find something that you can use your talents for the benefit of others and you'll find the rewards greater....
True. and also, if I may add, Develop the enjoyement to excel at your chosen occupation. Succes comes from a desire to do something well.
Makes sense to me. If you did a good job at a prop firm, you would still be there making money, increasing your size and profits. Why would you want to go somewhere else. If you were leaving, to get a "job", it probably means you couldn't make it as a trader, so why would someone want to hire you if you've proven that you can't do the job? On the other hand, CEO's who bankrupt companies quite often seem to get a job as a CEO at other firms.
What you say might sound right and logical, but I think there's more to it right. I mean if whoever posted that(a new college grad ??) obviously didn't have any experience in the market/trading and he/she tries prop trading and fail like most people, are you saying they should be penalize forever? Just for trying? Geez. How democratic is that? This is America. people get 2nd,3rd or 4th,etc. chances I would hope. That's why I had suggested the other route. Get a job first either in financial markets, if not then something else so they can have a set of skillsets in case prop trading doesn't work out for them.
It seems that everyone is thinking about trading as a job....trading professionally is an entreprenurial venture, and should be treated as a business. A small percentage of people in general opt to go into business for themselves, regardless what that business is. Most prefer having a job. I think if you analyze yourself somewhat, and see if you want to be independent, or to work for someone....that this would be the deciding factor. As always, trading is not for everyone. Don
a comment on the ceo note. Yes a CEO has a very demanding job. But at least they have the security of knowing they will make 6 mil per year, and if they get fired they get 3 times their salary plus the stock they own (if it's still worth anything). A trader can work 60 hours a week studying the market and lose money. The pressure is intense for both, but in different ways. You know, i've never really thought of trading as a job, like a lawyer or doctor. There, the more hours you work the more you make. Trading is more like competitive sports, such as golf. Everyone works hard, but not everyone plays like Tiger (who happens to work harder than everyone else, it seems). And there are lots of good golfers not making any money.... canuck
It is EXACTLY like golf...That is how I think of it as well...There are guys on the mini tours and then there are the guys on the PGA Tour...But week in and week out, there is no guarantees(except endorsements and appearance fees for the PGA Tour players)...But, at the heart of it, every penny those guys make they earn it, which is the number one reason why I so respect and admire the guys on the golf tours... And, more to the point, alot of guys on the mini tours can go out and shoot 65 every day at the local muni and can be the very best in the area, they then go out on the mini tours and hope to just get by....The stress of making car payments, mortgage payments(and they all seem to be married with about 5 kids, lol)...But somehow many of them seem to do it...
another reason a "proper" financial firm may not be interested in a former self trader is that as a trader you made independent decisions, paid the price or got the reward as a result. chances are as a trader you rarely dealt with office politics (in all incarnations). my experience (as former "local" on cbot) did not prepare me to deal with those that are incapable of making decisions or taking risks....most wall street firms are populated with very few risk takers, alot of administators, sales people..many of which spend a great deal of time bowing and scraping to the very few that actually do the business of wall street.... having said this, wall st firms pay well, have great benefits and the good ones take care of producers..