Those very, very few that make a killing, do so only during certain market conditions (not always). And they get very famous. How many Larry Williams you know?
Equities, very liquid equities, during very volatile market periods. Most people at our firm are either barely breaking even or making lesser amounts.
Anyone have like some ballpark figures or you just never know for sure? I mean let's say you wanted to group people in different categories like loses, break even, $10,000 to $20,000 or $20,000 to $30,000 or $40,000 to $50,000 a year etc or more than $50,000. How many do you think would fall into those groups?
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Quote from TraderZones: There is no "5% successful (prop) traders". Trading success is a continuum. Most of those 5% who do not lose are breakeven or small winners. Only a small fragment make enough to trade at home. And very few make a killing. ------------------------------------------ Read the above two posts very carefully and you will find the reality of the situation.
I can say the same for my office...the elite 5-10% consistently make upper 6 figures/7 figures but many of the 6 figures guys could be making more if they really pushed themselves harder. Aside from that group there's another group representing 10-15% (let's call beta traders) that consistently make good money and includes a few traders that will probably join the elite but are just lacking experience. Then rest is probably of mix of profitable/losing traders that i pay little attention too... I would also note i've met some traders that for periods make absolute killings (averaging 5/6 figures a day) but for whatever reasons stopped trading; some went cold, others used their trading income for other investmenst such as real estate. I think regardless of the firm if it's run by a succesful trader with a definitive edge you'll see similar figures to what i posted here - not the absolute dollar profitability but the scale of success relative to all traders within the group.
Exactly right. It's an old boys club where you get hired and trade if you come out of MIT as the stand out Quant in your class or you scrape by with a C+ average at XYZ State and daddy manages the trade desk and squeaks you in the back door. But, if you have a track record at Prop there's no reason you can't start your own hedge fund.