that or a fully backed prop position. You may not get a salary, but you can get a draw of sorts. The best kind I've heard of is where the debt incurred during the draw while in the training program is erased.
I'm in Houston I sent you a pm... I have traded at prop, hedge ect.. The unspoken truth, is that once you make more than "0" in your account, you should look to trade on your own, or join a group with strong backoffice support and capital structure. Option A. you stay prop and make some money. Now you have to give a no money down prop firm a % of profits, as well as pay commissions. Also you don't get to keep any tax losses. There are perfomance contract issues, though rarely enforced. A draw is no better than a loan. Oh and god forbid you ever become profitable, the prop managers can see your trades in real time, and will front run you to death. I know for a fact one that used to use the risk management screens as a generation tool for ideas. Also lowering your positive expectancy of success in this career. Option B. you take the risk like in any start up business and put up some money. Get a night job if you have to. Trading is just one more business unit in the portfolio that is your life. Eventually you want it to be the main revenue generator, but realistically it won't be for at least 6months. Get serious and treat trading like it is a business not a game. Keep 100% of your profits, pay a lower commission. Get to keep any tax losses. Able to test and trade the way you want to, without having people controlling your trades. If you look you can find this with the rights amount of leverage and back office support with links to the floor. The only thing holding you back at that point would be yourself. Which will be where you will want to focus most of your time introspective wise taming your ego. Also later on you will find commission is not the biggest factor in trading if you are not scalping for pennies. What that commish affords you is more important. Access to research, access to realtime information, access to hard-to borrow issues ect.. its all pieces of a machine that you must put together to run optimally. Yes buying a Kia is cheap and gets you around, but for how long, if your competition, doesn't mind leasing an Aston Martin and leaves you in the dust. All this is just me sharing a bit of knowledge I have learned over the years, and the similar archetypes you will most certainly evolve through at your own pace on your path in trading. Take what you can use, and the rest you can come back to later. I wish you the best of luck, and enjoy the ride. chaosnsx
Doesnt this create a tax liability -- "..The best kind I've heard of is where the debt incurred during the draw while in the training program is erased...." ?