I have interviewed with couple of banks been into dealing rooms and can say that most traders in banks are just market makers providing liquidity to the market they have to trade and find it very hard to keep a position, money is nothing special and there is not much job satisfaction whn what you really want to di is SPECULATE. However, there are prop desks and they are not mentioned due to people becoming anti-risk(Barings, Sumitomo, Orange County!) the prop desk where I am interning in summer they basically asit and chill speculating on currency directions which is good fun but the desk is small approximately one sixth of the group in the product, if I don't get on to the prop desk chances are I will leave and go to university, I am not going to sign my life away to market making, so I best work my balls off and get onto the prop desk as an assitant or junior trader.
I think that 99 put it pretty well, and may even be a bit optimistic about the Wall Street numbers "post" tech wreck. These "middlemen" can be instructed exactly what to do, and therefore can not be paid any extraordinary salary...if you owned shares in a bank, you wouldn't want to see these teams paid much.
seems like there is a lot of resentment towards the wall st. establishment by people who, for whatever reason (education, intelligence, luck), can't break into it. its easy to say 150K, 300K, 500K is nothing special, not worth breaking a sweat for, but i'm sure that a) it is more than most of you make in a year, and b) if actually offered a position paying than sort of money, most of you would take it in a heartbeat. i'd sure take it, rather be a "middleman" making that without any risk, than be a self employed "prop trader" making 50K. as hitman says, making a decent living daytrading is tough, and most won't make it. i'm sure everyone here truely belives they'll be making 7 figures sooner or later, but in reality, its highly unlikely many of us ever will. ever ask yourself why don bright makes his money leeching off the efforts of others, rather than trading prop himself ? yeah, i'm sure he does some trading, but the guy is worth millions and is probably risking squat each day (whereas some people may only be worth 25K and risk it all each day). regardless of whether traders at his firm do well, he's a winner, so long as there's a steady stream of newcomers to replace those who have lost everything.
Gee, what a nice comment from a "new" member (once again hiding behind an alias). No mention of the fact that we have helped hundreds of traders fulfill their dreams without being greedy and/or risking "other people's money" - every dime we have in the company belongs to the owners, not investors. You obviously don't know me (us), and your comment speaks volumes about your ignorance.....and as you said, if anyone would offer you a job, you would "take it in a heartbeat" ...of course you would....but it will never happen when you resort to silly comments like you made. You make yourself like a "pauper without a clue." I paid my dues on the trading floors, risking everything (more than once), and so did my brother. It was only after becoming successful at trading that we were able to offer the same opportunities to others. You'll never get that "6 figure job" by whining like a baby about other people's successes. You quote Hitman, and he is right, most don't make it...and most will never make it....because most think like you do. Everyone has to start someplace, some make it, some don't....those who don't try are guarnteed to end up like you (praying for a decent job). Get out of the "poor little me" syndrome, and try to join the people who become successful (in spite of themselves). Too bad, I actually agreed with part of your post. (You get the latest award fo "pushing my buttons" however).
My status with Bright Trading has been documented before on this board. I am part of Bright Trading, INC., which is the managing partner of Bright Trading, LLC...nothing more, nothing less. I pay 6 figures in taxes (nothing to brag about, obviously), and as you can see, I don't miss many meals My finances are in fine shape...and yet you can see by my last (response) post that I resent this type of comment. Onward and upward....