LOL, I was waiting for this message. It actually is pretty unusual that you could hook some random guy up with a firm trading options. I interviewed with Group1 when I was done school and the position was extremely competitive so I just dont get your offer, not that I dont believe your sincerity its just weird.. I didn't get the job so if you could set me up to I'll move to Chicago..
Giving Up on Prop - What Next?
- Thread starter seasonedpro
- Start date
LOL, I was waiting for this message. It actually is pretty unusual that you could hook some random guy up with a firm trading options. I interviewed with Group1 when I was done school and the position was extremely competitive so I just dont get your offer, not that I dont believe your sincerity its just weird.. I didn't get the job so if you could set me up to I'll move to Chicago..
No, I can hook him up. But I just wasn't prepared for all of ET to ask for a job. I have some connections here. I wasn't guaranteeing him a job, but he can at least get an interview.
Something doesn't add up here. I'm a professional trader and I understand how the market moves. I know that you are trading equities while I trade futures (I used to trade NAS equities as well). However, it would seem to me like you are trading too big and cutting winners short and majorly doubling down on losers. It is the fast track to finding another job.
Your statement quoted above is also a concern in the way you state your situation when in a loss. You state that you "get stuck" when there is no such thing in trading. In trading, one doesn't get "anything". You put yourself in that situation either by being hopeful, stubborn or by freezing up. There are no victims in this game. Some things are out of your immediate control, but that is risk that one can define and be aware of.
My point is to consider your thinking process and your inner voice while trading. Be aware of what it is saying to you and whether you are positive and in control of your emotions or not. It is almost impossible to correctly read the market when your emotions are out of whack. We all go through this every once in a while.
equities are much less liquid than futures, i can imagine being stuck in a intraday "gap"
As I said in my first post I make between $500-1000 which brings you roughly 15k a month. One bad day doesn't wipe it all out but what is left just isn't worth all the hard work anymore. And yes when I get pinned it is because of 10k lot sizes.
Mav thanks for the help. I thought that might have been a bold move broadcasting your altuism. FYI Mav and I have had several meaningful dialogues about reading the tape long ago and I think some of his inclinations to help stem from his belief that he isn't just helping some schmo but rather someone who has a some meaningful knowledge about the markets and has just fallen on hard times. Real traders don't revel in the hard times of others.
Mav thanks for the help. I thought that might have been a bold move broadcasting your altuism. FYI Mav and I have had several meaningful dialogues about reading the tape long ago and I think some of his inclinations to help stem from his belief that he isn't just helping some schmo but rather someone who has a some meaningful knowledge about the markets and has just fallen on hard times. Real traders don't revel in the hard times of others.
I certainly understand that on thin stocks or on news. The same happens with thin futures like YM, FDAX, etc. However, you can get caught in a trade but one can hardly get "stuck" to the extent that they are given back in one day or one move what they have made for the entire month. This is the point I was getting at. It sounds like the OP is scalping; this is a style that I know quite well. Doubling down or thinking in the sense of "getting" (implying passive voice) in anything is deadly. There is something missing here. It is either very poor risk management (gambler's mentality), wrong market to trade, wrong product or some other issues.
I deal with rough patches in my own trading and that of other traders all the time. The first thing I notice is that I and others start thinking like victims (stuff happening to me rather than being honest with myself and taking control wherever I can). Rough patches can last a long time; usually as long as it takes for the person to realize that nothing has changed materially enough to drastically effect their profit potential. The change most times happens internally either due to exhaustion that the trader is not aware of or personal issues or too much focus on the financial outcome of each trade or a combination of various factors. In the end, the issue is usually within the trader and is not something that is effected by an external force (unless personal issues are the subject).
My posts are not to flame but, rather, to get to the point of what I think and have seen to be the problem in these kinds of situations. One would be surprised at how many trading issues can be solved by simply taking a break. Stopping for long enough for your mind to detach itself from the outcome of your latest trades. The results of a 2-week vacation are sometimes nothing short of miraculous. For scalping, one has to take the attitude that he has to be as sharp as a professional athlete day after day. Even the best athletes need time off regularly and away from their profession to achieve peak performance.
Just a few things to consider.
Best of luck to all.
"I'm targeting buy-side hedge funds, asset managers, mutuals, and pensions right now (sell side seems to tough to crack) but even with an MBA and experience filling institutional orders I am having a tough time getting a foot in the door."
Those execution desk jobs are tough to get at Hedge Funds and Asset Management firms, but not impossible. They are tough because you usually need to know someone. In my previous life (2 yrs ago) I worked in a Prime Brokerage group in a IB, helping new and existing hedge fund clients get starting at my firm. The newer funds were looking to hire a "jack of all trade" person, because they need a person to preform multiple tasks. I don't know your full background, but you should emphasize other skills (for example, operations, investor relations, technology, etc..) along with you trading. I think you are on the right track if you want a mini career change, that's the way I would go if prop trading doesn't work out for me (currently I'm happy). Besides the monsters and hotjobs, you should check out http://village.albourne.com it is a website for the hedge fund industry and they also post some good trading jobs. Good luck.
Those execution desk jobs are tough to get at Hedge Funds and Asset Management firms, but not impossible. They are tough because you usually need to know someone. In my previous life (2 yrs ago) I worked in a Prime Brokerage group in a IB, helping new and existing hedge fund clients get starting at my firm. The newer funds were looking to hire a "jack of all trade" person, because they need a person to preform multiple tasks. I don't know your full background, but you should emphasize other skills (for example, operations, investor relations, technology, etc..) along with you trading. I think you are on the right track if you want a mini career change, that's the way I would go if prop trading doesn't work out for me (currently I'm happy). Besides the monsters and hotjobs, you should check out http://village.albourne.com it is a website for the hedge fund industry and they also post some good trading jobs. Good luck.
its pretty damn nice to read what maverick is doing. Over 15 years as a member at the cbot. I had the pleasure to "hook" dozens of people up with contacts to get jobs. Many times the individual became much more successful than I was....
It dosent take a ton of work to introduce good people but
what he is doing is very thoughtful.
Seasonedpro,
I am out of the loop(far away from chitown), and I understand what you are looking for, ,,,,,,,I would recommend hooking up with one of the derivatives market makers in chitown
It dosent take a ton of work to introduce good people but
what he is doing is very thoughtful.
Seasonedpro,
I am out of the loop(far away from chitown), and I understand what you are looking for, ,,,,,,,I would recommend hooking up with one of the derivatives market makers in chitown