I recently graduated from Northwestern University with a B.A. in Economics, but have no desire to begin working in the suit-filled, soul-stealing environment of an I-bank like most of my Econ counterparts. Thus, I am exploring a riskier "career path" in trading, specifically equity trading to start out as I learn. While I recognize that "trading" and "security" go together like oil and water, as a recent grad with significant student loan debts and no access to capital, I am looking for the most secure position possible in this insecure industry. With that said, I am looking for feedback on what types of opportunities are out there at established trading firms which will provide solid training and then the opportunity to trade with the firm's capital. Specific names, places to look for positions, etc. would be appreciated, but most importantly I am interested in just hearing general feedback on this from people who have experience or are familiar with such firms. I want to know where to start and what steps to take. What type of job security can I expect the fist 6 mos-1 yr as I am still largely learning and practicing strategies, and if I achieve moderate to excellent success once I start, what level of compensation is realistic for me? Also, what are the drawbacks of established firms (I'm guessing bsically higher commissions, and obviously less percentage of payouts as it is the firm's capital), and do you think as someone with no experience and in need of at least some security, it would only make sense to pursue trading right now if it is at an established firm? I truly appreciate helpful feedback on this, thanks.
You don't want a "suit-filled, soul-stealing environment" but you do want to dick around with somebody else's capital .. and get salary or commission for doing so. Sweet. You are just adding to the over-supply of fantasists, pal!
Why don't you try sending your resume to some of the well known trading houses in Chi.? ie. Jump, Peak, DRW etc etc. If you can't program that's your best bet. How good are you with excel? What kind of ideas do you for trades? Why equities? That's all suits and ties. You could work for Morningstar. LOL. How many hours a day are you willing to work? And the classic: What makes you different from the other 1000 guys that graduated from your school with a degree in economics?
Get your masters. Pay off your debt. Have 5 different jobs in 5 years each one paying more than the last. Buy a house. You have a lot of work to do before you trade my money. I am not being harsh. The true prop firm is harsh and harder to break into than ever. Got your licenses? Got a sponsor? Got a resume? Work, work, work. BTW, congratulations on your graduation. Give serious thought to advanced degrees. Good luck.
Go to work and make some money before you even start to think about trading with other people's money. It ain't easy and strong character is always good, but to just graduate and seriously think you're going to start trading in either a firm or successfully with your own money is simply delusional in my opinion. Get a job, get some experience, make some money the old fashioned way for a while. When you've got your bank accounts full and your education paid off and probably been "laid off" a couple of times and have been studying the markets/trading/investing all the while, then start trading full time seriously. Experiencing the "real world" ain't all bad and is essential to making a successful and good trader from my experience. The critical thing is not to get too financially over-extended and too many responsibilites outside your control (Like 5 kids, demanding wife and a 600K mortgage payment. Just some examples.) Just my .02 over the Internet, take it as you like.
You could drop by any large chain bookstore or library and browse a Series 7 prep book, published by STC, Arco, Dearborn and others.