anyone gone from trading at home to career

[Streetwise]

Quote from vita:

As career trader, the salary you get is just enough to pay your bills. For example ~100K in NYC. If you and/or the desk you work with make(s) money, you get a bonus somewhere between 8-12% of the profit you generated. Bonuses are paid annually around Jan/Feb. So, you need to wait to see your piece of the pie (if any).

If you break even the first year, they may give you a lifeline for another year. If you lose as mention above, you likely to get booted out.

There are other issues such as risk management limitations, they come after you or liquidate your positions if you have high overnight exposure. So you have volks breathing down your neck on a daily basis. You cannot take wild bets with bank money and must work by the rules. In addition, each trader has a annual "budget" which is the target trading profit expected from you. If you meet or exceed your budget you'll be celebrated (at least for a couple of months).

There are some perks as immediate IT support, quantitative finance support, etc.

I know what it feels like , you are prolly with a bank of some sort.

I used to trade with a fund and i couldn't stand it and now I returned to being on my own.

It's BS trading , so many restrictions that you whole system is warped out of shape. Nonsense.

I bet the Hedgies don't trade like that.

 

[vita]

Quote from Streetwise:

I know what it feels like , you are prolly with a bank of some sort.

I used to trade with a fund and i couldn't stand it and now I returned to being on my own.

It's BS trading , so many restrictions that you whole system is warped out of shape. Nonsense.

I bet the Hedgies don't trade like that.

I used to be. But the system was inefficient and bureaucratic. So, I decided not to be a corporate guy last year and gone solo. I know exactly how you feel.

 

[JCVR]

Quote from Streetwise:

I know what it feels like , you are prolly with a bank of some sort.

I used to trade with a fund and i couldn't stand it and now I returned to being on my own.

It's BS trading , so many restrictions that you whole system is warped out of shape. Nonsense.

I bet the Hedgies don't trade like that.

If you had the opportunity to go from trading at home to trading for a big hedge fund I would say take it, absoloutley. You might have to deal with having a "boss", but if you go to a real traders hedge fund you will likely have enough capital at your fingertips to be able to trade your way out of anything, plus great technology, the best research available and access to most of the other traders ideas to piggyback onto. Plus in most cases the hours are great and if you wanted to you could easily still trade from home or the road.

 

[Streetwise]

Quote from vita:

I used to be. But the system was inefficient and bureaucratic. So, I decided not to be a corporate guy last year and gone solo. I know exactly how you feel.

So why do you stay there ?

 

[Streetwise]

Quote from JCVR:

If you had the opportunity to go from trading at home to trading for a big hedge fund I would say take it, absoloutley. You might have to deal with having a "boss", but if you go to a real traders hedge fund you will likely have enough capital at your fingertips to be able to trade your way out of anything, plus great technology, the best research available and access to most of the other traders ideas to piggyback onto. Plus in most cases the hours are great and if you wanted to you could easily still trade from home or the road.

Yes I agree , from what I know HF setups are as you say.

Bank so called props are nothing more than glorified bums pimping off their market making and frontrunning facilities.

 

[vita]

Quote from Streetwise:

So why do you stay there ?

I am no longer there and I will never go back to working for any bank for all the reasons mentioned above.

 

[Anekdoten]

If you can trade consistently well in a liquid instrument and are well versed in money management to allow yourself growth you would be insane to trade for any company or institution. Not only a waste of time for a waste of profits.

Now that's the easy part, the hard part is trading well.

Anek

 

[Streetwise]

Quote from vita:

I am no longer there and I will never go back to working for any bank for all the reasons mentioned above.

I thought you said you are a bank trader.

 

[gurucandidate]

Quality of life is the main reason I would never work for a firm again.

Money is not everything. Past a certain level quality environment, more free time become important.

By quality environment I mean having enough workspace, light, air, being able to see the changes of the sky, surrounded by wonderful art and plants, listening to my choice of music, having facility for making healthy meals and being a city block away from a park I can jog in (during trading hours presence of the opposite sex is not necessary).

At the time when I am finishing my morning run I see people rushing into town, I feel thankful it's not me.

Several people in the thread mention the value of gleaning other traders ideas in an institutional environment.
If the abundance of information on the web and other sources is not enough for a trader there may just not be creative or resourceful enough to be on their own to begin with.

Best,

GC

 

[bb3pt]

there are advantages and disadvantage in everything. but i will take trading at home! main reason is FREEDOM!