I realized something................

Discussion in 'Prop Firms' started by Pumpanddump, Jun 25, 2003.

  1. I got lucky enought to meet, by chance, a VP at JP Morgan/Chase a few months back. I visited their trading floor on Park Avenue this afternoon.

    After seeing that floor and also visiting and talking to prop traders in prop firms, I'm starting to see how full of BS some people are on here when they say they would rather go PROP instead of working for a firm directly like a JP or a big investment bank in theri trading departments.

    There is no comparison-That thread that someone posted early this week about being a Princeton graduate and wanting to go prop is even more convincing to me now that it was a crock of Sh-t that that person posted. After seeing that floor at JP and the people that work there, it is no wonder that prop is always talked about as the rif raf of the trading world.

    My eyes were really opened today.
  2. dookie


    tell us more
  3. You might include some very honorable, no criminal record, licensed traders in that "rif raff" notion.

    You might include a number of very wealthy firm owners, prominent on these boards, and others who don't even let you know how well off they are from trading.

    You might include a number of other fresh graduates from all schools including the Ivy's that either chose not to, were not sought out, did not even try/apply at those snob shops for their precious jobs.

    Ever see the pictures of those impressive trading rooms, staffed by all those highly degreed (supposedly), highly qualified (no one can ever really confirm this) look alike traders. CNBC and the other shows always interview so called VP's and Head Traders at these shops. Could you see yourself there?

    Also, would you see the diversity of age, sex, race, wealth, backgrounds (inclusive of foreigners and poor Engligh speaking others) there?

    Yeah, I guess these proprietary shops are full of rif raff.
  4. IMHO, nobody is more or less legit than anybody else, unless they're making more from their trading -- whether that's on a wall st floor, prop shop, or OTB. Don't be fooled by all the bling on JPs floor, wall st shops are white collar sweat shops from my experience and that of many friends and colleagues. in all fairness though, the floors are extremely ethnically diverse, though i think women had the least representation.
  5. With a decent plan; you can make money anywhere; anyplace.

    Trust me.
  6. its all about the $, if you make money trading i dont care where or how you do it, the only thing i care about and am impressed by is pulling money form the market...
  7. If you are into "status", no.. prop shop trading is not for you - BIG SURPRISE!

    Sure, some institutional guys are going to look down on prop guys, and some prop guys are going to loathe (envy) the big firm pros.

    Because you can't just walk into JPM or another big firm and start work, like you can go to a prop shop and start trading.. anyone
    who has $10k (or less!) and can pass a securities test can do that. So yeah there is a difference, and keeping in the Wall St tradition, some guys are going to be pricks about looking down on you.

    But don't fret.. Because money talks. If you make money, you will get the respect, regardless of whether you trade from Wall St or your basement in Jersey.
  8. nitro



    Let me take out these c-notes I made today...they look green to me?

    nitro :confused:
  9. Hmmm...

    Actually, if you want to manage a hedge fund or become a CTA, going into banks and large institution is better because of all the people you get to meet (like your bosses) and who they know and so forth...

    Anyways... what ever?
  10. We have 3 former "Institutional Desk" traders in our office. They all recently left a trading desk with a major financial institution.

    It always comes down to the money.

    All this BS is apples and oranges.

    It all comes down to the net to YOU!!!!
    #10     Jun 26, 2003