The title is pretty self explanatory. I am new here and I feel that this forum would be the best place to learn how many of you traders got started. I'm not interested in trite things like "how much money do you make?" I am simply interested in your story, the process, the lifestyle, etc. What was your biggest "ah ha!" moment? What did you have to overcome? What did/do you regret? Did you have a mentor? Do you need a background in programming? How did you decide what you were going to trade? I live in Atlanta so it's a little hard for me to actually find traders to talk to and stuff. I've also noticed the following.... It seems that you actually get more honest, concise, and considerate responses in forums like this rather than real life. I had one interview at a local prop firm called OPUS, and I just didn't get the vibe that he was interested in anything beyond letting me know how much money he had, it was actually bothersome. I don't know if people feel more comfortable behind a computer screen or what, but regardless, I feel more comfortable here. thanks.
Started as an junior programmer for a market-making energy firm. After a few months showed my boss the results of my discretionary trading (with statements)-- and then got backed. Biggest thing to overcome is to follow your strategy, and not trade when you are NOT supposed to trade. You are only as good as you are, not as good as you think you are. I have been fortunate to have several mentors who are industry professionals; from seasoned floor traders who have successfully transistioned to electronic trading and heads of investment banks. Yes, I have a background in programming. Nowadays I think that's a pretty standard skill for a trader, unless they feel like spending hundreds of thousands of dollars in custom development of strategies and front-ends. You need to find a product/instrument that fits your personality. Or have a strategy that can fit to any instrument, So it does not really matter what you trade. I started trading the EUR/USD and have since transistioned into trading crude oil, natgas, heating oil, rbob, sugar, etc. using the same strategy. Find a job where the people there are just as into trading as you are. It takes a lot of the pressure off and you can focus and develop your strategy and style; and get paid for it. I was working a programming job for a bank a few years ago and it was impossible to trade or work on strategy because my work didn't involve trading. Hope this helps
>>>Yes, I have a background in programming. Nowadays I think that's a pretty standard skill for a trader, unless they feel like spending hundreds of thousands of dollars in custom development of strategies and front-ends.<<<< That is so, so, wrong. Do you think everyone is a systematic trader?? And I guess trading takes a high IQ also??
Yes, if you are looking for honest, concise and considerate responses you have come to the right place, and I am eagerly looking forward to trading with you.
as far as I think, professional traders of an institution tend to lose money in trading. They are not examples you want to follow.
I will assume by this you mean like traders at IB and stuff? Do you find this due to them being totally risk on since there is 0 disincentive to not bet the farm? (privatizing profits while socializing losses)
It's an urban myth. Also, there are so many facets to institutional trading, from high frequency and higher frequency statistical arbitrage to derivatives to corporate bonds - some of them mainly try to make money on franchise value, some mainly produce risk p&l (which does not mean that they have no edge).