To all interested, and whoever could provide me with some advice, I would like to share my story. I went to a tier 2 school, got good grades and graduated with a degree in finance. I landed a job at Mckinsey & Co in corporate finance. I quickly realized this wasn't for me as I always wanted to try my hand at trading. So I ended up knowing a buddy that was working for an option market making firm on the Nymex and got me a job in 2005 as a floor clerk. I rose through the ranks and was provided firm capital to trade energy futures / options after a year or so. I did very well from 2007 - 2009 having returned 1.5 million of which I was at a 60% split of profit. Then in early 2010 I had a small account debit ~100k and was informed I was going to be let go. Subsequently I found out many other traders at my firm were dealt the same fate as me, as the company lost a ton of money in 2009. They were purging anyone they didn't feel were "core assets." So I took a few months off and did some traveling and sort of looked inward of weather or not this is what I wanted to keep doing. I quickly realized that I love trading, I am good at it, and I really want to keep doing this for the rest of my career, though not in the small time / prop capacity. I guess my questions here for everyone are is it possible to take the experience and track record I have managed up to this point and transition it to a bank / hedge fund prop desk, or maybe even physical energy trading. I have been sending my resume out all over the place and getting no responses. The people I have talked to don't want to talk to me unless I have made 10+ million / year. They don't seem to understand that trading is 100% scalable and that trading 20up is the same as trading 200up. Obviously I realize that times are dire right now, and I could continue doing this in same small-time capacity, but I will always be at the mercy of my firm. I feel like if I don't get out of this small-time prop trading enviroment I never will. I'm still relatively young... 28.. and feel like I have to make the move now. Any and all advice / suggestions are truly appreciated.
My trading story (need advice)
- Thread starter cltrader08
- Start date
exaltedangel09
Guest
I'm almost in the same boat as you.
Best of luck my friend, I hope someone more experienced can lead you on the right direction.
Best of luck my friend, I hope someone more experienced can lead you on the right direction.
I put it all in the post, "Then in early 2010 I had a small account debit ~100k and was informed I was going to be let go."
"I did very well from 2007 - 2009 having returned 1.5 million." (250k - 2007, 750k - 2008, 500k - 2009).
Trade for yourself if you have any of that fat paycheck left. With 50K you can make a decent living. Not enough to spend on blow and whores, but add a working wife to the picture and you have got it made.
hi cl - if the institutions/funds won't hire you unless you have made $10 mill / year for another institution/fund, I would assume that they have people working for them that *do* earn those amounts (ie, gross trading profits, then they might get a bonus of 10% or ~$1 mill)...
so would one possibility be to try to get a job as an assistant to one of those $10 million / year earners? Rather than try to jump in as a trader right away? What do those $10 million / year traders have as education/experience - can you duplicate that or shortcut?
so would one possibility be to try to get a job as an assistant to one of those $10 million / year earners? Rather than try to jump in as a trader right away? What do those $10 million / year traders have as education/experience - can you duplicate that or shortcut?
Give First New York Securities a call.
+1
EDIT:
Re-read your post.
Just trade for yourself & keep 100% of your profits, minus what the DC socialists and IRS take from you!
GL!