Don, hoping I could tap your experience? I have heard trading is hard work and suits the entrepenuer minded individual with above avg math skills and a penchant for risk. On a practical basis, for a new trader at a prop firm who does not have any expectation to make serious money my first year, what will advance my understanding most vs. what will confuse me most? i.e. following indicators(MAs, RSI, STOCH), quotes, volume, patterns, etc. also, any tips on where to get a sound foundation like a book or trading simulator, etc thanks, evan
(Well, since you asked, LOL). Since it takes over a $million to make real money in the markets (as always, there are exceptions to this rule)...we teach our new people the strategies that are, for the most part Lower risk, Higher reward...but "Captial Intensive" ..like Automated opening only strategies, M&A, Pairs, market making ,etc. 90% of the "stuff" out there is designed for the guy with $10K in his account, which we know doesn't really work. Check: www.stocktrading.com/training.html Rather than run a commercial here (this time, LOL)...feel free to call me after reviewing the site. Don
I checked out your site while waiting for the reply. I filled out the questionaire. I am starting with a small (compared to bright) prop firm. they use esignal and allow you to trade firm capital, but no license. I am hedgeing the risk of trading not working with pursuign the CFA, figuring if it doesn't work I'll get an entry level trading ops or analyst position and work my way up. Anyways, the firm will allow 100 share lots at first and have a 6month mentor-learn as you trade- trainning program. the two guys at my office have been trading since 2001. Both are very successful. I figue this is probably my best way to learn, as I can afford to not make money/make the draw, but not to pay 1k for trainning and then fund an account. I have looked at clerk positions and FSNY for less risky starts, but I am not able to relocate right now. so I think I am on the righ track. I just need to bust my butt, learn, and keep practicing. Maybe if it works out I'll apply to switch over to Bright. take care
I am also on the fence of whether to become a broker (hoping to become an executive branch manager within 4 years) or be a trader. I am looking to be well off within 10 years so that I can begin starting up business. My reasons for thinking of each: 1. Broker: I know a guy who started out as a broker and now is an exec branch manager and pulls in $50,000-$200,000 per month. Insane amount of money, I know. 2. My buddy's father is a trader and he is doing extremely well for himself. His father has two friends in particular that are traders. Both of them have a net worth of over $10 Billion. If I decide to be a broker, I was offered a job at E1 Assets Management. The only bad thing is that I have heard a lot of negative things about that firm. Any inputs or advice feel free to respond...
You're a funny dude. Remember to take everything with a grain of salt. You have a very disillusioned view of the brokerage and prop trading industry. Do some serious research. 4 years to run your own branch, lol, you should aim at simply being able to take home anything above your draw (if any) after a year.
Most Trading Arcades (not all) have taken on the role of the old (many of you old stockbrokers will remember) boiler-room bucket shops. Why hire a trainee/broker/salesman to push a stock when there is no spread in it or mark-up? Just build a large trading arcade and keep the seats filled....Much easier I'd say. Let your clients work for you....
I am just saying what I was told. Also, I know since E1 has had some boiler room talk, that could be why he moved up so quickly.