The company is Ameriprise Financial. The main reason that this seems so attrative to me is because I can start trading when I'm in school. I am a realist, and everyone has told me that I will lose money at first, but I figure that if I start doing small trades for the first few months just to get a feel for what I'm doing. They way my recruiter described the job to me is that I only need to make a couple of cents on each trade in order for it to be profitable. Also, I am splitting the commision 80/20 with Ameriprise, so wouldn't it be in their best interest for me to do well? I'd like to thank all for posting your opinions, I truely appreciate it.
did they also mention the software fees, date feed youll be paying on your small trades. if you have 5g to blow go for it, otherwise take an entry level job save up some cash and go for it.
They did not mention any software fees to me, just 20% of my earnings and a flat rate on all my trades (can't remember offhand). OK I'm glad I posted because now I am becoming more aware that there is a good chance to lose my money. They never gave me the impression that I was going to lose my money, more like "you'll work a couple hours in the morning and make a couple hundred bucks" and then go to class. I now realize this is very unrealistic.
You should get some experience before working the prop route. With 100K, it is hard to make a comfortable living. Take an job first and learn the ropes before putting up your own money. Prop trading will always be there for you to do.
Ahhh, to be young again. You made me think back to October 1987. It was not a happy holiday for wall street after black monday. Things were bad. I picked up a newspaper and amidst all the "we're doomed!" stories, I read about some guys with wierd names I've never heard of making fortunes overnight. I was hooked. Later in my 2nd year of law school (1989), I left to start my trading career full time. I took all my student loans, lunch money, girlfriends money and any other form of currency to my newly opened trading account and began trading. The rest I'll make it short... I am built a certain way by mother nature. I HAD to be a trader. It was my calling and there was nothing that could stop me. If you have such a calling, do it - cuz nobody's going to able to tell you otherwise. If not, then spend the next ten years learning. Then when you learn everything you think you need to know, invest your money with someone who has been successful for at least 10 years. I don't mean to joke, but consider only 5-10% (at best) make a decent living from trading. Do you at least have the drive to go up against the 90%? Mind you the 90% ain't shmucks neither. Good luck in whatever you decide.
Even if I do not do the prop trading thing, I will definately start trading options to get a feel for the market. I love the stock market and I love the idea of being a trader. Do you know of any literature you think I should read?
Reminescences of a Stock Operator by Jesse LeFevre Get the paperback, then you can carry it with you. I must've read that book a hundred times and I still learn from it when I pick it up. It's about a young stock trader, nicknamed the "boy plunger", who goes on to become a legend. Although the nickname can be a bit unsettling if read the wrong way :eek: , it is by far one of the best books out there. It reminds us that markets never change because people never change. It's still mandatory reading at many top trading firms.
dammit yer gonna make me reply. lol If you read into Livingston's life, there are those who believe that Edwin LeFevre was actually Jesse Livingston who is of course really Jesse Livermore. After a while, we started calling the author by Jesse LeFevre at our firm. But you are absolutely correct! The author's name on the book is "Edwin LeFevre". Making me feel old again...arghhh. Btw, he blew his head off, supposedly a poor man. :eek:
"unllimited amount of earning potential really wants me to become a day trader." my ass. The average prop trader going in with zero experience makes squat. You'll be lucky if you can pull out 1000.00 a month. And that's on a very good month.