I think that a lot of you fail to realize the point of independent trading: not having to work for someone else. It comes down to personality. If you are too unwilling to risk a few thousand dollars for something you want to do, then you should be looking for a job and stop bitching about the small deposits. Nobody likes having capital at risk, but guess what? with the cheap ass commission rates nowadays, no firm will be able to survive Prop Trading your own capital is not a job. it's an alternative to trading retail accounts. you don't need 25k in your account and the rates are cheaper. these are the reasons you should join a prop firm - for professional trading services. If you are looking for a steady income without risking capital, don't trade. get a job. it's about time you kids realized that trading is not for everyone and if you don't have the means to trade independently, there is no alternative for you. Take it from someone with a banking background - a job at Morgan Stanley or Goldman Sachs does not involve discretionary trading. It involves front-running customer orders and market-making to beat the small-time investor. There is a fundamental you people don't understand: Market participation involves risk. If you want the rewards of being a trader (be your own boss, not answer to anyone, unlimited potential profits) you will need to demonstrate the ability to think on your feet and be responsible for your own performance. If you need security, trading is not for you period. find another job. this is getting ridiculous already with the "i need a salary to trade" posts. I'm telling you the honest to god truth, corporations aren't out there to help you meet financial security. they are there to make profits for themselves and their share-holders. It doesn't matter if it's a prop firm or a big bank, in the end - you will have to make extreme sacrifices to succeed in such a competitive field.
Our ancestors crossed the Atlantic with nothing but the shirt on their back. Moving to Chicago is much easier. I guess you can say, this is when you look in the mirror and find out how badly you really want it.
I have always told new traders to never by "geographically limited" - heck, back in the day, traders had to go to Chicago, NY, SF, etc. just to make few $mil.... LOL. In this day and age, a lot can be done online, remote, of course, but nothing an beat the true experience of a trading room in Chicago, at least when new. Don
Don, when Chicago builds a few casinos, maybe you can "co-locate" ? This town needs a good equity prop presence with your creds and reputation. Besides, I can see you as the quintessential Bears fan !
LOL, nice picture...and, actually, most of the Bright Kids (in their 40's now, my nieces and nephews) are die hard Cubs fans (not so much Bears, LOL) from their years there..... BTW, we are there, right above the CBOE on the GS floor, since the 1980's. PM me if you care to visit...small, very successful office. Thanks, Don
I'm sorry man, but it's tough out there. I have friends with two masters degrees and a Phd that can't find work. If you don't want to move then maybe one should think about becoming a teacher or something. Whatever happened to the greatest generation? Those men in the 1940's that went off to war, came home and built this country through hard work and sacrifice. I'm sorry, but you guys want to make millions as traders then scoff at the idea that you might have to go a little bit out of your way to get it. I don't know about Canada but did you know that we have about 60 million americans on food stamps? Yeah, it's pretty bad. But ask some 22 year old kid to take a series 56 exam and he screams. Ask a 25 year old with no wife and kids yet to move and he throws a tantrum. Ask a 28 year old to take a little bit of risk and they demand millions in returns. I don't know what happened to the greatest generation, the last of them are dying off now. But we sure as hell are not replacing them. Very sad.
Don, you act like moving to those cities was the same as going off to Korea and getting shot down during a war. Don't do it Don. Don't pander to them. This job is the hardest thing they will ever do in their life. Don't cottle them. Sure, one can sit in their basement and trade with their dick in their hand but you and I both know that is not going to cut today.
LOL, yeah..my point too.... I chose to stay in beautiful S.F. back in the early 80's...AFTER my brother offered me a big percentage (20% I think) of his next years profits when he moved to Chicago to trade CME/CBOe.. well, he made around $20 million that year.... I, stayed in "beautiful SF" and made about 100k or whatever..... the difference of $millions.... just because Chicago was cold, required taking trains from Oakbrook, etc. All that horrible, tragic lifelstyle.... hmmmm? Yep, you guys, don't limit yourself geographically.... You'll be surprised, when you make some real $$, then all your friends come visit you, LOL... especially when you take the $$ and move to Vegas..... Best to you, Mav... Don