Hi everyone, I am thinking quiting my current job to become a full-time proprietary trader, I have a few offers from various proprietary trading firm which includes Barkley Trading LLC, Assent Trading LLC, etc. Now I need some info on the proprietary trader's life. roughly how much one can bring home say in the first year of trading? - I mean the average, and to grow with it successfully, what is the key factor? I do have Master degrees in Engineering, sometime I think I am more of a Quantitative kind of trader, but I am willing to test the water here first. Any inputs are much appreciated. thanks in advance
http://www.elitetrader.com/vb/showthread.php?threadid=31837 in short, don't expect to make anything in your first year
If you're really good, the sky's the limit, but I certainly wouldn't count on making big bucks the first year, as someone previously mentioned. I would focus on discipline and trading well, not the money. And if you can keep your day job and just trade the open for a while, that might be a better approach. That way you can get your feet wet, develop some skills and some confidence and still have an income coming in.
for the first year, you will be lucky to survive.. if you break even you will be a hero.. on average most traders lose money the first year.. of course, i bet you lost money on your engineering degree for the first 4 or 5 years in school too huh? its the same with educating yourself about trading.. the key factor is persistence imo.. its an easy business to get into, and an easy business to get out of.. -qwik
Thanks for the reply, I would like to know if anyone here has a quantitative approach to proprietary trading, I think I am more of a quantitative/analyitical person. From what you have experienced, to what extent do you think being a proprietary trader needs quantitative / analytical skills? I mean really sharp skills. Also I'd like to know how long it took you to develop your systematic trading strategy? of couse I assume you have been a successfuly trader. I have been in the market since 1997, but I am more of a buy / hold investor, I tend to buy and hold for a few months(at least a few weeks) before selling. Also I am a CFA candidate so I do pay a lot of attention to company fundamentals. Obviously proprietary trading is a total different ballpark. I'd like to know from your personal experience in dealing with the learning curve and becoming successful, if you have a similar background as I do, please leave a few words and they are very much appreciated. Have a good weekend all.
Unless you are dead-ended in your present job or career, there's no reason why you can't keep working and continue to trade. You can put your skills toward swing trading with EOD data while retaining your reliable income. (And you'll probably do better as a trader than sitting in front of a CRT all day!) If, at some point, you feel more confident and know you can make a living trading, you can move to full time. The point is, anytime you can have two sources of income, you should think twice before giving it up.
you should pm Don Bright, he probably has had as much experience with prop quants as anyone on the board.. i think Echo has some reps here too.. lots of threads under prop category as well.. -qwik
PM me if you like....If you have found "real jobs" in this job market, I am impressed...!! Trading will take a year or more, as mentioned above... (Oops, sorry Qwik....I respnded to you instead of the "wannabe"....may as well leave it now, LOL)... Don