How to get out ?

John

I was a full time trader, infact trading made me a millionaire (before that I was a multi-millionaire).

You asked what a former full time trader did....
My suggestion is go into some aspect of real estate and development. That is what I did and the money is far superior to trading and the stakes and satisfaction are higher. There is construction, development and marketing and many sub fields. Market growth has cooled in London but is still strong.

I resumed trading in the early morining after I established myself in construction. I quite enjoy a bit of t rading, it has evolved into a profitable hobby. I have had only 1 down week in years, now that I don't 'have' to make money.

Peter
 
That is certainly part of it. Firm I work at is actually really flexible - they have a guy only doing long term (Days/Months) trades. They have people who do a couple of trades a day. It is not all about Roundtrips. I am somewhere in the middle - looking to do maybe 4/5 trades a day - I can trade as much or as little as I want really as long as I make money.

They also offer me decent size.

In alot of ways I have a fantastic opportunity (there is none of my money at stake)....

What I dislike is even if I am a good trader - I could still be down for say 3-6 months - unable to make money and get it from my account. This would result in me running down my savings and eventually being forced to get a job. I would be in an extremely weak position and forced to just take what I can get. I think that if I am going to continue trading I am better doing it from a position where I have a salary. I do not need to be sitting in front of a screen all day to be profitable. The pressure of needing to make a crust at this also may not be helpful. In fact I think seeing the order book is actually not helping at all.

Electric - you say that not understanding things may be what is getting to me - yes it is frustrating at times. But I am not beyond saying - I dunno when I see something and staying out - for example the move in the bunds yesterday after nonfarms.

Still I must get out now, even though I realise this could be one of the decisions I will regret on my deathbed.
 
Quote from peter77:

John

I was a full time trader, infact trading made me a millionaire (before that I was a multi-millionaire).

Peter
More...

LOL, reminds me of hockey great Bobby Hull. He said my wife made me a millionaire, before that I was a multi millionaire. Mike Milken said trading is like having a mistress, its costing you tons of money, its putting your life at risk, and you know you shouldn't but you just can't leave it alone.
 
lol,

johnadams..as you have probably found yourself doing, sometimes you have to play dumb to get somewhere...

Capitalism has taken over Academia...Sad, but I believe it is becoming more of reality as each gallon of that sludge in barrels becomes increasingly extinct and demand for it from China increases.

The World as we know it....can get better and better

or...

You choose!

I again, wish you the best...

Michael B.

P.S. Great opportunities in Hydrogen... Fusion...but in the scale of things we need a dollar a barrel for this to "explode" (Like my choice of words...don't ya)
 
Quote from johnadams:

Hi I am a British prop trader. I started three of months ago on a simulator and have realised it is just not for me.

I do not have the balls to accept the risk and I hate the volatility inherent in trading as your only source of income. I really really want to get out as quickly as possible.

I dont really have alot of non trading experience, but I do have a top class education and some interesting experiences behind me.

What would people suggest I do ? What are unsuccessful (or like me unwilling) prop traders doing now ?
More...

I always advise the younger newbies to work in some kind of stable job for a few years and swing trade part-time until consistent... this way you get a certain income which will cover your inevitable losses in the first year or two of trading...
 
Send your cv off to some management consulting firms. With your quals, I'm sure you would at least be granted an interview. I would actually state that you were trading since this shows some entrepreneurism/risk taking which they love.

Alternatively, go back to university and train to be a dentist!
 
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