Paid to Trade

Quote from smoothsmooth:

Hey Guys,

I’m at a real crossroads right now & I was wondering if I could solicit some advice. I suspect that today will be the last day I’ll be trading in a while. DAMNED!!

I’ve been working for a prop firm here in Toronto for the last 6 months. It was probably one of the best jobs I’ve ever had. I enjoyed the learning, the challenge, & the intensity of trying to be a better trader. Over the last couple months I felt things beginning to click. I was beginning to see things & my trading got significantly better.

However, in the last week or so, trading has been real rough. Unless I had some real huge winners to put me over the top, I wasn’t going to graduate the firm’s “training” program. Which means that I haven’t been paid a cent since April & the earliest I could possibly see a dime would be the end of November. I consulted with my bank account & my bank account said “bro’ this ain’t happenin’.” I said “are you sure?” It said “sorry, looks that way buddy.” Trading hasn’t been the same ever since. Seeing that I have absolutely no bartending experience, I pretty much respectfully bowed about out a week ago. I just sat there staring at candlesticks go by with a glazed look on my face.

This is terrible shame! I loved being active in the markets. I don’t know what to do now? I’m so disenfranchised that I already have my resume prepared to go work at McDonald’s.

Which brings me to question – is there a way to develop as a trader & actually get paid for it!? That would be a dream come true! I’ve just begun checking out postings to get some idea where I want to take my career & its pretty intimidating. I have my MBA & have completed my CFA lvl 3 exam (seems to be the bare minimum these days) but I’ve only had jobs outside of the industry since them. Most jobs that are posted seems to require several years of direct hands on experience – I don’t know if 6 months of prop trading would even fit the bill for this? Does it?

I’ve been pursuing the forums all day today & I learned a lot. Quants are hot, you can easily get replaced by a black box, I-banks will chew you up & spit you out (I worked in one, its scary), if you work in the back office you’re liable to get stuck there, There was mention that Infinium Capital runs a prop desk in Toronto (but I’m not quite sure that that its salaried or payout), Refco was actively hiring in their Montreal office a while back ago & they have some training program? Etc., Etc., Etc., Etc., - I don’t know where to start. Oh well, I guess I have a lot to look into!

I’m just looking to generate some ideas – I have a lot to think about in the next few days. Any advice that you guys could offer would be immensely appreciated. As well, if you’ve been in a similar circumstance it would be interesting to find out how things turned out for you. Thanks you advance!

Smooth


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Smooth if you have the resources to survive, trade and learn then do it, but if not it's time to hit the streets for a full time job and building up your war chest at the same time. Keep this thought in mind it's your account size that will make or break you, and from your account size you have to formulate a trading system that will fit that account size.
 
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