Alternatives to Prop Firms?

Discussion in 'Prop Firms' started by TsTrades, Apr 23, 2010.

  1. TsTrades

    TsTrades

    You see, the thing about that is that I don't necessarily respect the opinion of people with thousands of posts on Elitetrader. Especially given the fact that ET is known for this kind of thing. Moreover, some of your answers just don't make sense in light of things I already know for a fact, or are based on unfounded assumptions.

    By the way, TraderZones, shouldn't you be watching the screen right now instead of posting in this thread?
     
    #51     Apr 26, 2010
  2. zdreg

    zdreg

    hopefully u have a capable person to do the first interview and will not have to do the 2nd interview.
    ps I don't trade around noon.what about you?
     
    #52     Apr 26, 2010
  3. TsTrades

    TsTrades

    Tell you what. Again, I started this thread to talk about the field, not myself. If I see ANY more comments that are more about me than about the field, I'm going to click on the "Complain" button, as I will look at it as my thread essentially being hijacked. I'm not kidding. Hope that's clear.
     
    #53     Apr 26, 2010
  4. zdreg

    zdreg

    you were put on ignore by the moderator for good reasons. have u forgotten?
     
    #54     Apr 26, 2010
  5. TsTrades

    TsTrades

    Who? TraderNik? Didn't realize he was the moderator. Is he the ONLY moderator in this forum? Please forgive my ignorance on this subject, but my interest is really in trading/investing, not ET. So clicking on "ignore" will do nothing? Well, for the few seconds it takes, it's worth a shot. Let's find out...
     
    #55     Apr 26, 2010
  6. TS Trades you owe this comment from Gubinec a draft at the nearest Pub! Fabulous comment Gub-ner.

    A friend of mine reminded me that when you see posts that are drafted like these with less than 100 or 200 postings to their name, these are often drafted from salesmen or company representatives instead of honest real traders making it based on their wits. Whether or not TSTrades is / are / were a real trader, I am going on the basis that he just might be.

    TST -- the game has changed so much that trying to get into the upper tier (as if they really were) as was your experience, just aren't worth it.

    Some of those NYC firms seem real, but in reality are nothing but excuses to pick and choose and train only those of the owners same ethnic, religious and age range background. [ strike one]

    Some of these other firms claim to have a training program, there is one in particular that has a multipage advertisement that is so slick that you wonder whether the intelligence resident amongst the firms bosses to have created the content, let alone the presentation; they evidently paid for a slick advertisement that far exceeds reality, even those allowed into their program. [ strike two]

    Some of the prop shops offer training in all earnest and with good intentions but mediocre to very poor delivery. Training requires structure. Structure that comes from discipline. Discipline that comes from being with corporate management in a competitive environment, like consulting and managing upwards of 10 staff or more, or negotiated multi-month / multi-thousand dollar services contracts for delivery of consulting services in order to be effective at teaching or training independent traders. The classic profile of independent traders resist and avoid that previously described structured environment and their lack of trading success reflects that comment. [ strike three]

    Then there are the Lucky Boys. You probably have seen the commercials on TV, Lost-of Luck, Little-Bit of Luck, Dumb Luck, Fat-Chance Luck, and the other Luck's in the family to succeed.

    Actually the industry has moved into this market space and offered 6x, 8x, 10x leverage in competition and far less in fees and obligations (licensing, etc.)

    Check out the advertisements from IB (Interactive Brokers) just to name one.
     
    #56     Apr 26, 2010
  7. those positions go unfilled.

    the method of having feeders in the waters (fishing reference) applies here.

    often times these firms interview solely to reverse engineer other successful operations that have just lost their talented staff (the interviewee) by asking questions designed to reveal secrets as if to prove their competence, but really designed to exfoliate all their working knowledge.

    this tactic is used in other industries too. its called industrial espionage, on the lowest level. the only one hurt are the reputations of these hiring firms and the bruised feelings of the failed interviewees. usually only one in fifteen if at all ever get those jobs, if they ever existed at all.
     
    #57     Apr 26, 2010
  8. DHOHHI

    DHOHHI

    One alternative is retail. I started in 1996 - still at it. No one forces you to trade 500 times/day. You can day trade, focus on swing trading, a hybrid approach or whatever you want to.

    You made it clear you didn't enjoy being at a prop firm. Did you make $$? Lose some? What didn't you like?

    You've not divulged a lot about your resume other than a 4.0 in Finance and an MBA. You've also said you're not posting your resume here and that you have a lot more to offer. If so, ask yourself why you're not getting interviews. Is it your prior employment? Is it your resume isn't up to snuff? What in your credentials will a hiring firm say "hey, here's a guy we need".

    You do understand that the market (for jobs) is tough. And I assume you realize there are a lot of people who worked on Wall Street who are pounding the pavement as well. Do you think maybe a lot of them might have an advantage over you? Resumes get a quick glance and if they don't shout out "bring me in to talk" they're tossed into the trash.

    Last, your attitude here, suggests someone who isn't terribly receptive to input from others who just may have something positive to offer, or at least be considered.

    14 + years trading retail has its own rewards -- total freedom, being your own boss, trading when you want. And at age 32 I would hope you'd have saved up some $$$ to have the ability to fund an account, if you were open to that alternative.
     
    #58     Apr 26, 2010
  9. zdreg

    zdreg

    right +1
    this may be your cup of tea
    .Broker, Trader, Lawyer, Spy: The Secret World of Corporate Espionage by Eamon Javers
     
    #59     Apr 26, 2010
  10. TsTrades

    TsTrades

    Um, mostly because I HAVEN'T APPLIED TO MANY PLACES!!! That is, other than those few elite firms, I don't know other alternatives to apply to. That's why I'm, you know, asking about that in this thread.

    As for my not being receptive to what other people have to say, you know what? When I know for a FACT that the elite firms take people without track records, and people here tell me that they don't take people without track records, it doesn't exactly give them credibility in my eyes. Plus, this forum is known for negativity and hidden agendas (I quoted someone else above who said the same thing). Maybe my biggest mistake here was not going to a more reliable source. Whatever -- I thought it was worth a shot. Guess I was wrong.
     
    #60     Apr 26, 2010