Proving a track record?

Discussion in 'Professional Trading' started by mauzj, Jul 17, 2007.

  1. mauzj



    I've been trading for a prop firm (i.e. I'm salaried, not a local) for 4 years. I'm thinking of moving soon, and have browsed a few positions on efinancialcareers.

    However, all positions ask for a proven track record. How can I prove my track record? I trade the company's money, and my p/l is stored on the firm's internal databases and on reports from our clearer. I assume that my clearing reports are confidential and that I could be sued or sacked if I sent them to an agent. Also, the reports do not have a name on them. I'm just another number.

    Also, what sort of profitability figures do firms look for? I trade a small account and have only managed high 6 figures (sterling) over the last 12 months, though with exceptional consistency. I do not believe that I could stick another zero onto the end of my orders and make ten times more cash. I'd ideally like to work in a role that encompasses both trading and research, hopefully with a firm that can teach me a lot more about the markets.

    Thanks in advance,

  2. Dude? What is wrong with you? If you are consistent, why trade for others? Unless you couldn't do it yourself, why do you want someone to watch over your back.

    I believe the majority of us into trading is freedom and flexibility (and some excitement). Since you achieve consistency, why not just trade your own account.

    If your system works, just stick to it. There is no guarantee that a complicated system works better.
  3. I think you need more then a proven track many guys out there with outstanding records and still cant get the job your seeking???

    I think its all about networking. Last Friday, I was out at happy hour and started talking to someone. They handed me their card and they were a principal at a certain investment banking firm. Ahhhh, a connection...

    Why seek a job say at an institution outside of prop trading? That answer is simple. You know that the prop trading job may not last forever and there is nothing after that type of job. Its a dead-end. Where as if you get into an institution, that might lead to bigger and better things. In downturns and weird markets, you might still have a job. What if you get tired of trading and just want to work in a different part of the company? If your a prop trader, its either trade or out the door you go. In an institution, there are other things to do...

    I dont believe prop trading or retail trading is the same as trading for an institution. I bet there will be a big learning curve once inside.

    My opinion of getting a job, any job, is its all about knowing the right people and connections. Even if you did not have a record or know anything, befriend the right people, they take you on as a project, teach you, and then you succeed...

    It all starts with a cocktail and a handshake...
  4. That's because you were waiting their table and they wanted you to know who's tab to put their drinks on. :p
  5. That's exactly why I'm looking for a "job" rather than trading my own account. What I do is so consistent that it feels like an arb. But if the market conditions change I could easily start losing. And that would be very nasty if the conditions changed as soon as I started trading for myself.

    I'm pretty much looking for a role that encompasses research and trading. That way I can make a good income, while learning news skills as part of the research process.
  6. Institutions and corporate life are no fun. I've been there, done that, Liar's Poker or Monkey Business will give you a decent idea of what to expect. Prop trading... towards that direction but not quite the same, the atmosphere is better.

    I gotta say, nothing beats trading from home though.
  7. stussy


    Just ask the manager or some senior guys at your prop firm to provide you with the proof of your track record. Shouldn't be a problem if you are in good terms with them.
  8. Be very careful with any advice given on here as most have never left their bedroom. As far as proving your track record why havent kept your trading logs?

    I assume you get at least part of your income in bonus so how do you know they arent ripping you off unless you keep track of your own trades? This sounds strange to me?
  9. If the conditions change, you think that a new guy at a financial institution/trading firm is going to be safe?

    Sounds like you really aren't that successful/confident as a trader or you would be more secure in your abilities. I do give you credit for giving a bull market its due. Many here at ET are mistaking a bull market for brains, but at least you are acknowledging that your success probably belongs more to market forces than individual circumstance.

    Good Luck!
  10. mauzj


    Hi Stussy,

    I think we have different terms for "prop firm".

    I work at a firm where I am an employee. I received a basic salary, and a discretionary cut of my pnl. The reason why I'm thinking of leaving is that I have a feeling that I won't be pleased with the discretionary element this year.

    I do not have my own account with the firm. I trade cash for the firm's account, and all positions are stored on a database.

    I therefore do not believe anyone senior will be happy if I ask for proof of my track record, as it would basically say that I have no faith in them and am preparing to jump ship.

    #10     Jul 18, 2007