Does anyone know what an average trader at a big bank or institution (Goldman, J.P., Morgan ect.) makes in 1 year?? I keep hearing about these people making money like crazy but how does it really work? What's their salary? How much of the profit they generate do they keep?
It varies greatly. depends on the performance and the clients... Some upwards of 7 figures. A friend of mine said he made 110,000 last year ostly commissions, cause base salary isnt but around 30,000 a year. He's young guy early 30s in his 3rd year with Lincoln Financial. He says what you put into it, is what you get out. ....just like anything else. T
The really big players, like Stock_Trad3r, can rake in a few dozen dollars a day. On a really big up day, he's been rumored to make as much as $100 dollars!!! It's been heard that another player named EqtTrdr has put up ridiculous returns. Some sources say his IRA has gone so far as to match the exact return of the S&P over the last 4 years!!!! Could you imagine doing that!!!!
Base salary around 200k, bonuses about 2-3 times that... it varies a lot and depends if you are doing proprietary trading or sales, and of course on whether you are profitable. -Neo
How does someone get to be in that position of earning 200k + bonus? Like proprietary, how do you get started in that?
3 ways: 1. You know someone who is already a trader and they get you in. 2. You went to a top school, did an internship and got hired right after as a trainee. 3. You work as a trading assistant and wait until a trader leaves for another bank and hope that the head of the desk will allow you to take his spot. I know this sounds bleak, but this is the truth. You can also take the quant route, but you will most likely need a Ph.D. in engineering/physics/math. In essence you will be a glorified programmer, but make lots of money. -Neo
I read in Trader Monthly, one trader at the nymex made like 10-15k a day..or something crazy like that.
I backdoored my way in. Moved to NYC to work on the floor of the NYMEX for a couple of years and kept hammering away at the energy companies until I found one that was looking.