If you would put in as much effort trying to estimate Don's annual income into your research and analysis YOU would be the "Don" we're talking about. His nor anyone else's finances should be of any concern to you. Whether he makes $50K/year or 20M/year, how does that directly affect you? It doesn't! This board is for sharing ideas, experiences and general industry info so please stop showboating your addition and multiplication skills, of which I'm personally in awe of, and start worrying about your own income IF you even trade.
Compensation for traders at top firms?
- Thread starter sammybea
- Start date
i have been watching with interest this thread..posted a few lines myself...
having worked on wall street for 18 years in trading and senior management i would agree prop trading has been trimmed back but all big banks and brokerage firms do in fact trade their own books...it is very unlikely that any house on the street would answer questions over the phone about prop trading or any other proprietary information....
some of the lines written here call into question the depth of knowledge of posters of the inner workings of banks and non-retail brokers....
that said, there's no reason any person here should feel at all threatened or angry with street firms....as brando said in the godfather...'good luck with you business, especially seeing how it doesn't interfere with mine'
what's the arguement?...this is apples and oranges
having worked on wall street for 18 years in trading and senior management i would agree prop trading has been trimmed back but all big banks and brokerage firms do in fact trade their own books...it is very unlikely that any house on the street would answer questions over the phone about prop trading or any other proprietary information....
some of the lines written here call into question the depth of knowledge of posters of the inner workings of banks and non-retail brokers....
that said, there's no reason any person here should feel at all threatened or angry with street firms....as brando said in the godfather...'good luck with you business, especially seeing how it doesn't interfere with mine'
what's the arguement?...this is apples and oranges
Predictor,
IMHO, the only way to get to seven figures is to hit hard when the edge is on your side.
I have been convinced of this by watching traders that make me look like a child putting their pennies in the piggy bank.
Without exception, every monster trader has, at one time or another, gotten creamed. For example, I know that Bob Bright took a monster position in MRK/LLY spread. Throughout it, he was loosing more money on that _TRADE_ than you or I have ever made * 2 in total. He continued to _ADD_ to the trade, believing that the spread would come back in. It did, and he made more money than you or I may ever see in out lifetime.
But another Bob story is that he has blown his account twice!!
So, I propose to you, if you want seven figures, figure out that one or two times a year (e.g. soon after Sep 11 '01) when the edge is so overwhelming, and aim for the fences...
I know I will be...
nitro
Let's get back in the box for a while. Even I find it interesting how some our family business makes it to the boards...no big secret, however, we are a "real" family, with "real" stories, and we don't mind sharing our experiences...we actually try to help others by showing the realities to this business.
And that is one of the reasons why I "reacted' a bit strongly to the "leeching" comment earlier....
I like the Godfather comment....and I may have to start applying that to Hitman and the other boys...
And that is one of the reasons why I "reacted' a bit strongly to the "leeching" comment earlier....
I like the Godfather comment....and I may have to start applying that to Hitman and the other boys...
Once again Don is dodging bullets like rain drops but we knew this for a while.
Please get off the high horse as Bright offers nothing more than a glorified brokerage service. Bright does not provide capital, it simply gives you bigger chips than you have to play with and the second you lose all of your chips you are done.
As far as "fulfilling the dreams" are concerned with a full 25K account I don't see how you can associate your trader's success with your company as afterall they are the ones who put their neck on the line everyday.
As for Worldco, to be blunt, our management sells a million dollar dream to each and every potential victim I mean employee so that when they come here and lose money everyday as newbies they know they have something to work for.
This is why I make sure when I interview new guys I show them people who made seven digits last year as well as people who are losing money everyday even a few months into the game. And I want them to understand that their chance to do the former is a LOT lower than the latter, that they MUST BE PREPARED to waste an entire year for absolutely nothing.
While this will most definitely scare away some would-be candidates, I think this will also filter out wannabes and make sure every single person I have on my team REALLY REALLY WANTS IT AND REALLY REALLY BELIEVE IN THEMSELVE (well at least before they start to take some serious hits).
And I wonder how can anyone possibly make a case for prop trading firms against big institutions, as far as the income potential is concerned. And "just 135K a year" is more money than most will ever see here at Worldco and Bright save for bubble times.
And nobody can tell me making 500K a year is easy unless he is already doing it, and I think Nitro overestimated the amount of money Don makes off his OO's by a double, it takes a LOT more than 15 minutes a day to average $1000 a day for sure.
Please get off the high horse as Bright offers nothing more than a glorified brokerage service. Bright does not provide capital, it simply gives you bigger chips than you have to play with and the second you lose all of your chips you are done.
As far as "fulfilling the dreams" are concerned with a full 25K account I don't see how you can associate your trader's success with your company as afterall they are the ones who put their neck on the line everyday.
As for Worldco, to be blunt, our management sells a million dollar dream to each and every potential victim I mean employee so that when they come here and lose money everyday as newbies they know they have something to work for.
This is why I make sure when I interview new guys I show them people who made seven digits last year as well as people who are losing money everyday even a few months into the game. And I want them to understand that their chance to do the former is a LOT lower than the latter, that they MUST BE PREPARED to waste an entire year for absolutely nothing.
While this will most definitely scare away some would-be candidates, I think this will also filter out wannabes and make sure every single person I have on my team REALLY REALLY WANTS IT AND REALLY REALLY BELIEVE IN THEMSELVE (well at least before they start to take some serious hits).
And I wonder how can anyone possibly make a case for prop trading firms against big institutions, as far as the income potential is concerned. And "just 135K a year" is more money than most will ever see here at Worldco and Bright save for bubble times.
And nobody can tell me making 500K a year is easy unless he is already doing it, and I think Nitro overestimated the amount of money Don makes off his OO's by a double, it takes a LOT more than 15 minutes a day to average $1000 a day for sure.