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Author Topic: As a stockbroker, do you have to work on Wall Street to do good in the stock market?  (Read 64 times)
Cooper_Nelson
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« on: July 26, 2011, 04:34:24 AM »

As a stockbroker, do you have to work on Wall Street to do good in the stock market?
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Steve_D
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« Reply #1 on: July 26, 2011, 10:55:26 AM »

Of course not - most trading nowadays is done electronically (the NASDAQ has no trading floor) and stock brokers are located throughout the country (Fidelity and State Street, both of whom employ brokers are in Boston, Legg-Mason is in Baltimore, AG Edwards is nationwide).
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Ryan_M
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« Reply #2 on: July 26, 2011, 03:59:43 PM »

Of course not.  There are VERY successful traders in Chicago, LA, San Francisco, etc.
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A_nobody
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« Reply #3 on: July 26, 2011, 10:19:09 PM »

No you do not have to be on Wall Street.

There are more brokerage firms not on Wall Street than there are on the Street

With today's communications it is not important where a brokerage firm is located to make money in the markets
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drmark27
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« Reply #4 on: July 26, 2011, 10:28:25 PM »

A good stockbroker at least does well selling products to his/her clients.  S/he may have no idea how to invest in or trade stocks.
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Summer_Winds
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« Reply #5 on: July 26, 2011, 11:01:49 PM »

You can be a successful rich  broker raising chickens on a farm in the middle of NoWhere, Texas or sitting on your boat house in Puget Sound Washington.  All you need are the phones and on line connects that let you provide a service to let your customers buy and sell stock in real time.  There is no "do good in the market" for a broker.  That's because brokers do not care if the market is up or down.  Brokers make money all the time because they get paid a commission when their customers buy and they get paid a commission when their customers sell.

Now getting lots of customers who want you as their broker is a whole other story.
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The_Old_Guy
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« Reply #6 on: July 26, 2011, 11:06:41 PM »

Wall Street is considered those banks and/or /brokerage firms that deal in securities, so if you are working with or in securities you are part of "wall street"

However, you do not have to work on the physical street name Wall Street" to be a stockbroker or any other position that involves securities.   There are many brokerage firms in North America that are not geographically on the street named "Wall Street" but they are very much part of the Wall Street culture.

Many firms and stockbrokers do very well in the financial community and have been very successful in the stock market and yet have never been geographically on "Wall Street"
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