Prop firm or work on the floor

[hilojack]

Quote from dblumie:

I do know people that trade all different things but I do not know if they have any jobs available. My question was focused on whether it made a difference if I traded options or something else. Since I have no experience I was hoping this forum would provide some guidance as to where people thought would be the best place to start. Basically, If you were to start over what area would you want to learn to trade?

The point everyone is trying to make is that if you have the ability to get a job trading ANYTHING, you take it. And learn. It is much easier to figure out what exactly you want to trade once you become a trader. Right now you are just a pissant (no offense) who has no leverage or say. If everyone tells you to trade futures, are you going to turn down jobs trading options holding out for your "dream" position based on what others say?

You said you could take a job trading right now. I would take it before someone else does. Good Luck.

 

[mastacoli71]

Quote from dblumie:

Thank you all for the advice. How does someone go about getting a job working on the floor if they do not know anyone that works there. Also, is there a better place to start compared to others. i.e. euro options vs. gold.

My main concern is making sure I start in a place that will teach me a lot and provide me an opportunity to start trading. What would do you guys recommend/ if you know anyone needing assistance let me know.

I sent you a private message. Let me know if you have any questions.

 

[Hydroblunt]

Quote from dblumie:

I just graduated from the university of michigan with an economics degree and am desperately trying to get a job trading. Unfortunately, I have had little success in getting a response from any of the prop firms but I would have no problem getting a job working on the floor for a guy who trades euro dollar options. Do people think it is better to work your way up from the floor or should I hold out and wait to see if one of the prop firms contacts me?

Wow uhm, let me just say that you are extremely lucky and should be grateful that you have such an opportunity handed to you on a silver platter.

In other words, take the floor job ASAP!

 

[bone]

Take the floor job with great haste. Even if it pays $50 per day (really). Sleep at the YMCA for six months. With your academic pedigree and six months experience (even if all you're doing is running spreadsheets for risk and FV, and checking trades) gives you a definite leg up. You will meet the market-makers for all of those Chicago prop firms that hundreds of people on this board are so desperate to get into.

Now get going.

 

[Cutten]

Quote from hilojack:

That is OC's point. Without knowing someone, you are virtually POWERLESS. Aggressive & driven guys are a dime a dozen.

Most employers would disagree. Finding people like that is fiendishly difficult.

 

[Cutten]

Quote from Pa(b)st Prime:

I'm not at all surprised you have floor experience. I could sense it. LIFFE I presume?

Yeah for one year at LIFFE, watching the bund pit go from 70% to 10% market share vs Eurex

 

[Cutten]

Quote from dblumie:

I am a very driven and aggressive person.

Add:

i) willing to work for peanuts in "risky" areas, in return for a bit of the upside
ii) ridiculously better prepared than everyone else
iii) continually thinking of ways things can be done better in your field of work & responsibility
iv) obviously passionate/obsessive about your line of work
v) able to prove all of the above in 2 mins to a complete stranger

You should then stand out quite noticeably from 99% of applicants, IF you can get your foot in the door for an interview or networking opportunity.

 

[dblumie]

I have arranged a meeting to go in and check everything out to see what I would be doing. Thank you all for your invaluable advice.

 

[youngtrader]

Quote from Pa(b)st Prime:

You get to rub elbows with scalpers, spreaders, arbs, swing traders, technicians, fundamentalists, news traders, guys with degrees, guys who drove cabs. You can lay clerks and buy decent drugs too. The floor is a trading laboratory.

Now how can you argue with that!!! I would give my left nut to work on the floor! Hell I would probably pay them just to have the opportunity!

PS The clerks are really hot too!!!

YT

 

[SerenityScience]

Quote from Pa(b)st Prime:

You can lay clerks and buy decent drugs too.

Hee hee!

I love to hear about traders drinking and drug habits, god knows the rest of us like to make money

Am now ducking and running for cover:-D