Thank you thank you for welcoming me to this site. My technical analysis skills are a joke and I am currently pending trial for fraud. ...enough trash talking. besides that, Technical Analysis is okay, as i have really used it in the past. It definately helps to know it, but its even more crucial to learn other methods as well if you want to succeed as a trader. You must realize that not all market moves are technical. You should know the basics fundamental anlaysis and econ. You can teach a monkey technical analysis... Technical analysts are a dime-a-dozen. You should know that when interviewing. Unless you have a CTA, you may as well forget putting it on your resume. That is how you do not get hired. As far as the job hunting goes, good luck on your search. Hopefully you graduated from a top-tier school with a 3.5 and above and have some relevant experience. If so, i would try getting into 2-yr programs at BB's, working as an asst. trader or trader asst., even ops. Once you have that exp. you'll be able to find work here. Most funds don't have the resources to train well. I would go to a large bank and learn there and apply your knowledge to a new job later.
I thought I might add that I used to own an office for an llc. and I closed it when I could no longer train people to make money. There are lots of places that fill seats and churn. Do not play that game. You must learn from somebody making money in a manner that you can duplicate. If someone has an edge and can teach it, they should be happy to swear you to secrecy, sign a non-compete and take some of your profits. To me that is the most legitimate way. I just do not think their are too many edges left in stock trading. It is all about slim edge and experience or computers. As far as I can tell. I could be wrong and if I am sign me up.
Hey, where are you? I'm in Fort Lauderdale at an E*Trade franchise. They've been good to me and they taught me how to make money. Thats my sell. If you tell me where you are I know a few prop offices around Florida. NY and Chicago are ideal but theres a fair amount in FL. If you go prop, which I did, be ready to get a part-time job if you don't have any money to live on. Also, If you go prop, its probably better to put up as little money as possible to begin with so you risk nothing. A few places still let you put up nothing and give you a real crap deal. Then when you get a handle on it you can go somewhere else or haggle your people to get a better deal and put some money up.
I saw something in the paper about an etrade outfit in WPB, not far from my house. Can you share w/me the skinny?
I always thought that to join a legitimate Prop shop you first had be a trader with at least three or four years of profitable and auditable track records. How can you make it in Prop if you can't make it in Retail...Wouldn't Retail be the test? Or maybe Prop has deals and leverage that would make it easier? I really do not have a clue, do I? But shouldn't one know how to trade, before getting leverage?...Do Prop shops exist to trade or to teach? Do the ones that teach, simply front themselves to take newbie money? Don't the regulations require Prop firms to hold a certain amount of money in trust or something like that...that would mean they need newbies to come in with some money? Michael B. P.S. What does the state that begins with the letter "F" have in common with the word, FRAU_ you fill in the blank...
ETrade did shut down their prop division that they run but this is a franchise which is basically one large retail account. I think the system has actually been quicker since they closed the prop down. I'd say prop is better if it allows you to learn while risking less yourself. I'll probably eventually go from prop to retail. From what I can tell, the props down here look for new traders as much as for experienced. At the few I have talked to down here, you don't have to put any money up but if you do it improves your deal. I think prop offices in NYC are very different from the ones in FL even though all the people running them down here are from up there. Some focus more on teaching and theres a good few that just are the old model of churning you til you die and then kicking you out but those offices are dying right now because theres not enough interest to get new traders in the door. I was blown away at my current office when my boss told me to stop trading so many shares. As far as legitimate? Is there such a thing anywhere? Any of them can close their doors tomorrow and keep all the money they owe you.
DV, I used to trade w/Point Direx in Orlando a few years ago. Do you know of any shops in Cental Florida - either equities or FX? Thanks.