How many of you guys are independent traders and can afford a nice living on trading? I ask this because I have recently joined a top firm here in Manhattan from which I'm receiving a decent salary to prepare my Series 7 and become a Financial Advisor. I'm thankful with them because they put me in their top producing office surrounded by very smart people. The problem is that I don't like the FA job, I don't like the idea of selling expensive funds to clients that won't outperform the markets in the long-term. What I want to do is to trade, I love the adrenaline that comes with the market. FA is about cold-calling wealthy guys, while trading is more "heroical", more "mystical". If you go to a bookstore you'll find tons of books about great traders, but I have never found a book on a great FA. I have no doubt that if I remain in the firm I'll be able to make very good money, but I want to know is how often independent traders do a nice living trading, enjoying a long career. Thanks!
...this statement a recipe for failure in trading. ...wrong. but I wish you luck in whatever you decide to do. I agree with you that selling financial products to people for a living is not the way to go. I doubt I could sleep well at night if I did this. There are many no load mutual fund companies such as Vanguard out there for people to use but they don't know about it and therefore become shark bait for the so called "financial advisors".
I agree with you, I used the wrong words to describe the trading job. In our firm the word Vanguard, is forbidden. Alliance Bernstein and their generous commissions is the recommended choice. My idea came after reading Marty Schwartz's PitBull. He has served as an inspiration.
I know some friends of mine who were FA and made good $ working part time type hours. The markets will always be around, so come back when your disciplined and ready to trade.
I know what you mean man, I have my CFP and never used it. I'm not a good "sale" person anyway, so that line of work isn't for me. I would suggest you to make as much $$$ as possible while you're there and while doing that, read as much book as possible, to prepare yourself mentally. Trading can be very brutal, actually it is brutal. But if you stay long enough in the game and learn from your mistakes, you'll eventually enjoy it !! good luck with everything ....
If you go to a bookstore you'll find tons of books about great traders, but I have never found a book on a great FA. Check out Charles Ponzi, worlds most famous financial advisor.
Why anyone still uses a FA is beyond me.There are discount online brokers,free research on the net about companies,and what about the do not call list that seems like almost everyone is on? Any why should anyone buy a load fund,when there are plenty of index tracking stocks out there like SPY,QQQQ,DIA,and IWM? The only time i can see using a full service broker is if you're getting IPO's.
I too spent some time with Merrill Lynch a short while back. Was on a 2 year salary training program, but left after one year, because I didn't enjoy the selling to people aspect either. I'd rather be a behind the scenes money manager, rather than a face to face client manager. I gained some knowledge from the experience, and rubbed shoulders with some advisors earning $300k+ per year. It took them 1 or 2 decades to get there though. I now have a desk job that I enjoy, which enables some light swing trading. I did get my Series 7 and 66 out of the deal, but will have to find someplace to hold them soon.
Most traders don't make any money and their are some exceptions that do. It use to be every body wanted to be a broker or FA, now everybody wants to be a trader. Most fail, the smart one withouts ethics go on to sell systems that don't work or trading classes to a new class of suckers that paid more for the class then their trading capital.
I have been a trader for more than a decade and did very well in the past. I love trading and always will, but I,ll be 40 next year and have a 2nd child on the way so I,ve decided to give Financial advisor/Investment Consultant a shot. I start next week and Im not sure what to expect but I know that the ups and downs of my income every month is not the way to go for me anymore. Trading is the most exciting job around,I think everyone should try it to some extent but there comes a time for some of us where we must tone down our lives and prepare for the future and retirement and have a more stable lifestyle/income. I'll always consider myself a Trader and without it I could never have lived the life I lead and have what I have. Trading drives those who have a passion for life. Good Luck