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1st Year Salary
- Thread starter GatorTrader
- Start date
Quote from AOL_9.0 Man:
Of course, a lot depends on who's doing the teaching and what their "certification" really is.
for example, if the teachers were successful in their same methods under present trading circumstances, then there's a greater than higher probability that you too will be successful.
if the teachers only have a two trick pony, then, these estimates just might be true
"T-E-A-C-H-E-R-S," What's that?
You'll be playing poker with the best card sharks ever in a game that favors the house. Institutions, market makers, specialist, arbs, etc......what they have that the little guy does not are very very deep pockets. They can afford to be wrong or on the wrong side of the market for much longer than we can. How much pain can you take?
Quote from GatorTrader:
Met with prop firm and they told me that 1st year traders have a hard time making a living, typical trader might make $20k. Is this true?
What can a good trader expect to make after 2-3 years?
Would you leave a $50k safe job to try to make it at a prop firm?
I'm ready to make the leap.
you probably will need to get this answer a few times before you take it seriously!!
I would say DO NOT expect ANY income during your first year (if it happens, great!) and probably even longer! It is also very likely that you may end up losing during that time!
As it was said on the previous post you will be trading against some seasoned traders with a lot more experience and capital than you! Expect to put in long hours and hard work, the 90% failure ratio may even be an optimistic one! the first couple of years will probably be your hardest and also more exciting time imo!!
First and foremost have all of your living expenses paid for 1 year out. Don't have any bad debt-credit cards, car notes etc. A lot of it is contingent upon how hard you work. Don't plan on making anything for the first 6 months. Study your ass off, keep a journal and write down your mistakes. If you can survive the first year and you are good the next year you should make at least 65K. Once you know what you're doing and if the market is trading well you should make more than 100k a year. Trading is the hardest profession in the world but if you master it there's not limit to your upside. Not having to have a boss telling you what to do is priceless!!!
Quote from GatorTrader:
Thanks Jimmy.
Caplan, the reason that I posted a second thread is because no one really answered my question with actual numbers. Everyone is afraid to talk about salary around here. The board is anonymous, and I wasn't afraid to post my salary, so why are you? All I'm looking for are honest answers, so that I can make an educated decision. Thats what this site is about, helping other traders by giving honest advice.
thats because numbers depend on market conditions.
when volatility returns and u might make 6 fig first year, as it is now u would do very well not to loose money.
If you have right mentality, the courage, the brains and the determination. you are going to become rich in your first year.
if you have the rest but no brains, the second year
if you have the rest but the wrong mentality or the wrong attitude, may be the third, but you are going to figure it sonner or later.
but if you don't have the courage and the determination, you are never going to make it.
if you have the rest but no brains, the second year
if you have the rest but the wrong mentality or the wrong attitude, may be the third, but you are going to figure it sonner or later.
but if you don't have the courage and the determination, you are never going to make it.
Quote from vegasoul:
If you have right mentality, the courage, the brains and the determination. you are going to become rich in your first year.
if you have the rest but no brains, the second year
if you have the rest but the wrong mentality or the wrong attitude, may be the third, but you are going to figure it sonner or later.
but if you don't have the courage and the determination, you are never going to make it.
You know...much of the above makes sense, but I would even paint a darker picture (whoda thought)...I haven't seen too many super-successful ($500K plus) traders in the first year)....but, I agree that the right mentality and determination have to be shackled to some brainpower...without crazy expectations... this is a business AND a career....so you have to have the right combination.....
Don