I know there are some highly intelligent people here so here goes: I was a buyside trader for alot of years and was recently squeezed out. I never made the money I thought I deserved since it was salary. The owners got megarich, but not me and the environment there turned ugly since they wanted to push some people out. I am now trading my own account the past couple of weeks and love the freedom. Part of me wants to parlay my buyside trading experience into something. I don't want too much time to pass while my experience is fresh. I never made over $100k if you can believe it. It was a greedy place and there were limited opportunities in the city I am in. I am willing to relocate but not to New York. Any ideas on which path to go? Should I pursue this or just trade on my own and try to get some accounts to manage? If I go that route, any advice on where to hold RIA compliance wise? I am really lost at the moment. Thank god I have this trading ability to trade my own account. We were restricted where I worked so feels like handcuffs are off. I am open to any and all suggestions and think you guys are really intelligent. I eagerly await opinions! thanks in advance!
Hello, What is your current financial picture (assets, debts, family needs)? What type of work makes you feel good? Regards, Mike
Buyside trading is very different from real trading, as in trading for urself. While ur experience may be useful, it may also be a handicapp as you may think you know what you're doing when in fact you have no idea. Do not take this as an insult, it's a common phenomenon easily observed with academics in discretionary trading, ex MMs, ex specialist and ex sales traders. Since you have experience in buyside, just apply to a bunch of firms in NYC and see what happens. I think you can get offers, unless the whole industry is squeezing out human labor, just like the rest of this country.
I think he said he doesn't want to go to NYC. Personally, if you can make good money trading on your own, I'd stick with that for now. Why deal with all of the headaches you've been dealing with in the past? From the sounds of it (and your other posts), you know what you're doing. Trade your own account, establish a track record, then maybe trade OPM if you need more BP.
In 5 years, the buyside is going to be mostly done by algorithms. It is coming, trust me. That leaves portfolio rebalancing as an option like for WRAP programs. Talk about drudgery. You are not involved in the markets and you just go thru and rebalance the portfolios all day long. It is enough to make you want to jump out of a window. It is really difficult to find a career path here. I am good at managing money. I guess I could go get my 65 again and start with friends and family. Are there any retail brokers that will take small amount and allow me to grow the accounts over time? Thanks!!!!