Being a Wealth Advisor isn't too bad, There is more money in the business then in the trading. Trade with your ETRADE Account
MSDW is a reputable firm in the street and you'll certainly have opportunities later. Although probably not at MSDW. I am working for a competitor of MSDW doing correlation trading in Singapore and as far as I can see from the type of cars they drive lol... my colleagues from the private management unit certainly make a very decent living. In particular they work with much higher margin than me. Got for it. Take the job before you blow your account ;-)
What size account do you plan on trading? Why would you not take a job that gives you a comfort level? You don't have to worry about every trade if that 3k is your rent. Put the extra money into the account, slowly build it up, learn something useful at the job(like the vocabulary or salesmanship) and plan your exit. Expose yourself to a another world, better than just sitting in front of a computer all day at this young age. Good luck, but remember that every challenge creates an imprint on your psyche of yourself as a winner or loser. Give yourself a chance at the trading game by coming in well capitalized and confident that there is a fall-back position. Albert
I wrote those options naked way outside the money. I found a good broker that charges $4 round trade. The more I trade the cheaper it gets. I used an exit strategy of 200%. Let's say I wrote 10x $150 options outside of the money with 2-3 months till expirtation. If the option became $300 I would exit, none of them have so far. I diversifed the markets I went into, never putting all of my eggs in one basket. I usually would go into five different markets. If one goes against me I stil the other four. The odds of all four going against me are slim to none. I think writing options is the way to go, I mainly did it to build my account.
Take the sales job and make relationships with High Net Worth investors. It will be useful later when you try to start a hedge fund.
The money I made the $22,000 from the $3,000 was on a real account with real money. I guess I will just keep trading on my own, and keep developing a track record. It's tough to break into, I may have to go prop to get experience with larger sums of money or I may go back to get an MBA. I think going prop is gonna be the best route. I think I may take the job at Morgan and try to network, develop a decent track with a prop account and see where it leads me. Thanks for all of the advice, I appreciate it.
An MBA teaches you nothing about trading.. it is a general business degree where you can specialize, maybe in finance, but you will learn nothing about trading or managing money. That is why your first year core courses include management and marketing and statistics
Lotsa typical ET responses. My suggestion if you want to get on a major trading desk is to be persistant. I would get the name of the person in charge of the specific area of trading you're looking to break in . Send a 1 page resume with a short cover letter stating that you will contact this person next week. Next week comes, call once pre-market (around 7- 7:30 AM) and once after the mkt. always leaving your name (this way at least he will know ur name). Do this for the week. By chance if you get him on the phone, you have about 2 mins. to sell yourself and to set up an interview (so think very carefully about what you are going to say). I would refrain from telling him ur track record over the phone. Basically just say you have always wanted the opportunity to beak in on a successful trading desk such as _____. Tell him you're willing to do whatever it takes (12 hrs/day 6/wk etc...), and want to set up a meeting so he can see what youre all about. If you cant get him on the phone after the first week of calling, put on your best suit and go there in person (either premkt, lunch or aftrmkt). Do that every other day for the week. This should at least get u in the door. The point of doing it this way is that the Man. Dir. of trading usually worked his way up through the trenches and will def respect your persistance and tenacity, at least enough to interview you. Do this with ten firms and you should be able to get a few interviews and very possibly your dream job. Best of luck and dont let anybody say you cant do it. Oh yeah, this approach works a lot better if you are young (early 20's).
Nobody really saying he cannot do it, just that he will 99% sure not do it working as a glorified salesman for Morgan Stanley..
How on earth is this possible, how many contracts can you write far out-of-the-money with 3000 as margin: maybe three or four on a normal stock, for which you will receive in total something like 200 USD a month if they expire worthless. This is a total bs story.