the music never stops. if in your mind it does stop u were never a good trader to begin with one thing cramer had it correct, there is a bull market somewhere and i will find it for you. always look for yours.
Why can't prop traders go back to "regular jobs" if they had to or wanted to. Is it because they are rouge and would not fit into the command and control style at most cubical farms?
If you're smart, hard working and have a college degree from a halfway decent school, then you can always find something good. Having prop trading on your resume is not the kiss of death. If you're looking to break into a different industry, just embellish the job description so people will think you were a porfolio manager or hedge fund trader. You just have to be a little creative. If you don't think you'll have a career in anything after prop trading, then you probably don't deserve one.
I venture to guess that most of us aren't concerned with our resume at this point being traders. We are different than the sheeple out there that enslave themselves to corporate life. we have no such interest in ever going back. The very thought that a company would frown on prop trading is a testament to why I would never go back. I am free thinking.
I really appreciate the serious replies. Im currently a college senior looking for some guidance. I have been trading live the eminis for a few months with mixed results. Trading is truly my passion but I have an opportunity to start training as a financial advisor for a relatively large firm after graduation. Should I stick to a sure paycheck or do what I love and trade at a prop firm?
Unfortunately for 95% of the daytraders out there, being free thinking doesn't pay the bills. Burritobob, daytrading will always be around. Concentrate on graduating with a good GPA and then evaluate your options. You've had mixed results trading the emini. You have to consider if you think you can survive on mixed results, unless you have a lot of money on the side to live off of.
Good point, this is partially about effectively selling yourself. It is also worth noting that 99.99% of the corporate world tends to know absolutely zero about trading. Of course this is all impacted by your level of education and that nature of your previous experience. Someone departing from prop trading with a university education and prior relevant experience is likely to have more employment options than another individual with only high school education and a lack of previous experience.
I started a thread a couple of years ago that I have tried to update every year regarding my progress after I stopped trading. There is definitely a life after trading assuming trading is not working out for you. The hardest thing is to make the complete break from trading that is needed to focus on your new direction. I see way more upside for me now that I stopped trading on a full-time basis. There are times like right now when there is a lot of volatility when I wish I could trade for awhile but I love my new career too. 99% of the population knows nothing about trading so it all sounds impressive to them. In fact after you explain it most people will think you are a broker with clients. The one suggestion I have is that I would not use the term Daytrader to describe myself Here is the link to my thread. http://www.elitetrader.com/vb/showthread.php?s=&threadid=61057&perpage=30&pagenumber=1
If you can handle working for someone else - I would say take the financial advisor job, and do position trading for yourself on the side (retail). You may even like the position trading more - I personally do, and do very little intra-day trading anymore. That way you can have best of both worlds.