Maybe prop shops teach independence and not for anal-lysts? Actually there may be an increased hunger from HF's and MF's for street-wise traders ....
Most hedge funds, trading firms, investment banks and mutual funds will only consider well educated people that have experience from trading in a "corporate setting" (i.e. not with your own money). This has many reasons but basically it boils down to that the methods you use in corporate setting is very different from the ones you would use with your own money (even if you are in a arcade/prop shop setting). The corporate infrastructure and balance sheet just opens other opportunities. Then most organisations want to have people that can work in teams and having traded your own money is usually not a great proof of people skills (yes people skills matter for traders too, a hedge fund manager must for example meet his investors and work together with his quants and other co-managers) Having said this there are of course always exceptions and if you are the most talented trader (of your own money) in the world everyone will want to hire you anyway. If you have a good education I think the best way is to apply to reputable trading firms and investment banks. This thread mentioned GHCO before: to my knowledge they are both an arcade where people trade their own money and a trading firm where employees trade GHCO's money. As a graduate I would go for the latter. But a 4 year non-compete is bs, if that is their terms laugh at it and apply somewhere else.
I guess dantes told me huh... but I often wonder what the late Jesse Livermore would say.... Michael B. P.S. I am worried now, I guess that HF offer (real offer) that is on the table, will be a shocker and I will have a lot to learn. Will I need to move to Connneticut? or do Junior traders live in the lowly places? And another thing...my systems remain my property. Can I keep my 1990 Plymouth Voyager with simulated woodgrain siding? And can I skip Tennis, Golf and the dinner parties...I do not do well there at all...(I fart in elevators too hehe)
The problemis this - getting a job as a trader in the traditional sense is almost impossible. Unless you are a grad from a top tier school and land the right job it is tough. As far as prop shops go. I have been trading in a prop shop for 5 1/2 years and am profitable every month. Why would I want to take a job where I have a boss telling me what to do and when to come to work. Isn't that the beauty of being a prop trader. Not having to work for the MAN!!!
I am the biggest fan of Jesse L but I don't think I would want to hire him if he was alive today. when you run a trading business, i.e. trade with other peoples money, you need to have structure and some form of accountable method for what you do. Its ok to loose money but you must have a method that can be explained and is marketable. Also scalability is extremely important. All business, including trading business needs to have growth prospects. That requires structure and explainable methods, not only track record on your own investments. ElectricSavant, good luck with the HF job!
Have you traded with anybody else though? Did you take that position straight out of school? Do you plan to continue working there or eventually move on to HF or MF's?? My problem is I don't want to work for some firm for 4 years only to realize I'd rather not be trading futures and instead need to start at the bottom of the ladder somewhere else just to get my 7 and 63. Also, I know this may be a dumb question, but I'm a dumb recent grad with no experience, does the non-compete clause just rule me out of other prop shops or the trading industry as a whole? Thanks for everyones responses, its really helping my decision process.
It's still on the table....I don't know if I will fit in...I will just trade and do as I do now. I am 46 years old and know what I can stand. As far as explaining things and talking to clients...you can count me out ! I am much more comfortable around quants than clients...plus I drive a 1990 Ply......simulated woo.... ElectricSavant, good luck with the HF job!
I have never heard of a 4 year non-compete unless you are the founder of a firm that you just sold for $100 Million. Are you really sure about this? Have you seen the actual language in the contract? Will they pay you for 4 years if you quit the job?
I know an atty that can break that clause...expecially four years. It's not worth the paper its written on in ANY State (maybe 2 years in some states). Employment contracts are not the same as Bulk Sales Contracts. (trying to enforce either one of them can be expensive and costly)