup on one end for sticking firmly to the back of your device. Stands your device on a desk at your desired reading or viewing angle. Lets you hold your device in hand comfortably. Can be easily attached to and removed from your device as many times as you like. Great for use at home or in the office. Made of silicone. Color : Pink |
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Purple iStand For Cell Phone $5.99 Suitable for Apple iPhone, iPod, cell phones, MP3 players and other small handheld devices. With a suction cup on one end for sticking firmly to the back of your device. Stands your device on a desk at your desired reading or viewing angle. Lets you hold your device in hand comfortably. Can be easily attached to and removed from your device as many times as you like. Great for use at home or in the office. Made of silicone. Color : Purple |
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Panasonic One Line Desk/Wall Phone Integrated Telephone System, White. Each $23.85 Manufacturer: Panasonic. Each. One-Line Desk/Wall Phone Distinctive Rings LCD Display 3-Line Memory Presets 50 Redial/Pause/Flash Speed Dial Stations 10 Conferencing 3-Way Call Waiting/Caller ID Both require subscribing to local telephone company services |
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Panasonic KXTSC11W OneLine Desk/Wall Phone Corded White $40.63 Classic design makes this phone look great in any room. Crisp clear sound lets you enjoy long conversations without missing a word. 50number phone book allows you to store your most frequently called numbers while the 20number redial allows you to easily resume interrupted conversations. Integrated data port eliminates the need to switch phone lines back and forth when it s time to check email or send a fax. Bilingual LCD menu makes setup easy for nonEnglish speakers. Answering System: N/A; Lines: 1; Telephone Type: Corded; Caller ID/Type: Standard Display. |
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Crosley CR62 Desk Phone $54.99 1 90 CR62 Desk Phone Telephone Handset with Handset Cord Telephone Body Line Cord Crosley Radio CR62 The Kettle classic Desk Phone brushed chrome is an interesting example of the gradual evaluation made from function to form. Authentically style replicas pay homage to some of the most famous design in history. CR62 Desk Phone is a conversation piece in any setting. Black CR62 CR62 Desk Phone CR62BK Cable Crosley Crosley Radio Corporation Desk Mountable Flash Pulse/Tone Redial Standard Phone Volume Control www.crosleyradio.com |
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Ay Desk/Wall Sml $16.99 AY DESK/WALL SML |
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Man on Phone Sitting at Office Desk $24.99 H. Armstrong Roberts Man on Phone Sitting at Office Desk - Photographic Print |
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Businessman Sitting at Desk, Talking on Phone $24.99 George Marks Businessman Sitting at Desk, Talking on Phone - Photographic Print |
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Man Sitting at Desk, Talking on Phone $24.99 George Marks Man Sitting at Desk, Talking on Phone - Photographic Print |
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Cell Phone Signal Jammer With Remote Control $189.99 Features : Disrupts signals from CDMA (851-894 MHz), GSM (925-960 MHz), DCS/PHS (1805-1880 MHz, 1805-1990 MHz) and 3G (2110-2170 MHz) networks. Blocks cell phone signals within 2 - 50 meters. Maintains silence by preventing phone calls from getting through. Suitable for use in cinemas, libraries, lecture halls, reading rooms, religious ceremonies, cathedrals, ICUs, operating theaters, etc. Indicator lights show operation status. Specifications : Typical coverage : 2 - 50 meters RF output : 35dBm Power consumption : 40W Dimensions (W x H x D) : 231mm x 100mm x 21mm Weight : 1.5kg Package Includes : Cell Phone Signal Jammer Antenna x 4 AC Charger Remote Control (with CR2025L Button Cell) Wall Mount Screws |
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Viking / No Dial Desk Phone - Ash / K-1500P-D-AS $105.79 Viking - No Dial Desk Phone - Ash - K-1500P-D-AS |
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Viking / No Dial Desk Phone - Red / K-1500P-D $105.79 Viking - No Dial Desk Phone - Red - K-1500P-D |
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Viking / Hot line Desk Phone - Red / K-1900D-2 $165.6 Viking - Hot line Desk Phone - Red - K-1900D-2 |
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ITT / 250044VOE57MC - Cortelco Desk Phone / 2500-VOE-MC $33.95 ITT - 250044VOE57MC - Cortelco Desk Phone - 2500-VOE-MC |
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Telematrix Retro Desk Phone ASH 26009 $75.39 Telematrix Retro Desk Phone ASH 26009 |
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Viking Hot Line Desk Phone ASH K1900D2ASH $168.15 Viking Hot Line Desk Phone ASH K1900D2ASH |
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Viking Red No Dial Desk Phone K1500PD $103.75 Viking Red No Dial Desk Phone K1500PD |
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Paramount 1950 Desk Phone Black 1950DESKPHONEBK $35.33 Paramount 1950 Desk Phone Black 1950DESKPHONEBK |
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Viking Red Hot Line Desk Phone K1900D2 $168.15 Viking Red Hot Line Desk Phone K1900D2 |
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