Send it to me as well, Robert....Did something happen that I am unaware of....are we "categorized" or something...??? I really don't know...??
1. What is the career like? 2. What makes for a successful trading career? Being a broker, if you put in lots of hours and follow the recipe you can be successful. It doesn't seem like that in a trading career. Is there a formula for success? Is there LUCK involved to being successful? Are there actually people that are long term successful in this career? How likely is that for someone entering the field? 3. How many hours do you dedicate per week? 4. What is the career path? 5. Who hires entry level traders? (preferably a propritary trading situation) 6. What are these companies looking for in entry level candidates? 7.Are there any opportunities in the san jose/san francisco area? Am I better off moving?
Depends a lot on what you want and what your goals are, also what type of trading style you're comfortable with, there is no one-fits-all type of trading. 1) Just great if you belong to the 5% or so that can more or less live from directional trading. 2) Doesn't have a lot do with hard work, you need to have a feel for the markets, and you can only learn that by doing, no one can teach you that. Sure, there are people who live from trading, but it's just a tiny minority who make it. 3) Again, depends on your style. 4) Depends on what you want. What I'd suggest is try and use your contacts onm the sell side and get a job at an institution where you'll eventually be making a market and that pays you a good salary so you won't have to starve. If you're really good you might be eventually offered a prop trading slot. Then it's really up to you. Trade your own money, or stay there, or move over to the buy side and rake in some big dough trading for a hedgie, orwhat ever. If you're great you'll write your own deals, and if your current employer aint buyin move to the next one. That's how some of the big comp packages come about. Check out www.wetfeet.com and www.vault.com for investment banking careers in sales and trading, loadsa crap but some real nuggets there. 5) All the banks, investment banks, trading firms like susquehanna, and so on. 6) Look for typical brain teasers designed to show if you understand probabilities, and, for bulge bracket ib's, a first rate education. 7) NY is where the action is, but there are other smaller firms in other locations. Good luck PS a lot of getting a job right now is about sheer determination, banging on walls and just keeping on going. Good Luck
wanting to trade on your own has some good and bad things. like the above guys said, to be honest with you, it's not easy and only a small portion are profitable. that's the downside. the upside is that you depend on yourself entirely. That's why i like it. i was with a big firm doing fx stuff, but i hate working for other people. i hate pandering to them and kissing butt for a bonus or promotion. Funny thing is i feel WAY less pressure now. I work less, excercise more, golf all the time. My free time is important to me. Now i am profitable, i'm sure if someone loses money they would be pretty stressed out. Getting a feel for the market is exactly right. How do you teach that? You can't. You can either do it, or not. But if you are even a decent trader (not a superstar), you can have a very relaxing and profitbale career because unlike working for a firm doing sales you can make money no matter what. BTW - read that book, very good... Cheers
Deciding to become a trader is like deciding to make a living from a professional sport. You can't just wake up one morning and say "you know, I think I'm going to sign up on the PGA and make myself a pro golfer today." You either have the talent or you don't, and even if you do you will need anywhere from six months to two years of prep before you can have any hope of making money consistently. I used to be a commodity broker before I went to trading full time, so I know that it's possible you gained some experience from the stockbroker gig- but the type of questions you ask about trading make me suspect it was not a massive amount. Do what Marty Schwartz did- trade on the sly while keeping your current gig and try to hit a reasonable target before making any big jumps.
Canuck and Darkhorse, good points, I do agree. Canuck, what's that book you are referring to, seem to have missed that somehow? Thx
I also a relatively new trader. I have some really basic questions What is the difference in trading at home and trading in a firm? What is meant by proprietary trading? Are most of the people on this board at-home traders, or traders for firms (or something like that)? Thanks
There is a lot of info here, some in other recent threads, probably tons of info if you punch pro trading, prop trading and so on into the search function at the top right hand corner of this site. Here is a link showing you some of the advantages and what you have to watch out for with pro firms: http://www.greentradertax.com/proprietary_trading.htm Regards