Hello -- I'm about to graduate from a top 10 US public university and I'm looking for a place to work. But first, I need to figure out if propping is what I am looking for. I traded my way through college and my passion is really equities trading. I love it and I believe it is really what I think I want to do with my life. I have an opportunity with a Sub-LLC of Prestige Capital in NYC but I'm not sure if this is the greatest fit for me. They are offering an extensive training program and even though I have been a consistently profitable trader for 3 years I think I should amplify my trading education with a prop training program if I decide to be a prop trader. I was just wondering if anyone had any comments or suggestions for me. I'm about to take a big step in my life and although I am very excited but I also have my apprehensions. I'd appreciate any advise anyone has for me. Thank you. --Randy
1.Be prepared to lose 80-100% of your deposit within 3-5 months. 2.Don't trade the way they want you to, you will churn all your profits into commissions.
I know you're anxious right out of college to get a trading job, but you must thoroughly research this industry and not just jump into the first prop shop that offers you a "trading job" with no salary and teaches you some tired and fully milked strategy scalping listed equities. Right out of college you should be applying to places like this: http://www.careerbuilder.com/JobSeeker/Jobs/JobDetails.aspx?Job_DID=J3I2Q55YZ588Z719GB5 http://www.careerbuilder.com/JobSeeker/Jobs/JobDetails.aspx?Job_DID=J8B2RZ64DJFQS7LG15F
What is a "BB Firm" and can you explain to me the difference between that and a prop firm? Also, I'm curious about the position hierarchy in this industry. Do I have any upward mobility as a prop trader? What if I take a "proper trading job?" I really appreciate all this help.
Your post is a little vague. Here are my assumptions. You didn't pay out your trading capital at the end of college. You did pay your way through school and have no loans. So now you have a few months to go before you are sprung. I would continue to trade and get a job or part time job to build capital and pay for modest living. In a few years, drop the job and trade full time. Self learning is where it is at. The major trap in trading is the conventional orthodoxy of the financial industry. If you already are caught in that, it is hard to believe for me. Paying your way through college implies that you can trade with a reasonable amount of capital which you still have. I did not trade as an undergraduate or in grad school, but I dd start trading right after I got out of college while I worked to get more capital in my account. If I had some capital and I started trading in college at some point I could have dropped my college jobs. As it was I had to keep several going side by side and not eat more than 2 meals a day. I recommend that you keep trading, work to get capital and at some point just trade full time. It is amazing how the capital piles up even if you have a job. Getting the pile built is the most important thing; skills help that a lot.
(Not much hiring going on at this particular moment at GS at this particular time, but here is your definition). In common use, the term 'bulge bracket' refers loosely to the group of investment banks considered to be the largest and most profitable in the world, as measured by various league table standings. Since the criteria for this judgment are unclear, there is often debate over which banks form part of the bulge bracket (debate that is unsurprisingly heavily biased in favor of firms that one has professional connections with). Banks considered part of the Bulge Bracket Commonly, Goldman Sachs, Morgan Stanley, Merrill Lynch and J. P. Morgan & Co., are considered the current undisputable examples. Bear Stearns, Citigroup, Credit Suisse, Deutsche Bank, Lehman Brothers, and UBS are all also widely considered to be in the U.S. bulge bracket. Ultimately it is a subjective term, sometimes based on Thomson Financial League Tables or other deal and market share rankings. Don
daytrading is the worst experience to have on your resume right out of college. if you are among the top 4-5% who ends up making a good living ($150K+ a year), then you dont need to worry. but if you are part of the other 95% who doesnt make any money, or not enough to support a wife, kids and a mortgage down the road, then you better get some real work experience first because if trading doesnt work out, you have nothing to fall back on.
This would be a great opportunity for you http://jobs.traderdaily.efinancialcareers.com/job-4000000000223265.htm