If you're engineering background is strong, there's a good chance you can get in at a "real" prop firm in Chicago or NYC. They prefer to hire mostly engineers and *maybe* a few economists. You'll start as a junior trader making $40k/yr while working the overnight, but within 3-5 years it's very realistic that you'll be pulling in $$200-$400k/yr with much lower personal risk because you're trading the the firms money rather than your own. Also, you'll be working with brilliant people who will be the best learning resource of any. I'm in Chicago, I know these firms have excellent reputations: DRW Belvedere Infinium Jump There's probably more, but if you are extremely serious about being a trader than this is the best way to go. You will learn so much faster, and have professional experience to put on your resume for future career advancement.
Doctors make that much too... Only, they have to work from 7am to 7pm. Plus commute time is 6am to 8pm. 6 days a week. What a miserable job and place in life it is to have a God complex.
Not what made George Soros rich. If you follow the heard... I don't see how you can possibility make any more than break even...
You are misunderstanding my point. If you watch volume, and where large size is being traded, you can count on those large positions either being defended or liquidated based on price movement.
Thank you for your response. I really respect your education background and work experience. 1. I'm 26 years old in Mechanical Engineering. I know successful traders come from all types of backgrounds and an engineering background may not help them. But I think the one thing Engineering has taught me was how to work hard and stay focused. 2. I agree here as well, I've decided to keep my day job for now and to practice swing trading. I can do analysis and research after work (even some during work) and trade the daily-weekly charts. 3. My desire stems from reading alot of Technical Analysis books and a frustration with my current career path. Trading seems to fit my personality more and I'm willing to put more time into it than anything else. 4. I think I'm going to practice my first 6 months - 1 year by NOT losing any money. I read that a first year trader who loses less than 10% capital can consider himself successful. Thanks again for your advice!
I think that's wishful thinking from what I heard (I'm probably wrong and you have more experience than me). I'd be happy with small consistent returns after five years. If I can make enough consistently to survive and work for myself trading and quit my day job, I'll be quite happy.
I'm not going to settle for complacency... especially in my current career path. I see the older guys in my office and I do not want to end up like them when I'm their age (I'm 26 right now). Trading would provide me with an exit strategy and the ability to work on my own, for myself. It would be like starting my own business.
I'm located in New York City and I was planning on sending my resume to First Securities and Chimera Capital. I think those are the only two that actually pay salary and hire traders.
Can't never could. If you are not in this business to make as much money as you can, you shouldn't be here. It's not about the money. It's about your psychology -- about "Trading in The Zone". Money is just an indication of how much you're "trading in The Zone." I can assure you, someone who (aims to) make 20% a year won't be one of those "trading in The Zone". This rate of return is for someone whose internal psychology is still a mess. You don't train 7 years in martial arts and expect to perfect a few single kicks only. You're letting yourself down if you can't pull of a few spectacular COMBOS by 7th year, etc.