background: I just graduated in May 07 with a degree in finance and will receive my MBA this coming May. I don't have any trading experience, but my "job" the last 4 years has been poker and some say it's comparable (handling pressure, quick decisions...) So, my question is how should I go about looking for a firm to trade for in Chicago. Should I be looking at pro firms or prop firms? How do pro firms work, and what are the major players in Chicago? 50K is probably the most I could put up, does this limit me to a prop shop? I want to work in an office, not from home. I will need training as well. From what I've read, ECHOtrade sounds attractive with its training and ~30:1 margin. What other firms should I be looking at? HOW should I go about applying to these firms? What should I do between now and May to increase my skills and prepare myself? Thanks.
If you're familiar with greater NYC prop firms you might find some prop firms in Chicago quite different. Several offer a trader to trade firm money unless you are looking to trade larger capital to start. It's less the burn and churn from what I can tell. Several people will point you to a few lists of ET that give names of firms in Chicago and NYC. Chicago is more futures and options oriented, and equities prop trading houses are in the minority whereas they are the majority in greater NYC. Depending on what you want to trade you'll have a different focus on whom to talk to. Search on "Chicago prop firms" and you should find plenty. If you want to trade futures or options in Chicago, consider the option of looking up the names of exchange members at the exchange websites to get a sense of whom is out there. Good luck!
Can I get a link to these lists? Sorry for the newbie questions, but can someone please explain the advantages for pro firms and prop firms and which you think would be more appropriate for my situation?
If you can land a job with Goldman, Lehman, or even a second tier firm, then I suggest you go for it. After you feel comfortable trading, then perhaps explore other possibilities, such as an independent trader.....but go for the job first, IMO. Don Bright
Try to find a junior trader/trader assistant/floor clerk position at one of the Chicago firms that does Market Making (or for some locals who need clerks/assistants). Those will pay a salary + bonus'....You'll then learn how to trade, get paid, and hopefully advance into a trading position were the firm will back you....search old threads you'll find a list of these firms (DRW, Wolverine, Peak6, ect...)
Good responses so far. I'm still strugglin with the question of whether to look into a pro firm or prop shop, and am a little uneduated as far as what each has to offer. What are the advantages of each? What are the biggest firms in Chicago that I should be looking into? When I contact these firms, do I ask if there are trading positions available or is there a better way to go about it?
http://traderfeed.blogspot.com/2006/11/how-can-i-join-trading-firm.html In the link above, it talks about investment banks and hedge funds as potential employers. How would I begin to research these potential employers available in the Chicago area and is it even worth looking into since I have 0 trading experience.