Newbie needs advice

Discussion in 'Professional Trading' started by Mitty, Mar 31, 2008.

  1. Mitty


    Hello. Today, I will most likely lose my job as a Jr. Sales trader. I work(ed) at UBS for an institutional broker - my main job was to execute trades for hedge funds. I'm a recent grad (23) and I've been doing this for less than a year.

    The broker will be leaving today and I have to decide what to do. Should I stick around and become another secretary or leave the firm.

    I've seen ads on craigslist for Assent and I see an opportunity to work for myself and use my intelligence. However, I'm coming off a $1k loss in my personal portfolio (in which I've only had one trade, my first).

    The thought of starting with $5 and using leverage is a scary as hell. I'm not sure what to expect. How long can I stay in a position? Do I have to enter and exit the position in the same session? How much do they charge? Is it per share? Hidden costs? What happens if I lose money beyond my equity right from the get go?

    I'm sure some of you have been in this position if not all of you. I would appreciate any feedback or advice as this a big step and I'm not sure who I should talk to.
  2. If your pursuit of Assent lands you in an Assent sub LLC, be weary of the "program" as a newbie. Commissions could be extremely high and the "mentoring" might be extremely immature, amateurish and way too narrow focused for newbies. This is not a dig on Assent or it's subs, just select your mentoring programs carefully.
  3. Don't give up your "day job".

  4. I second that motion.
  5. Best advice ever. You never want to give up your actual paycheck until you have a proven track record in the market with enough average gains per month to replace the paycheck, insurance, and other benefits as well as having enough left over to let the trading account continue to grow. I'd say you need to be at this point for at least 1 year prior to ditching your steady paycheck. If you quit your day job too soon you might find yourself under an overpass with a cup and a sign: "will work for food".
  6. EvenBid50


    All I can say is if you are going to take that approach to trading, you will absolutely have to give it everything you've got. You will only get out of i what you put into it, You'll really need to eat, sleep , and breathe trading. Constantly tweaking your gameplan. pre-market, intraday and post market. The day does not end at the close. that is when the homework begins. your still young enough to be able to pull something like this off. You dont want 10 years to go by as you look back at the missed opporunity. Good luck with you decision making and best of luck at trading.
  7. cstfx


    Ask yourself this question:

    Can you afford to lose 5k and can you afford to go without an income stream for 2 months or more?

    I either answer is a no or a wavering no, then stay employed until you can answer yes to both.
  8. 2 months or more? I don't think anyone new makes money within 2 months.
  9. cstfx


    I was being generous. Longer than that, tho, they'd know whether or not they have the stamina to continue.

    But you're probably right - tack on a few onths.
  10. Mitty


    thanks everyone. i don't think i can give up a steady paycheck just yet. however i'm glad i'm going through this at 23 and not 33. if i loose 5k, i won't end up on the street but the fear is losing an amount greater than my equity. if i get fired, which may happen very soon, i think i will go for it.
    #10     Apr 1, 2008