23, 26...dang I wish I had gone this route back then. Excellent for all of them, I hope they all keep their heads in the game for the long haul!
And, one of them has taken the time and interest for the past two years to make some quality posts here on Elite Trader.
I thought I would bring a dose of reality to this post, and try not to discourage any of my friends in the NYC area. There are simply no jobs anymore on "Wall Street" that pay "unbelievable" amounts of money any more. (Of course there are a very "few" - but around 10% of the number in the 1990's). Making over $300K at any age is pretty good for any independent trader who doesn't have to share his $$ with anyone, punch a clock, report to snotty bosses, and keep checking their email for a pink slip. I have quite a number of friends at GS, and if they can make $250K per year, they are in the top 20%. I had nothing to do with determining who did and who didn't make either this list (Darren = $350K), or my brother on the top 100 (Bob = $18Million from personal trading)...I posted both to simply show that the new generation, when given the training and capital can do well, and that we old guys can still cut the mustard (LOL). Darren and Rob financially back 40+ traders within our organization, and they derive profits from that venture as well....a good entrepreneur will not sit on their laurels nor "expect" to keep making money the same way....they constantly look to expand their horizons. BTW, I think that Magnus Greaves has really done well with the new magazine...and, yes, I was a bit doubtful at first (sorry Magnus)....his sale of MacFutures to Refco was done at just the right time, and his association with Rich Blake (whom I have been friendly with over the last year or so), has worked well. I wish them all best in this and any other endevours they may pursue. I see the glass half full for traders of all ages...it takes the right tools and a lot of work, but this helps show that it can be done by anyone. All the best, Don
Very good reply Don. Also note another Elite poster on that list, but haven't seen in awhile is Mark from Velocity futures.
Not looking to start trouble here, but since my original question wasnt answered, I thought I would ask it again. How does a "trader" know that he is going to make $350k for the year when we are barely into August, let alone whenever the magazine did the interview for this feature article. Then I realized that Darren Clifford runs "PairCo" and charges $3500 for the seminars. If the magazine were to be honest, it would differentiate between what was actually made trading pairs and what was made conducting seminars. Let's face it, an individual earning a few hundred k a year from seminars could be catagorized into any other number of categories.
This has nothing to do with any PairCo seminars or such things. I'm sure they make a few bucks with that, and I know they make a few bucks from backing so many good traders. They simply pro-forma from trading profits mid-year, and I assume they checked with Darren for his last couple of years. It is the policy of all reputable trading firms to not share any personal information, we let the traders themselves verify any such data. The exception was, of course, my brother's trading account which we verified for 2004. On another side note...it seems interesting to me that the same group on ET here seems to think that Wall Streeters are making millions and yet question one of the few firms that actually has traders doing well, even when the information is coming from outside sources. (not you necessarily, but the drift of the some of the replies on this little thread). Back to work, Don
I have no doubt that everyone on this list is a good trader. I happen to know that the woman who wrote the article solicited various firms to nominate people for the article. Then, the trader had to agree to be profiled. This is not a scientific survey or even close to being accurate as to title. The title of the article should have been something like 30 good traders under 30. I know of two traders personally who turned it down. Neither wanted the publicity. They did not want their earnings plastered and did not want the ensuing phone calls being solicited to come to the new firm that could offer lower rates. They also did not have an advertising agenda like Darren has with PairCo. Whoever thinks $350,000 is not a lot is missing the point. There ARE many traders making more, but Don's point that this shows that there are plenty of traders making a living is a good one.
Trading is done at 1PM, here in the Pacific time zone...and we have afternoon classes for Btraders, and then we' teach at the local college on M-W for a couple of hours (5 weeks, 3 times a year)...sort of our way of "giving back" to the Community...since we know that that particular demographic won't become Btraders, but we can sure help get them away from brokers and analysts. Don