Well I came out of a Tier 1 university in CA and have two degrees, one is in Economics. I've followed the stock market since my Junior year, and invested my own money in the bottom of 2009 to catch the rally, which I predicted would happen. Now I've got a stellar track record for the past 2 years and launched my own investment management firm. Here is my question, how do I break into trading with my experience? I want to trade firm capital and gain more experience. I have my own clients and have been expanding, but it would really help to have a track record with a trading firm, trading millions of dollars so that I can pull the big institutional clients. Million dollar question: How the hell do I break into a trading firm? I've applied to most of the firms listed on this site, and non have replied back. I also noticed most are in Chicago and NY. I live in SF. Can anyone pull some strings for me? I will even pay cash up to 10k for a referral that lands me a job in a trading firm. Thank you
Don Bright would be the one you need to speak with imo. Also, you launched your own "investment firm," and are wanting to move to prop? Help me understand. Also, Are you set up as a B/D or RIA? I'm entertaining leaving the RIA World behind, and going Prop. I have put together lists of prop firms ranked very highly. If you want, pm me, and I'll get those firm names to you. Hang on to your 10k as well. Nice offer, but I'd rather help without you owing me anything. I will say that I am a knife collector, and have my eye on one that's $1,800... Lol! Just kidding. Last, search around in the prop threads, search for Don Bright and call him. Maverick from here works prop, and so does MTLproptrader. You're at the right place to get the answers you're looking for. Just understand that you MUST have an edge imo before going prop. The good Firms will provide "training," but none will give you a winning edge. That's up to you... Hope this helps!
Forgot to mention, be VERY careful with some of the Prop shops that offer the training I mentioned. Some are just that; expensive horse and pony shows making $$$$ on the training side vs. THE TRADING SIDE of the business. Some props are slime ball fly by nighters; some are just plain sleaze, and there are some really good firms out there. Wading through the "prop waters" comes with sharks in the water, and not an easy task. I'd say start with the above advice, and see where this takes you.
???? Why do you want to be a prop trader if you have your own investment management company? Your clients are your parents??
Thanks for the information LEAPup! I will pm you for that list in case I missed any. I know all about those shady prop firms... I've applied to a few on craigslist by accident and then realized they were extremely shady when they called me. One guy even went as far as telling me that he was hiring traders for a hedge fund, under a completely different trading company and that the hedge fund was funding him. When I asked if I could get the name of that hedge fund to confirm, he froze. Then he said it was proprietary information, and then I told him I would contact the SEC if he kept talking to me. He hung up. But I sure as heck won't be paying for any training sessions. Those are simply to profit the firm and nothing else.
My friend actually said that to me too. No it's not my parents. I am under the assumption that a prop trader will have access to firm capital and will trade in the millions of dollars of firm assets. I need this experience either to: A) Transfer to a prop desk at a wall street bank/oil company B) Put on my resume and help attract bigger clients for my firm My ultimate goal is to have a hedge fund, and I know traders quit all the time to start their own funds once they have a track record. If I am wrong about my assumptions for a prop trading desk, please tell me so I won't waste my time.
If you want to trade "firm capital" then joining a prop will suffice, however MOST will require you to join as a "Class B" member and put up a capital contribution, and use the firm's buying power. Therefore, you can contact the firms again and ask about their terms on joining the firm as a TRADER, rather than as someone looking for a job. If you do not want to pony up capital, then there are some "true props" that recruit recent college grads where the firm will provide training and capital. You can research this thread for more info on "true prop" firms: http://www.elitetrader.com/vb/showthread.php?s=&threadid=215744
Yea I am looking for a firm that won't ask for any capital contribution. I have actually ran through that list and no firm replied to me. I might fly out to Chicago and harass them in person if I don't get a reply soon. That Don Bright guy is not who I am looking for... 1st red flag is he is not in Chicago or NY. Second, I am not looking to spend a dime for his "lessons." aka bullshit. I did apply to those firms requesting a trader position. I am sure they understood what I asked. Man its been frustrating breaking into anything related toward Wall St. post financial crisis, hence why I started my own firm. Can't join em, beat em.
WTF? predicted 09 upppppppp! my roach's are drivin bentleys. what are you gonna do in a sideways market or down market? are you lenny dykstra? prop firms? WTF? P.S. CHARLIE SAYS TWEET HIM
Ahh, you are offering $10,000 for a job? I wonder why you can't land anything. Go harass them, I am sure they will drop everything and give a full ride on the spot.