I was a profitable prop trader for 6 yrs and quit a couple of yrs ago when i was married. I did well for a while and made consistent imcome, but things went south for a while and I quit due to pressure from the wife. I was wondering boards opinion on getting back in. I am currently working a 9 to 5 (or should i say 8:30 to 8) and I am thinking about going back into trading prop. My expenses are very low and I have a small biz on the side which is just about to become profitable (slightly). I am planning on beginning trading again in sep or oct. from small office i have with friend. Any input from equities prop traders still in the game? Has much changed in the last 2 years (i.e. fees, platforms, profitability). Feels weird actually posting this message being that i was a prop trader and used to train new traders. I am trying to get a realistic feel for whats happening right now, as I have been away from actual trading for some time. I am just looking for general responses, as I am not looking for a strategy. I know there is always alot of turnover in my 6 or 7 yrs, but I am wondering if the latest washout has made it better for guys that stuck it out?
I used various platforms such as anvil and many others, but the platform was never really an issue for me. I am wondering if the guys who stuck it out through the washout are benefiting? Just speaking in general terms, I know everyone has different opinions on what markets to trade, platforms, bd's etc.... I am just trying to put a feeler out there to see how the intraday equities traders are doing.... I dont expect too much elaboration (which I am obviously not getting) as I know that when I was trading successfully I did not want to answer questions about strategies, or specifics... anyone? equities? anyone?
First, I don't understand why you quit if you were a profitable prop trader. A good prop trader should be making 200K or more...so did you find a better job that pays mroe than in prop trading? Trading is the second oldest profession in this planet. (First being prostituition). If you read the history, the game is the same..pump and dump. back in 1900 it was rail road stocks...then back in 2000 it was internet stocks. ..then a few years back it was mining stocks. The game is the same no matter what platform or stocks you trade. Human emotion, greed and fear is all the same. What is your question? do you want to join a prop firm?
Well said...I have no idea why everyone is so concerned about platform, or speed. How many buy or sell within a penny of the top or bottom? To answer the question...I get the impression that it is harder than ever, but isnt that always the case?
no the game is not the same year after year. for example, rebating after it was old hat, but before you couldn't shave anymore. or just watching the nyob for crosses to bid or offer on a potential specialist sweep. this stuff had a real impact on how people traded. bottom line is some of the very best can experience problems when changes occur. so its totally understandable to undergo career changing decisions when markets change within a 5 year time span. in fact, thats the norm, and if you don't understand that a. thats possible to happen, or b. how that might occur then you probably don't know that much about trading...or you're the longest lasting, most profitable penant flag bullish double bottom flying monkey floating dragon xyz technical pattern trader i've ever heard of.
You either are a noob at some prop firm that is feeding you fairy tales or have never even ventured out into it.
If you were having problems with generating good enough income 2-3 years ago, you probably should stay out of the industry. Other than the immense volatility due to the crisis, the conditions for the daytrader only deteriorate. You could go back into trading in anticipation of an another volatility pick-up. Otherwise I would say focus on your business & keep the 9-5 for now. There are better opportunities out there.