I won't do the loan thing because I don't want to be stressed about owing more money than I already do. tell me if you agree with this: the less bills, payments, kids, etc you have the less stress/ distraction there is in your trading, hence the better probabitlity for sucess. from what I read on this GREAT board, it seems that the odds of sucess are not great. so the way i see it I want to give myself the best shot, and should proptrading not work out (and I'd hate to think it wouldn't) I don't want to be buried with debt. First new york's training seems like an ideal fit, but then again I haven't gotten an offer yet. I was thinking about getting a second job to raise the cash myself, so in this sense it's really my money and I play serious with my own money. I don't know if patience is virtue in this arena.
I tried waiting for the perfect time to trade. I got rid of all my bills by moving in with my folks. I secured a decent amount of capital. But my folks think daytrading is "too risky" and they're very disappointed in me. I sit in front of the computer all day and my pop tells me to "Get a real job." I'm not complaining but I think trying to create the "perfect" environment for trading is a waste of time. I would have been better of staying in school and paying my rent with loans. Go figure. Every business in America started out with OPM (other people's money). You are an entrepreneur. Borrow like hell. And if it doesn't work out...declare bankruptcy and try again! That is what Donald Trump did.
I just borrowed some $ from a friend, I'm working on more capital. I will go all the way with this whether pro or prop. I definitely don't need the timing to be perfect (your point is well taken), but I am gonna do this right. I am still interested in more trader feedback about First NY, though. **** ANYONE HAVE ANYTHING TO SAY ABOUT THIS PLACE? thanks again guys,
Read on another thread that ETG no longer offers a salary. Also, according to their website (etgtrade.com) you now have to sign a 3-year contract. That was raised from 2 years. BTW, is it normal in the prop. firm business to require traders to sign a contract like that? Do you have to do that at Worldco?
I am soon to graduate senior, not from a top school - SUNY albany. This is the field I have wanted to do since I started college, sadly the market now sux. So, I have just paid off all my debt and I have been searching for a position. I have passed my third interview w/ ETG and hopefully can land a spot @ Worldco. I think either one will hire me, but on the other side neither pays a salary. I am about think about brokerage (God no!!!) and I need to find a place that atleast has a pitance of a salary. Does anyone know of any firms hiring. FNY securities, I know about, but have been informed that they are stocked full for the summer. Any advice?
Dimar- I am also a SUNY Albany grad and still live in Albany. If you want some advice send me a private message and I'll give you my # so you can call. Here's what I did: graduated..moved to NY worked as a broker for 4 years(one crap firm, 2 big ones) started daytrading retail for a year, just recently went to a pro firm and I'm trading remote...which is nice 'cause at the bell I walk a block and I'm throwing back pints at the Lionheart Pub!
Most brokerage firms only give you a salary for the first 4 months or so. Then if you don't have enough clients/capital raised they'll show you the door. And if you do, then they switch you to commission pay and you have to live off of that. Each firm's beginning pay scale is different. Sometimes you'll work under a senior broker for a $17K-22k salary for 2 years. I'd rather take no pay and take my crack at trading than work in a brokerage house for that kind of pay. good luck
Andrasm, I agree with everything else you said in your post, but, IMHO, this is at best, not what you meant to say. Often, we think we learn something on our "own," without giving much credit to the "environment" that where we learned. You either learn to trade from someone who is successful by working for them for some amount of time, or you get training from a company (like Bright.) I do agree that once you get the fundamentals of trading (which I have never seen in a book, less the "psychology" stuff) you may need to "self educate" yourself in order to differentiate your self and to keep adapting to the markets. I am not saying you did not learn this way, only that not everyone may have your "talents or gifts" to learn it on their own. nitro
Budfox- To correct you about brokerage jobs...not that anyone here wants to go that direction....what you state about 4months and small salaries might be correct for some firms..but if you go to a bigger firm you can get a decent salary ($40k) for 2years..and if you have a good manager they will keep you on salary as long as you are working hard and show you can do it...and when you have enough clients/assets you go "live" (all commission) as for me...I was just tired of dealing with clients who loved you when you made them $ and hated you when you lost it...so after the bubble when clients kept wanting to do stupid stuff..I just had enough...then people leave and you're back to the "saleman" job of cold calling ...as a retail broker you're really a sales guy...not my bag