I lived in NYC a few years ago. Even the ice cream man Mr. Softee costs more in Manhattan than the other bouroghs. Hated the taxes and the rent was way to much. But then again there is no place quite like New York.
Give the guy a break fellas. nyc is just like any other city, i work there everyday in financial IT. To the OP, get an apt in jersey city by the PATH train, $1600 gets you a decent 1br, 1 path ride to world trade is about 15 mins - closer than going from uptown to downtown... If you want to go the institution route in a financial firm, i would suggest get your foot in first by getting a bullsht job like business analyst, some position in middle or back office, etc.. Once inside then it's easy to establish contacts and go from there. You do need a mba from a top b school if want to start on the trader path on the get go. if you looking to trade full time on your own, calculate your numbers and come up with a plan. Total net worth, monthly burn rate, max amount for long term investment, max ammount willing to lose for daytrading, buffer money etc... if they dont look realistic, then you probably shouldnt do it. Otherwise why not, give it a try as you dont have a job anyway. simple.
Don't live in Manhattan. Jersey City or Hoboken is doable (15 min away by Path or ferry), but you can live in Queens, where a 1br goes for closer to $1500/mo, right on a subway line where you are less than 30 min to the heart of midtown. That might seems like a lot, but consider that the only "affordable" housing in Manhattan is way down at the tip, and it would take you more than 30 min to get to midtown from there anyway. You don't need a car to live in many areas of Queens, either.
JdhJon, I did exactly what you are about to do. I went to NY to find a job as a trader. I did not want to work for anyone anymore. I wanted to become an independent trader. Since I only had a 6 month visa I was only able to stay for 6 months then I had to move back to Brazil. I joined one of the shops you see on Craigslist although I met the guys here on ET. Put my 5k up for grabs but thankfully did not lose it. I am now trading independently from Brazil. I was an extremely rare case ...got a check in 4 months... but I am still far from making what an average prop trader makes after 16 months at it. It looks like you have the heart to give your best shot at everything but trading must be your passion in order for you to survive your way to profitability. By the way I lived in Astoria which saved me a boat load of money on everything. I managed to survive on about $1300/mo. My original intent was to live in the heart of the town but it was extremely difficult to find a place there plus it is definitely not worth it if you aren't making good money. People here have all the reasons to discourage you. Basically, you are trying to become a professional player in a sport you never played. I am just giving you my honest personal experience. Let us know what you decide to do.
Definitely necessary. Also the commute is great to go over your daily trading fuck ups. Sometimes I wished I had a 2 hour commute.
If you want a 2 hour commute to NYC then just move to Philadelphia. There are more than 1,000 people a day commuting from Philadelphia to NYC. Most use Amtrak, but some use SEPTA and New Jersey Transit trains or drive to Trenton, NJ for the trains. I have also heard about people from Wilmington, DE and Lancaster, PA and Port Jervis, NY commuting to NYC. People move to the Poconos in PA and commute to NYC by bus. The best short commutes to avoid high Manhattan rents are Hoboken (10 minutes on PATH to WTC), Jersey City (11 minutes on PATH to WTC) and Staten Island (30 minutes on the SI ferry).
I would DTB! Europe so much more fun then USA! You can hop on the train go to Spain for a weekend, or fly to Greece.. Dude, stay where you are, I would never move from Europe to US!
Newguy is exactly right. You don't need to live in the city. I moved here 4 years ago, started out in the city with roommates for 1k a month downtown off wallstreet. And now live in Hoboken, which is 40 minutes door to door to midtown. The only thing I miss about the city is after a night of boozing you hail a cab and your home in 15 minutes, as opposed to a train ride late at night on the path.
Its one thing to come to new york and live, Thats easy, thousand upon thousands of mexicans, asians all live here relatively easy on a $2k income... washing dishes and sewing clothes / hawking purses/ and other sort of work Its another thing to come to NYC to make money from DAYTRADING. lol. You do understand daytrading is the highest level of mental sport known to mankind? We aren't talking about some monkey pushing button arbing inefficiency here. You give the professionals on Wallstreet, way too little credit, their 10,20,30,50 + year in experience can be trumped by a guy who just happens to fly over to NYC with his visa gf, and expect to take money hand over fist like its HIS MONEY. Going to come to NYC to take HIS MONEY! -------- stay at home and read some trading books first ,chump.
Great to get such vital advice off an extremely intelligent and highly successful individual as yourself. Thanks again. x