So I recently took a job as a P/T stock broker while I finish my studies at university. I only took this job because I wanted to be licensed before graduation, which I now am, as I figured that it would help open the doors to a prop trading career later on. Today, I received a call from the compliance director, who asked for statements from my personal accounts. He then informed me that I can only "trade" in an account that I open with the company and all trades will be monitored. Two problems: first, the commissions, even for an employee of the firm, are exorbitant; and, second, the idea of my every trade being scrutinized is less than appealing. So, I exited my remaining positions today, and I am now officially on leave from trading. I'm not writing this post because I'm under the impression that any of you really give a damn about my personal situation, but instead to wish you all luck on your future trades. Also, perhaps this information may help other traders who are considering a job in the industry simply to pad his or her resume. It may help in the long run, but, FUCK, I'd much rather be trading...
good luck in your new job, you can do what George does put your money into blind trust, preferably the one run by Carly group.
Open an account in your parent's name with you having "power of attorney". That might be able to circumvent your firm's guidelines.
Does your firm trade futures or spot? If not you may be able to dabble in these markets with no restrictions. It was like that for me sometime ago.
I created a similar thread here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=89569 I decided against getting registered for the compliance reasons, a bit too restrictive for an active trader.
I've considered that, but I think it's a bit too early in my "career" to start breaking laws. I'd like to have at least a few years under my belt and a job that I care about before I go Enron on the industry. Actually, the first account I traded was under my mom's name where I had POA. I was a freshman in highschool and I was addicted to margin. Still am, actually.
No they don't. Futures have always interested me, but I'm guessing I have a lot to learn before committing my capital. Good idea, though. If you know of some good books to get me started, let me know.