To all interested, and whoever could provide me with some advice, I would like to share my story. I went to a tier 2 school, got good grades and graduated with a degree in finance. I landed a job at Mckinsey & Co in corporate finance. I quickly realized this wasn't for me as I always wanted to try my hand at trading. So I ended up knowing a buddy that was working for an option market making firm on the Nymex and got me a job in 2005 as a floor clerk. I rose through the ranks and was provided firm capital to trade energy futures / options after a year or so. I did very well from 2007 - 2009 having returned 1.5 million of which I was at a 60% split of profit. Then in early 2010 I had a small account debit ~100k and was informed I was going to be let go. Subsequently I found out many other traders at my firm were dealt the same fate as me, as the company lost a ton of money in 2009. They were purging anyone they didn't feel were "core assets." So I took a few months off and did some traveling and sort of looked inward of weather or not this is what I wanted to keep doing. I quickly realized that I love trading, I am good at it, and I really want to keep doing this for the rest of my career, though not in the small time / prop capacity. I guess my questions here for everyone are is it possible to take the experience and track record I have managed up to this point and transition it to a bank / hedge fund prop desk, or maybe even physical energy trading. I have been sending my resume out all over the place and getting no responses. The people I have talked to don't want to talk to me unless I have made 10+ million / year. They don't seem to understand that trading is 100% scalable and that trading 20up is the same as trading 200up. Obviously I realize that times are dire right now, and I could continue doing this in same small-time capacity, but I will always be at the mercy of my firm. I feel like if I don't get out of this small-time prop trading enviroment I never will. I'm still relatively young... 28.. and feel like I have to make the move now. Any and all advice / suggestions are truly appreciated.
I'm almost in the same boat as you. Best of luck my friend, I hope someone more experienced can lead you on the right direction.
Your post is not clear about the "small account debit". How much did you make in 2008? 2009? How much did you lose in 2010?
I put it all in the post, "Then in early 2010 I had a small account debit ~100k and was informed I was going to be let go." "I did very well from 2007 - 2009 having returned 1.5 million." (250k - 2007, 750k - 2008, 500k - 2009).
Trade for yourself if you have any of that fat paycheck left. With 50K you can make a decent living. Not enough to spend on blow and whores, but add a working wife to the picture and you have got it made.
hi cl - if the institutions/funds won't hire you unless you have made $10 mill / year for another institution/fund, I would assume that they have people working for them that *do* earn those amounts (ie, gross trading profits, then they might get a bonus of 10% or ~$1 mill)... so would one possibility be to try to get a job as an assistant to one of those $10 million / year earners? Rather than try to jump in as a trader right away? What do those $10 million / year traders have as education/experience - can you duplicate that or shortcut?
Sorry. It was because of the word "debit". I tought you began the year with let's say 500K balance , lost 600K and was at -100K . I wouldn't have asked if you had written "I was losing 100K YTD when they decided to let me go."
+1 EDIT: Re-read your post. Just trade for yourself & keep 100% of your profits, minus what the DC socialists and IRS take from you! GL!