Professional career question.

Discussion in 'Professional Trading' started by etherboy, Aug 25, 2005.

  1. etherboy


    Hi everyone:

    I'm very interested in becoming a full time trading professional for prop firm. Either stocks or futures. What kind of exam do I have to pass for both?

    Can anyone explain what are the advantages of becoming a professional and its disadvantages.

    Like stock trading, do I have to record all the transactions when I report taxes? And how about wash sale rules? Can I either long or short without much of the limitation of retail customers?

  2. oohhh boy. This has been hit upon 1000 times b/4 and yo should use the "search" function to see the results and do some research.

    Anyway, without gettting to involved, a series 7 for a prop equities firm. Futures I have no idea.

    Disadvantages is that only aboutu 10% of equities traders can succeed in the long term. This is usually do to a 2-3 year (unless you get lucky enough to find a mentor which is rare) learning curve. You basically have to learn WHAT NOT TO DO b/4 you get a feel for what to do.
    And by that time, the money is usually gone b/c it costs moeny to learn in this business.
    Also, healthcare usually isnt provided so if you cant get it through family you are running a risk or are paying alot..

    If I were you, if you have NO expereince, I would learn and study on the side and try to get a feel for trading. Then paper trade diff strategies.. If you still want to tackle it go for it.

    Alos, dont get to caught up with "indicators" (some might disagree) People try to find a "holy grail' that can make them $$$ ina ll makret conditions which really isnt that realistic (personally speaking)
    And if you do use indicators, use them when scanning for candidates, not for entried or exits. In other words, they can be usefull in finding trading opportunites, but use price and volume to get in and confimation.

    The best traders I know pick a style, chart formation, and master it.
    If you try to master a bunch of stuff too quickly, you will suck at them all and lose $$ and you will get confused.
    Be a jack of one trade, master of one. Then slowly build your arsenal of strategies.
  3. etherboy


    I'm a guy from IT world. I'm frustrated by neck breaking new technology coming out everyday. I think I have exhausted my brain & energy. That's why I want to become a pro trader.

    I did lose about half of my year salary in year 2000's sizzling market. That's what drives me to start study technical analysis.

    I also did struggle to learn the tech stuff and try to find the "holy grail" but failed. But I finally learn to watch the market and some indicators and trade only one symbol, mini dow future YM. And I did find some rules that how market plays it.

    I basically is a swing trader and now can consistantly earn $300 per morning doing about 2 trades. But since I have work and can't watch the market, I lose quite some extra opportunities. So that's why I think about become a pro.

    I know it's tough to become a pro trader, so is my career to stay in IT world, and I really get tired.

    So can anyone answer my other questions like trade transaction recording for pro trader If I do need to trade stocks besides futures. And I do know it must have been answer a thousand times before. And that's the problem. So can anyone answer here? Thanks.