Hello All, I need some advice from the forum and the seasoned professionals. I've recently graduated from EE last year, and am currently working for a fairly large and reputable company. The Job is: - Secure - Moderately good pay - Excellent benefits, and stock plan - the work is in the IT field - most of the people here are great - my current manager is questionable - the current work I do gets very little respect within the company, (other then from our team) b/c its pretty much grunt work - 25-30 years later I would only probably be middle mangement with an avg 120K-150K salary (If i stayed that long) I feel that this is may not be the place for me. My goal is to one day be a fund manager or an equity trader with one of the big firms in NY. Except as of right now I dont' have any experience. I have been seriosly thinking about quitting my current job, and working for a Prop firm ie Swifttrade (I know the majority of the forum doesn' like ST) But i would just be using it to get experience. I have also been taking the csc, will take the derivatives, options course, and trading course available. a couple questions: 1) would larger firms like Goldman, JP Morgan etc even care or look at that experience ? 2) do you have any other recommendations on how to approach my goal ? I would basically have to give up a stable income, with a great company, but with a limited future, for a unstable income, but with a potentially unlimited future. Any advice, thoughts comments or concerns would be greatly appreciated.
Your goal is basically unsafe risk taking at the moment. keep on working at your job, build up a nice stash of $100-200k-300k-500k in your bank account. Then think about trading. Working for a prop trading company daytrading is similar to cleaning bathrooms at walmart. I know there are some prop traders making great money , they are the exception of course. I would use a prop firm only for one thing: <b> LEVERAGE.</b> And Leverage is only used when you know how to trade well.
Slyfoxed, I've been in your situation two years ago (26 months ago to be exact). The only difference my background was computer science not EE. If you're single and don't spend too much, I am sure you already have or can soon have 30k in company stocks, savings, stock options... Sell everything and use these 30k to start swing trading on the side. At first just focus on not loosing too much. Trade 1k at the time if needed. IB are a very good brokers for small size since they charge 0.01 per share. If you do your homework (i.e. read as many of this threads as possible and as many books as possible -even the bad ones). You might be in your way to financial freedom sooner than you think. Especially read the threads from Acrary. I found the link at the top of this page called "Training" very useful as well. Today I am making swing/day trading much more than at my job (which is in the lower 100k). I just trade around 1 hour a day, & spend 1 to 2 hours at night for bookkeeping and figuring out what I will play the day after. No need to quit your job or give up that security and piece of mind. I never tried full time day trading, but I believe that swing trading can make me more money than I'll ever need. This being said, I am just looking for a nice relaxing life (no yachts, airplanes or ferraris in my plans). Once you start making consistently 10k or 15k a month for 5 or 6 years, then you can think about quitting. At least that's what I am planning on doing. I am just at my18th month now of this level of success, so I still have at least 4 years like this before I quit my regular job. Best luck to you,
Here is what one of my friend's brother is doing: He graduated with an engineering degree and has worked at ConEd for around 3 years now. He has tried to achieve as many leadership positions as possible and get to manage people. He now has a sizable unit working under him. Currently he is studying for the GMATs and plans to take it soon. He wants to head off to a top biz school and get into ibanking. Basically for people in your situation the BEST way to get into the prestigious S&T desks at the good desks (not some prop shop that seem to be popping up like weeds) is to head to business school. Although the situation I outlined about my friend's bro is regarding IBD its the same cash for the Sales and trading desk at the ibanks. The top business school care less about grades and more about work experience. Although you may not be at some prestigious banking house you still have a good shot by having extensive and unique work experience and being in a leadership position. Just my .02 cents. I have never gone through this experience so keep that in mind.
forget Swiftrade(or any other prop firm). They are scum and a reputable firm will cringe at the sight of it on your resume. Head back to biz school if you want to work for Goldman etc.
Your locked into engineering for alittle while, until you can build up your finance "resume". That's OK, your main objective should be to save $ for trading and living expenses for one day when you start trading. I was in the engineering field for 9 years and finally left , I was sick of it, I'm now 33. You can hang it a bit longer and make the move when odds are in you favor. Good Luck.
Excuse me!!! Working at a prop firm is like cleaning the bathrooms at Walmart??? First off, have you ever worked at a prop firm and been successful? I do, and make good money and work with guys who make 300k+ a year and all under the age of 35. Secondly, you think this kid should wait till he has 200-500k in the bank before he thinks about trading? Do you know how long it would take him to build up that sort of capital in his current situation. He may be 40 before that happens (if he's lucky). Coolweb, you are starting to really slip w/ some of your posts recently. Whats the deal w/ your "time machine" post. This is a real stretch...
Yes. Saving 200K - 500K working a real job will take some time. You'll be old and grey before you get to trade. cweb you hitting the sticky icky of late?