seeking your advice...

Discussion in 'Prop Firms' started by robert07, Jun 21, 2006.

  1. robert07


    I would like to enter the trading arena but I'm not sure what is the best route for me to take. I have been an analyst covering US equities at a small firm for about 2 yrs in nyc and out west. I'm in my mid 20's and I graduated from a decent division 1 school (no top 25). The only trading experience I have is a few swing trades on E-trade; and some options experience. I have series 7 & 63 licenses. For what its worth, I have some money I would be willing to put up if need be. What seems ideal to me is to get trained, while making enough of a salary to live on. Does this exist? Does anyone have any advice for me? (what firm's I shoud look at?) I'm just looking for a little direction here. I would be willing to move pretty much anywhere in the US or abroad. I know there are some training programs/mentorships out there; with some that offer a salary while you learn/progress, and some that don't. I would appreciate any feedback.
  2. Surdo


    Don't leave a salaried job in the industry.
    Swing trade until you make enough to quit.
  3. robert07


    thanks --
    kind of bored with what i am doing though...and don't see myself going much further north in the small corp. latter we have. just looking for a change and an opportunity to make more $, although the risk is considerably higher.
  4. Surdo


    If you are single and have no mortgage, wife, or kids, go for it!
    It may take a year to break even, so start small so you can survive the learning curve.

    Study 2 or 3 indices and a small handful of stocks all day inside out until you think you have an edge.

    Remember preservation of capital is even more important than making money.
  5. Read Marty Schwarz's book Pit Bull.

    I'm not sure what kind of trading restrictions youhave at your current job, but why not try your hand at trading while you still have steady income? You can always trade europe or asia or FX from home, or maybe the ES the first half hour or so. You would appear to have the perfect setup to swing trade stocks as well.

    I'd be slow to quit what seems like a very good job just because you're bored. It's a lot easier to hop off that train than to get back on it.
  6. Don't be quick to quit a job that you can keep. Treat trading like starting any other business venture (Subway franchise, computer store, consulting business, whatever). Be sure you have adequate capital to trade the strategies that actually work (lower risk, higher reward, but possibly a bit more capital intensive than just trying "last century's methods" like scalping and momentum). Obviously get comfortable with your knowledge of the business, how trading firms work, clearing firms, exchanges, tax consequences and all the rest...just like any entrepreneurial venture. Perhaps, after you feel "you're ready" to compete, trade part time, opening only's maybe, build up an account, put money aside (waaay aside, LOL) for the possible fluctuations. Dont' go into this undercapitalized or on your own.

    My honest feelings....I've told hundreds the exact same thing.

    Good luck with whatever path you choose.