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HAHA! I love this post!! yeah, only 5% a month?? WTF? That's like 60% a year! Most professional money manager will sell their souls to get that kind of performance!!But then again, maybe because they are managing hundreds of millions and it's very difficult to have anything even remotely close...

Hey Fellow Traders! I just want to make an informal survey and get a feel of where people are at and how long and difficult is the path to success in prop trading is. So, here are some questions that I like people to respond as honestly as possible: 1) What % of people at your prop...

I totally agree. I'm actually a VERY light trader. I have yet to trade anything even remotely close to 100,000 shares a day or even 50,000 shares. I aim to take 10-20cents out of each trade and I've taken 50-$1. I think my record was $1.40 on one really good move. Because otherwise, you...

OK. The problem with scalping is the liquidity isn't there for most stocks. It's very difficult that you can buy 10-20K of a stock at the same price and then offer out at 5-10cents higher for the entire chunk. Maybe for something extremely liquid maybe csco, msft, etc. I've seen it done before...

Daniel, Yes, there are plenty of traders like that and it's considered quite normal and not intense even. Many of the traders at these prop trading firms including the one I was at are basically hardcore scalpers. They trade anywhere from 60,000 shares to 1million shares/day. And their share...

Hey, if you have such a technical background then good for you. You should definitely try "system trading". You can try Tradestation 6 or any number of software where you can write trading rules and backtest them to see if they are valid and get variosu statistics. Then trade off of your trading...

OIC. And how much margin you have to put on for 80 ES contracts? I know I can go to the CBOT/CME website, but I'm too lazy. Now contrast that with the amount of money in equities to make a $1000.. Well, I guess it's not a really valid comparions sinc eit's kinda apple to oranges... SInce...

I would tend to agree with Hitman on this on but with a few caveats. $500K/yr works out to be $2500/day, which on paper doesn't sound that "difficult" to do. But in reality, in a intraday environment where most daytraders are just scalping for nickels and dimes it's actually quite difficult...

SHIT!! You are making me reconsider my chosen path here.. Maybe I should squirrel back to the institutional world with guarantteed salary and bonuses.. Well, I'll give this prop trading thing at least another 6months before I can make a verdict... trader99

StatTrader: I was part of the Establishment. Top school credentials. Worked at Merrill. Then went on the buyside managing institutional money(which the entire fund complex had abotu $40Billion. much more than what I'm trading now as prop trader). And I do agree that these "daytraders" most...

ahem!! Gee. I think there's a MAJOR confusion going on here between various players,comp, and what they actually do. OK. The major Wall Street investment banks are NOT(I repeat NOT) really in the business of "proprietary trading". They are in the business of a middleman! They earn their money...

hey guys! I fyou want to see a HOT woman trader, check out Barron's April 1,2002(this week's issue) on page F20! Has a pic of Lisa Burke a buyside trader on the ad for Island! Would someone please scan it in?!! How come we don't have women like that trading in our offices?? hehe trader99

Arb, those numbers are pretty accurate. I went to a top school and here's the typical salary range for my school for Wall St firms recruiting on campus: 1) Bachelors 60K-90K depending of firms and how good you are 2) MBAs - 135K +bonus package. People with b.s. start out as "analyst"...

Originally posted by Hitman : "I will use an example of a trader on my team, brand new guy, no previous experience, no capital, started with 70% pay out, $4 ticket, 1.4 cent per share (no I did not give him this, the guy interviewed him did, but it is the same rate I started with), 100 shares...

Hitman: THanks for you responses! It clears up some questions, but I got a few more questions to ask. Scenario 1: A new trader comes in with no capital. What is his/her typical payout? Obviously not 95% right? Is it at least 60%? And does it increase with as he gets more positive(i.e. a...

OK. Read my other posts about recruiting advice. It's buried somewhere on this site. I wrote a pretty detailed how-tos. I did graduate from a top Ivy League school and that certainly helped me get into a top Wall St firms and later on buy-side institutional firms as money manager. THe firms I...

Hitman: Hmm.. I want some clarification. TraderJimbo wrote: "Can you tell me if I came into worldco with a 35k deposit - and was on a 95% payout - and lets just say made 20k after commissions - how much would my actual payout be that month - is it 20,000 times 95% or is some money held...

I'll be interested in seeing the success rates statistics as well. To me, it seems that prop trading/daytrading is an excellent way to for the firm to earn HUGE commissions with relatively low downside risk. I'm not just talking about the LLC stuff which to me is nothing more than a fancy...

Predictor wrote: "Trader 99! Just wondering why leave an institutional career for daytrading? Just personnal curiosity!" Nowadays, I wonder about that question a LOT! hehe. But seriously, prop trading/daytrading offers the ultimate FREEDOM. You come to work at 6am and leave at 1PM...

Having gone to a top school, worked on both sell&buy side institutional world, and now doing this prop trading thing, I can HONESTLY say prop trading is the HARDEST thing I've done so far! It's extremely difficult to make a good living at it. I mean it's possible, but the learning curve is...