Giving Up on Prop - What Next?

Quote from seasonedpro:
Does anyone have any advice on how to get in touch with buy side desks to get a trading position???
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Just apply for it like a normal job, go through the interview process, and get hired. I got in a futures hedge fund as a trader, with the experience of a stocks prop trader. Then I was moved to the research department, doing quantitative analysis now. I still trade stocks on the side though. Why do you think there is a special way to get in hedge funds? If you have the skill set they need, they will hire you JMHO.

Hope this helps.
 
Not exactly Mizer but I would trade just about anything. At least we are moving in the right direction here though instead of criticizing my inability to thrive in this market.

Thanks to all those who PMed me with useful advice. Got to run now but hopefully will get this going tomorrow.

seasonedpro
 
Seasoned, you sound like many many guys that I know who learned trading in the mid-late 90's who got accustomed to reading the tape, scaling in to big sized positions shadowing institutional buyers and sellers and being able to exit with a reasonable gain without too much slippage because there was liquidity around. As you know, decimalization, nx, black-boxes and increased ecn trading on NYSE stocks have pretty much put an end to that. Some were able to change their style, others not. There was a similar wave in the high-flying nasdaq momo crowd, most of who crashed and burned after the bubble burst, although a few adapted and survived.
It sounds like you are still able to grind out some money, which puts you ahead of many and I wonder, since trading is what you love, is it right to give up just yet? Perhaps a head-clearing hiatus followed by a fresh start will do you good. Also remember, after being independent for so long I think it would be difficult to go back to working for someone else.

Good Luck
 
Beng, I am finding resistance at the door to even get interviewed. I haven't tried to get a normal job for years but when I did it was usually through an advertisement and then they examined your credentials and brought you in if they like you. I cannot find any trading jobs listed anywhere so I am relegated to researching hedgies, pensions, mutuals etc., scanning their career boards for advertized openings that aren't there, then eventually sending a cover and resume which gets me nowhere. So there has to be a better way. I have found getting a trading job very unlike getting any other.

Formika, thanks for the help pal.
 
Quote from seasonedpro:

I actually probably should have known better Dr., that is pretty much what ET is about these days. You would think everyone is making millions by the way they act on these boards.
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Heh, with low volatility comes a lower signal:noise ratio. But every now and then someone will pop in with something useful to say, that isn't a projection of their own issues. :)

If you haven't been out of college for more than ten years you could possibly tap some alumni resources. Met some people in the industry that way, who were more casual and friendlier with something in common.
 
seasonedpro -- I am genuinely trying to be helpful. Maybe I'm being a little harsh and critical here but you obviously have some trading skills and maybe your solution involves looking inward rather than outward. Best wishes to you in whatever you do.
 
Hamlet,

I have thought long and hard about doing just that but I really think it is time to move on. I was able to hang on when my peers were blowing up because of discipline and patience. I know I have skills to offer a desk and would like to spend some years seeing the other side of the trade, work on a CFA then start a hedge someday.

Thanks for a useful post though.
 
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