Packaging yourself for a life after trading fulltime

First off how old are you?
The problem in life is that most of us end up doing something we are second best at 'cause we all need to make a living, paying rent etc etc.
Figure out what you LOVE to do and ignore the money part (that will sort itself out later).
Today's job market is hard for anything better than a crappy dead end job that can't get illegals due to regulations or excessive brain/customs etc.
To get a jobs nowadays you need to know people as well as you need to know your stuff(licenses, degrees etc)
it's who you know more than what you know....over 40 and it's twice as hard...
and don't get me started on benefits...
What about a office manager for prop shops like Bright's (possible junior partner/salary deal?)...
Quote from downtickboy:

I will probably be taking a cut back pay wise at first but I expected that. As long is there is a trade off for potential and a learning experience I am fine with that. There is always a way in. I have already had a lot of interested firms just based on resumes and cover letters sent to the right people. I just need to transition the opportunities during the interview. If someone sits down they can probably find lot of ways to explain their trading career in way that would be interesting if not be over the heads of someone outside of the business. I think it can come off as being impressive especially if you have fixed income and currency trading experience in which usually a better understand of fundamentals is needed. The key will be explaining how you can apply and transition those abilites in way that would interest to another firm. As far as the broker I would not find that interesting especially the heavy sales side of that.

If someone is on the fence out there maybe this thread will get them to think about their choices a little more. Outside of a couple of posts it would seem that most see a big difficulty in figuring it out how someone would get out of trading once they get into it unless you have some previous work experience doing something else you can fall back on. Obviously no one thinks they will not be in the small percent that will continue to make good money every year consistently or they probably would not get into it in the first place. But it is something to think about.
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Quote from andrasnm:

First off how old are you?
The problem in life is that most of us end up doing something we are second best at 'cause we all need to make a living, paying rent etc etc.
Figure out what you LOVE to do and ignore the money part (that will sort itself out later).
Today's job market is hard for anything better than a crappy dead end job that can't get illegals due to regulations or excessive brain/customs etc.
To get a jobs nowadays you need to know people as well as you need to know your stuff(licenses, degrees etc)
it's who you know more than what you know....over 40 and it's twice as hard...
and don't get me started on benefits...
What about a office manager for prop shops like Bright's (possible junior partner/salary deal?)...
More...

I am 30 so still young enough to do a lot of things that I want to. I am ignoring the money part for now but certainly also looking for something with upside potential. It occurred to me that I might be second best at trading as there are a lot of skills or qualities that I have that go by unused which also might contribute to not being very satified with trading. It probably is hard to explain to someone if they are in love with trading. I think by using those unused talents in the right field will lead to better job satisfaction and a more rewarding future all around for me. I appreciate your suggestions but I know what I want to do and where I want to go at this point. I am close to getting to where I want to go, and thought I would post to just see if someone went through the same thing to see how they might have packaged their background.

As far as the office manager thing I think that is a dead end job and would not want to be part of the process of leading many people to wiping out their accounts and savings. I would only recommend day trading to people with certain backgrounds and situations and probably equities would not be my first recommendation.
 
a good prop office manager is the risk manager of the firm (at least it should be) but I do not have first hand knowledge of prop shops - I was in one before it became a word (ETG in 1992)
being a good risk manager is something you can put on a resume and maybe sell to some other trading outfit.....as far as the people/hiring
most people want to trade they will trade either in your shop or the shop next door so no conscience thing for me...
Quote from downtickboy:

I am 30 so still young enough to do a lot of things that I want to. I am ignoring the money part for now but certainly also looking for something with upside potential. It occurred to me that I might be second best at trading as there are a lot of skills or qualities that I have that go by unused which also might contribute to not being very satified with trading. It probably is hard to explain to someone if they are in love with trading. I think by using those unused talents in the right field will lead to better job satisfaction and a more rewarding future all around for me. I appreciate your suggestions but I know what I want to do and where I want to go at this point. I am close to getting to where I want to go, and thought I would post to just see if someone went through the same thing to see how they might have packaged their background.

