I told you how to get an institutional trading job. I really do not care who you clerk for, I wish you all the best! hint: lose the 'tude.
Guys you are ripping him a new one all because he said he had a law degree, damn take it easy. Im in a similar position as him and reading through this thread one thing urked me and that to whoever said to trade part time not for a living, the reason i am getting a degree is to along with becoming a well rounded person and have a backup plan but its mostly to be able to trade. I was originally going ot major in finance but i found econ more applicable. The irony is i use mostly a technical approach. I am from maryland and know know one on the trading side of the business I worked in brokerage when i was a senior in highschool and realized i didnt want to sell i instead wanted to make money doing something i love to do, trade. Im also in the same boat as him as i also have student loans to pay off when i graduate. That makes going prop a problem. I have no problem working as a traders assistant as I feel that that my personality will help me with the networking of the business. If there was one thing that Maryland has taught me in 2 years it is to NETWORK. So theres my advice to you, go out there and NETWORK with others in the business.
Just be a lawyer. You can fund your trading with your law income. It's nice to have a significant source of income so you can continually fund your account while you learn....
In the NY area without a top tier law degree it could be really hard to get a well paying job, that's what Ive been hearing. So many people are going to law school because of weak job markets in the past 5 years that the number of applicants to LS has sky rocketed and any and all colleges have law schools now. I think trading is a lot more exciting as well.
You're right, I have a few close friends who have just graduated from Brooklyn Law and they can't get those $90k+ starting salaries, I think many of them are destined to work in the compliance dept of some IB. -Neo
BDCBDG, First of all if you really want to be a trader, never give up. It will be a bumpy road, but it can be done. The info below will save you some time since I spent a lot of time researching and trading to get it. If you can get into MBF, that would be fantastic for you. Mark is one of the best traders and has close to 75 traders, most of whom are very successful. I rigorously studied his ACD system and read his book cover to cover at least 10 times. I highly recommend you getting his book. I am in somewhat similar shoes as you. I really want to be a trader, but can not do it full time until I earn grub stake and prove to myself that I am good enough to survive in this business. I have a 9-5 job, and trade during night (3am-7am EST) European morning session. I started in forex, but then switched to futures when I realized what forex market makers truly are. If you do not get anything else from my post, START WITH FUTURES, nothing else. There are 2 great equity contracts to trade on Eurex exchange DAX and DJ Euro Stoxx futures. My schedule sucks, I go to bed at 9pm and wake up at 2:30am. If you want it bad enough you will do anything in your power to accomplish your goal. The system that I use is called Woodie CCI. It has over 16 years of track record, free and there is a large community of traders using it every day on various instruments. It is perfect for short term day trading, but it can also be used on larger time frames as well. Go to www.trading-naked.com ,click on library and download CCI document by Jeff Gannon. Then go to Woodie's site www.woodiescciclub.com and start learning and trading. Bets of luck, redduke
You might have to start as a porter sweeping up tickets and dog poop off the floor. But if you are a good sweeper then you can work your way up the ladder real fast. I think Martha Stewart started out as a floor trader on the NYSE floor.