Prop firm or work on the floor

I just graduated from the university of michigan with an economics degree and am desperately trying to get a job trading. Unfortunately, I have had little success in getting a response from any of the prop firms but I would have no problem getting a job working on the floor for a guy who trades euro dollar options. Do people think it is better to work your way up from the floor or should I hold out and wait to see if one of the prop firms contacts me?

 

Nothing better than floor trading experience IMO.

Don

 

Take the job on the floor as the experience will serve you well in the future.

 

I couldn't agree more. You, Bob, Hull, the Ritchies, Tudor, RD-all perfect examples. You get to rub elbows with scalpers, spreaders, arbs, swing traders, technicians, fundamentalists, news traders, guys with degrees, guys who drove cabs. You can lay clerks and buy decent drugs too. The floor is a trading laboratory.

 

Thank you all for the advice. How does someone go about getting a job working on the floor if they do not know anyone that works there. Also, is there a better place to start compared to others. i.e. euro options vs. gold.

My main concern is making sure I start in a place that will teach me a lot and provide me an opportunity to start trading. What would do you guys recommend/ if you know anyone needing assistance let me know.

 

You mentioned you could work in the Euro-options. Take THAT job!

 

Years ago, I turned down an internship on the floor of the MGE for an internship on a trading desk downtown Minneapolis.

To this day, I wish I could turn back time and live on the floor for a while.

If you have the chance, grab it. Now.

 

Haha. This is true but being new to the industry I was only wondering if people thought there were better places to start. As an economics major I have been taught such things as opportunity cost and cost-benefit analysis. I just want to survey my options but thank you for helping me.

 

Ah, you see, now you are making things too complicated. In this case, it all depends on your discount rate ... it might well be that overall trading could fall well below your most optimistic expectations vs. your next best non-trading opportunity

 

I knew I would get a remark like that but you are right. However, I am young and willing to take those chances and if doesn't work out I'll go searching for the better non-trading opportunities.