Your goal should be to get the firm to give you 10 million to trade with, then hit the 40% a year mark, and collect your 1 million dollar salary. Once you have 1-2 million in the bank in cash, leave and trade for yourself.
you get 25%? what does the fund charge clients? 50% of pnl? Most funds dont give traders more than 10% of pnl and its lower for trading at banks.
thanks Rosy2, that was the kind of answer Iwas looking for. And yes the fund charges 50% and no mgmt fee
Yeah, but overall comp at an IB is going to be a lot better than the 100k he mentioned (if I understand him correctly). A solid execution or sales trader should easily be making 500-1000k pa. Suss
Your firm pays for your living/vacation expenses plus an office in the Caribbean during winter months with all the autonomy you want. Plus, you get 25% of gross. Tell me. Would you ever break something that's not broke? If I were you I'd continue to work at the firm and GRADUALLY ask for an increase in your payout %. They'll have to abide, otherwise they know they'll be killing a goose that's laying golden eggs for them. You gotta sweet deal. Milk it 'til they fire you. If you ever get sick of working there, let me know. I'll be glad to take over. But as you stated yourself, trading your own money is different than trading OPM. Man, you got a sweet setup! It sounds like a dream job to me. Best wishes to you and congratulations on your success.
Hopefully things will work out. one step at a time. The firm is slowly integrating all of their client assets to be solely traded by me. It may take years but I don't plan to go anywhere. Managing Director wants to give me a cut in the commission rebates too and I contiune on consistent path a steak in the company is in the future. Its funny I always wanted to trade in my underwear, and partners of the firm has said whatever you need to make you trade consistently and profitable we'll support you. I abhor the winters, so they give me a 3-4k allowance for a villa anywhere or use the company villa. I don't need all the excess. I just need a simple lap top and my risk manager to be wired up on msn and I can trade anywhere. Thanks for all the help ET
Hey Jr... Sounds like a sweet deal to me... What are you looking for? The grass always looks greener.... Cheers and keep prospering..
Jrmarketwizard, It was very nice of you to write your story for us. I wish you the best. You are an inspiration for those of us who would like to do this full-time. Unfortunately I think your story is on the "tail-end" of the normal Bell-shaped curve. Please stay in touch here. John
I hope you're using your newfound winnings to rebuild your mother's retirement fund, assuming she's still alive.