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ubstrader_fx
Registered: Sep 2012
Posts: 21 |
09-13-12 03:49 PM
I'm a trader who started in the 90`s. Today I am making allot of money for my firm. While I have faults, I survived our 08/9 and dodd frank job cuts. I love my job, but in short-I have enough saved where I could easily work for myself.
I am curious about other people who have done this, and if they think it was a good choice for them. What did your firm and family think? Even though I am paid well, I am making way more money for the firm-even though they do give me allot of capital to work with.
Fortunately for me I have made no code for the firm, just descretionary trades. I suppose that means I'm a dinosoar. I bet I make much more than any one Python programmer.
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Ripley
Registered: Aug 2004
Posts: 2063 |
09-13-12 07:26 PM
Bank traders are just not entrepreneurs. 99% of the bank traders that I have known and went to trade on their own have either blown up, or killed themselves. But, the ones that do make it tend to be super successful as well.
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gmst
Registered: Jul 2011
Posts: 3696 |
09-13-12 08:31 PM
Quote from Ripley:
Bank traders are just not entrepreneurs. 99% of the bank traders that I have known and went to trade on their own have either blown up, or killed themselves. But, the ones that do make it tend to be super successful as well.
Interesting stat you quote of 99%. I would like to know if you are serious with this stat?
How many bank traders do you know who went on their own? After counting them, are you sure you will still say it is 99%? If you do know a lot of bank traders, in your experience, what are the factors that separate the successful from failures?
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Ripley
Registered: Aug 2004
Posts: 2063 |
09-13-12 10:27 PM
Quote from gmst:
Interesting stat you quote of 99%. I would like to know if you are serious with this stat?
How many bank traders do you know who went on their own? After counting them, are you sure you will still say it is 99%? If you do know a lot of bank traders, in your experience, what are the factors that separate the successful from failures?
I know quite a few of them from my time working on Wall Street. What I mean is that a significant majority of them have gone bust trading their own accounts and are back at a job. Trading for yourself is not something most people can transition themselves into and majority sadly underestimate what it takes before they take the plunge. That hunger, the vigor has to be there to chase after it and make it happen.
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gmst
Registered: Jul 2011
Posts: 3696 |
09-13-12 10:49 PM
Quote from Ripley:
I know quite a few of them from my time working on Wall Street. What I mean is that a significant majority of them have gone bust trading their own accounts and are back at a job. Trading for yourself is not something most people can transition themselves into and majority sadly underestimate what it takes before they take the plunge. That hunger, the vigor has to be there to chase after it and make it happen.
Hey Thanks! I was having a chat on the same topic with a buddy couple days ago. As you state, I agree that PL of a bank trader is not a great determinant of the future success as an independent trader - easily verifiable by looking at the high failure rate of ex-bank traders, who decided to go on their own (without a team).
There must be other more important factors at work here. I am curious to hear your opinion on those other factors. Apart from hunger, vigor - what else? This is a serious intellectual question to me.
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Ripley
Registered: Aug 2004
Posts: 2063 |
09-13-12 10:53 PM
Quote from gmst:
There must be other more important factors at work here. I am curious to hear your opinion on those other factors. Apart from hunger, vigor - what else? This is a serious intellectual question to me.
Maybe they could not implement the same strategies that they are able to trade while at the bank; and having all the resources of the bank such as the research facilities, and also having a risk manager looking over your shoulders etc. But, there are some real successful ex-bank traders out there as well, and you only tend to hear about the ones that do lose a lot of money.
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