Life after trading - busted traders

Discussion in 'Professional Trading' started by waisb, Oct 27, 2009.

  1. waisb


    We all know the drop out numbers, from other threads I believe we can agree it's greater than 95% at prop firms. Where do these failed traders end up? It seems any skills learned while prop trading are not recognized by the majority of potential employers outside of other prop firms (most employers won't give a hoot about someone doing 2mm shares/month if they're not hiring you to trade).

    Just curious to know where failed prop traders end up, is there a natural transition for them to something else?

    Should newbies start somewhere else besides a prop firm? Some place where the dropout rate isn't as high, suggestions?
  2. I would start slowly ... I imagine starting at a prop firm would be going like 0-100 pretty quickly.

    If trading is a game of make it until you break it, most people just break too early ..
  3. Traderzones has a giant buddy list.

    Do you have any roofing skills??
  4. rcj


    Shortest post ive ever seen you make, Jack. :cool:
  5. Do you have a track record?


    what are / is this -- trader zones?
  7. Well thankfully im not a busted trader (yet haha) but I suppose if I blew up I would probably become one of the following. In no particular order.

    #1 Truck driver (always wanted to do this)
    #2 Farmer (grew up on a farm)
    #3 Own a bar (who wouldn't want to do this???)
    #4 Stay at home dad on disability (need to get married first)
  8. bighog

    bighog Guest

    Numbers 1 and 3 are a rednecks dream life. :)

    #2 is not gonna happen unless you want to get back to nature with a couple million clear and free.

    #4 means you would die young. :cool:
  9. NoDoji


    I plan to push this to limit and if it's meant to be I'll die with my boots on.

    I was a couch potato for 20 years, took up futbol at 39, ended up on an A level team that won the local league championship in 2007.

    I was diagnosed with cancer in 2005, chose clean living over chemo and am currently cancer-free and in better health than I was at 20.

    I have a strong ability to memorize patterns and predict future price action based on that.

    All I need now is CONFIDENCE in myself.

    If I reach the point I give up at trading, I know Hog will be there to push me back onto the front line :D :D :D

    I admit that I'm pure intellectual trailer trash, but I really don't think I want to be a farmer or truck driver :eek:
  10. This is all bullshit. No legitimate prop firm tells you you'll be succesful in the first two years. If they do, they're lying. When I did a phone interview with Ascent Trading in New Jersey they didn't sugarcoat my experience in that environment. Essentially you'll have no choice but to get a second job, he actually suggested being a waiter. My other option was commission work at Oppenheimer where I was told I wouldn't make much more than $16,000 in the first year, but after ten well into six figures. I wouldn't pay attention to the attrition rate. People don't need an arcade of traders or even mentoring to learn to trade. They just need to arrange their schedules for screen time to build strategies and construct their lifestyle if that's really what they want around automation and streamlining decision making as well as education for finance. I don't hear that many people talk at all about their qualifications. If you haven't had macroeconomics, maybe an investments class, or any kind of statistical analysis training, I don't think there's any modern hope (of learning to succesfully trade ) without those foundations.
    #10     Oct 28, 2009