Hello everyone, I just graduated college and wondering how people get started prop trading. I have been actively reading financial material such as Market Wizards and Reminiscence of a Stock Market Operator to name a few. I also interned for a few summers at a local stock brokerage firm. And i also have traded a small futures account for a few months but decided not to continue due to being under capitalized and trading with too much margin. Are there firms out there that will give me a shot with no deposit? No job + student loans = no trading capital. Or am i doomed to work until i've saved up $25k or so? Trading is my passion and one way or another will eventually be doing it for a living. I"m just curious if it can possibly start now. Thank You
So it looks like i'm going to have to get a job....save...then trade, you know the responsible young adult path haha. However, i live in Michigan and we currently have higher unemployment than Alaska. So as you can imagine finding a job is very difficult. I would love to move to Las Vegas just because i love that place, not to mention Bright Trading is down the street. I have a degree in economics from Michigan State and would like to get a job in Vegas just to save up around $15k so i can trade prop at Bright. I'm applying for a ton of jobs online but not getting many responses. Hell, i'd work at the casino doing anything. It's better than not earning money sitting on my ass and watching this amazing market pass me by. So if anyone lives in that area and knows what business are hiring please please let me know. Warren, MI has about 10% unemployment right now....so gross.
Haha, why because the markets the Market Wizards traded are so vastly different or that these books inspire young traders tho think they can become the next Jesse Livermore? I do understand many of the mentioned traders in these books are the outliers of the industry and i solely read these kinds of books for motivational reasons and not for "how to trade" reasons. I do wonder how many future Jesse Livermore's out there blow up their accounts per year after reading that book. Although i do believe in his trading methods, just have to alter them a bit from "How To Trade In Stocks." I do have much more knowledge than your average piker but i do not do this for a living so i clearly am not an expert, all i need is a chance. Many started in a dilemma like mine and i'd love to hear about it and how you eventually got trading full time....I"m a sucker for motivational stories.
If you read these books you should know; most of these guys from wizards are became rich by working for themselves; trading with their own money.
Even if there were firms that would allow you to come in with no deposit and no license, they would most likely rape you in the form of commissions and/or profit splits. This would make it virtually impossible to make any real money and they know it all too well but thats their business model. Bait them with visions of grandeur, chew em up and then spit em out. NEXT! The alternative is to just save a little money and get a series 7 license. A firm like Echo, Assent, Hold brothers etc are firms with decent to excellent reps. You can go to Bright Brothers if you dont mind getting raped in commisions. You dont have to save a lot of money. Some firms will allow you to come in with as little as 4K or 5K and give you 100% at 10-1 or more. Search around the forum and you will find some firms. If you are really serious about trading equities then there is nothing from preventing a college graduate like you from getting some kind of job ( even if its not that great) that starts after market hours and will help keep your head above water while you learn and get the shit kicked out of you by the market. The hard part in this game is the steep learning curve which I believe is best taught by trading live money. Keep that passion, learn from your mistakes and you will make it.
Quote from TraderJoe08: I have been actively reading financial material such as Market Wizards and Reminiscence of a Stock Market Operator to name a few. Quote from Tums: This is absolutely the worst thing that can happen to a wannabe. No, Tums - the worst thing is to run into Jack Hershey. These 2 books are excellent reading. You should try it. Then maybe you can get out of paper trading
Well, i've decided to take some prereq courses this semester for a master's program in the spring and won't have time to study for the 7 and go the prop route. However, i might be getting around 5k to trade with. So if i do get the capital i am going to trade the emini dow and obviously stick to 1 contract for awhile to learn, you know get my feet wet. Thank you to everyone who has posted.