Anything is possible. Sure, your chances of success are not high, likely 5% or less, but its the dream and it can be done
Ahh...and now we come to the REAL reason why people flock to proprietary trading firms. It is the rallying cry of the New York Lottery and casinos all over the world: "All you need is a dollar and a dream!"
thanks for the replies Just seems like in general to "run your own show" generally you would be working very hard for at least 100K. Living in NY, and one day trying to change careers, possibly as a remote trader, that would really be what I'd be looking for (of course not from the start) From what I've read before I figured that wasn't unreasonable. Hard to believe people would invest all that is required in terms of time, energy, $, sweat, tears, etc... for a target profit of 50K. I would think there are plenty of people on ET that make 100K, not saying it was easy or that it happened overnight. Am I that way off?
If a potential trader is not trying to make a good six figure income (with the exception of someone trading part time, doing openings for example to augment their salary)...then why bother? Trading can simply be "dialed up" when consistency and comfort level are attained. Don
that's how I try to rationalize, Lord knows the Great Neck Bright guys need substantially more than 50K !, as I would
LOL, and the Boston guys...geez, I'm so spoiled here in Vegas, LOL. I'm afraid to visit either office, since I always take the groups out for dinner and drinks, damn near blow up my credit card, LOL. Here I get by with $7.99 buffet, in NY or Boston it's more like $120 apiece......I gotta get a bigger expense account. Don
There is quite a bit of truth to this, but I have to add some clarity. While a firm like Goldman may be your best bet out of college, it's only your best bet if that's the lifestyle you want and project for yourself. Most people on here want to be proptraders because of the flexibility in hours and the freedom in their lives...no more than 1 hour ago was I watching Tim Sykes (who posted in this thread) trading in his apartment in a bathrobe on Wall Street Warriors. That's obviously not a luxury one can get at any institutional house on the Street, and if one starts at a big firm, it's likely a luxury he/she will NEVER realize. For some odd reason, most people think they can do 2-5 years at a bulge bracket and cut out, when in fact the skill set has become so drilled down that only a select few positions lend themselves to have the amazing exit opportunities everyone wants (especially in S&T). You think you're taking chances becoming a proptrader? Well think about these odds: 1st, gain entry into the trading arm of a bulge bracket (that'll weed out alot of ppl) 2nd, gain that coveted equity or option trading desk seat (which will only go to the absolute smartest of the hires...otherwise you'll be staffed on trading an exotic/muni/structured product that is non-flow and isn't as attractive to hedge fund recruiters) 3rd, excel at the job, breaking past the analyst, associate, and vp levels, still putting in those 13 hour days with 2 weeks vacation (remember, traders are getting dropped at each promotion level, so good luck hanging on) 4th, see what options are available to you (on the BUY SIDE, because that's what everyone is attempting to get to, right?) For some, that's more of a gamble than spending a year after college trading proprietarily. And at the end of that year, the street is always there. When most people fail, their attention span in that area won't last more than a year, so I don't think it's harmful at all to give it a shot and move on if you can't do it. And don't forget that when you're trading at a big firm, you're on the sell-side making markets, and hopefully 2 years out they'll give you some prop money to trade....but your job is to make markets, and you will get fired if you ignore that and trade prop all the time). Hopefully, if you're lucky, you'll realize that it is something you want to do, and you will attain that lifestyle you want. And you may not make the coveted half a million dollar GS bonus, but for some, working 12 hours a day for themselves in their underwear for 60-100k is better than never being the boss and always having to ask to use the bathroom (slight exaggeration, yes). And Gr8Veto, I have no clue why you're talking the way you are...it makes the rest of us UT guys look bad.
Well, first of all thank you very much for your input. I can definitely see your side of this debate and I appreciate your taking the time to present it. But how exactly am I making UT guys look bad..? Being that this is written I can't judge if your tone is sarcastic or serious...