Life after Proprietary Trading?

Just wondering,

I live in The Netherlands (Europe)and I've worked and traded my way up to a saving acct of $30K (Took 2 jobs at the same time, worked at night and weekends and traded whenever I didn work (+15% in 4 months on a retail acct (2*margin) and only daytrading) and my only way into trading is by start trading at a pro firm.

I'll have to put up 20K which are all at risk since non of the firms is insured, I'll have to pay $0.01 / share + ECN (Total $0.012) , pay $200,- / month desk fees for a remote trader, pay for my own equipment (computer / internet connection (In my town cable hasn't arrived yet so I must work with 64K ISDN internet connection cost me $250,- / month or $500 for 128K))

I also have to go and work part-time at my current job (To create time) and as soon as possible quit my job totally.

I think you guys have a great advantage by living in the US, having all the pro's around you and giving (some of) you the opportunity to start trading at their firm. You get a pay-check, pay low costs and get trained.

I would take such an opportunity with both hands and stop complaining about how live might be afterwards.

And to all the firms, is anyone offering remote prop trading ?
 
Originally posted by ethanbrooke
fellow traders.

My current credentials certainly do not warrant the question in the subject line just yet, as i am barely 3 months into my "life" as a prop trader.

Here i the situation. When i was a freshman in college 3-4 years a`go, i read a feature article in "Fortune" about the the brave new world of young multi millionares who could make "karmas" and "honeys" in a day, worked sane hours and had access to the most dynamic trading environments that could seduce any naive college freshie. That company featured was Tradescape in New York. From that day, my single endeavour was to be part of that experience.

When i graduated, i skipped any interviews with cookie cutter IBanking and Consulting firms, travelled halfway across the country to focused on only one firm, the firm featured in Fortune magazine, and today i am a proprietry daytrader with tradescape.

The question is. While i feel that i worked very hard ( with no referrals) to be offered a position with tradescape and feel like i have the best job in the world..i have worries that in 2 - 4 years when i apply to business school this job as a proprietary day trader may bear little weight for consideration by any of the top 30 B-schools (say i have great GMATS and college GPAs). I mean where do we stand among the ibankers, consultants, analysts, peace corp!? applicants??.

It just disturbes me that people may not appreciate the value of this profession as i worked damn hard and sacrifice damn much to get it and work it.

If u share the same situation or concerns as me or have views about it please let me know, i would really appreciate any comments.

god bless.
:(
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Ethanbrooke,

I have an MBA from the UVA (Darden) and I know that several top business schools really value any etrepreneurial experience the candidate has. Experience in trading at the professional level would be a dynamite qualification. Don't worry.

The question you should concentrate on should be whether you want to invest 2-3 years in an MBA program. What's your ultimate professional goal? Imo, the MBA is the degree that leads one to the deepest levels of professional slavery.

Although you don't really need to trust me on this, at least consider that I've been there, and have done that... :)
 
RSprengers, what firm will you work for ?
Why not just use IB or other low cost EDAT ?
(OK then you can only trade your money, I know, but it would cost you less.. unless you intend to trade Euro Stocks, then of course IB is no go).

tntneo
 
I'm currently trading at IB, want to get better (faster software) and more leverage.
I'm currently checking EchoTrade.

Just wanted to mention the advantage of pro's around your area
 
Originally posted by RSprengers
I'm currently trading at IB, want to get better (faster software) and more leverage.
I'm currently checking EchoTrade.

Just wanted to mention the advantage of pro's around your area
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If you don't like what you hear from Echo, then you can go our site and check "remote trading" -
 
Originally posted by shneed
Don,
Do you still have to be licensed to be a remote trader?

Thanks
shneed
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Yeah, it has been the "law" for a few years now. If you're not licensed, then you are treated as a retail customer of a brokerage firm. Don't let the exam sway you.....remember, all the "brokers" in the country have passed the test...how tough can it be?? :)
 
..... Don't let the exam sway you.....remember, all the "brokers" in the country have passed the test...how tough can it be?? .....

What time, really is necessarry to learn everything for the exam?


Lojze
 
Originally posted by lojze
..... Don't let the exam sway you.....remember, all the "brokers" in the country have passed the test...how tough can it be?? .....

What time, really is necessary to learn everything for the exam?


Lojze
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I don't have any current experience with the test however, in the late eighties I owned a B/D and we put about a couple of hundred people through it. We had a full time trainer, and some people were ready to take it after a couple of days, and some never passed it.

I didn't think it was very hard, however one of my partners, MBA type, taught finance in college, could not pass it if his life depended on it.
 
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