As far as the office manager thing I think that is a dead end job and would not want to be part of the process of leading many people to wiping out their accounts and savings. I would only recommend day trading to people with certain backgrounds and situations and probably equities would not be my first recommendation.
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Quote from downtickboy:

I have seen the results of this from traders who still are hoping to refigure out the market. Basically they were making money during bull markets -whether in stocks, fixed income, the euro, ect. Then for the last 2 years they have not made a dime and continue to bleed off what they previously made. They feel trapped because they don't know what else they even could do at this point.
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People that only make money in bull markets are not going to survive long term. Whether they choose to not play the short side or don't know how to trade choppy markets is a big problem. I saw a lot of traders in the late 90's that "thought" they were traders; made good $$$ but back then anyone could throw darts and make money.

To me not playing the short side is like a football team that chooses to only run the ball and not pass at all.
 
Quote from DHOHHI:

People that only make money in bull markets are not going to survive long term. Whether they choose to not play the short side or don't know how to trade choppy markets is a big problem. I saw a lot of traders in the late 90's that "thought" they were traders; made good $$$ but back then anyone could throw darts and make money.

To me not playing the short side is like a football team that chooses to only run the ball and not pass at all.
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True but I think the easier and I think bigger money is in trading big bull or bear markets where there are a lot of participants and hot money rather then just professional traders duking it out. So maybe I explained it wrong but I was not talking about avoiding playing the short side. There are also a lot more edges and inefficiencies in hot markets. There always seems to be a market in that phase, you just have to be flexible enough and have access to these markets. Then on top of that I think the better money is made in the long term when a market starts it run. Although there is definitely money made in trading choppy markets, I think there is better use of time and money and less frustration if someone has the ablility not to trade a dead, low volume, low retail participation, and choppy market. One of the greatest advantages of being an independent trader is that you do not have to trade a bad market where firms do in order to keep bringing in the management fees.
 
Quote from DHOHHI:

People that only make money in bull markets are not going to survive long term. Whether they choose to not play the short side or don't know how to trade choppy markets is a big problem. I saw a lot of traders in the late 90's that "thought" they were traders; made good $$$ but back then anyone could throw darts and make money.

To me not playing the short side is like a football team that chooses to only run the ball and not pass at all.
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On the flipside, how about bullet traders that only played the short side in 2001-2003 and were done for afterwards? It was mostly a gimmick but still not that much different from the longside only trading (buy the dips & hold) of 1990s.

It's not about long or short anymore, it's about the chop and trader/investor ratio. Trader vs Trader market is a tough & deadly game, equivalent to a poker table full of pros.
 
Absolutely! It's amazing. Even certain 'edges' and strategies that existed 6-24 mos ago have dissappeared. The risk is increasingly larger for whatever potential reward remains. Definetely not worth the aggravation.


Quote from Hydroblunt:

It's not about long or short anymore, it's about the chop and trader/investor ratio. Trader vs Trader market is a tough & deadly game, equivalent to a poker table full of pros.
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Quote from downtickboy:

......

As far as the office manager thing I think that is a dead end job and would not want to be part of the process of leading many people to wiping out their accounts and savings. I would only recommend day trading to people with certain backgrounds and situations and probably equities would not be my first recommendation.
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Actually equities can be very good ... Once you figure out how to do it profitably it becomes a type of semi-robotic thing where you are employing a basket of strategies and deciding if they are applicable for the current situation.

If you like trading then it can be a decent job: however there are more interesting activities like starting new companies etc. Your experience in trading IS valuable. How many job candidates have actually run their own business using their own capital ? You need to market this fact. Completely running your own business - however modest - is what sets you apart from the other candicate. If a hiring managere says "we dont know what to do with you" then tell them how to use you or offer to work on a proof of concept study free, do a contect to hire thing etc etc etc ... give them options and show them that you really did run your own show by being creative ....
 
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