Quote from Maverick74:
I'm going to say something that might offend a lot of people on here. But to be honest with you, I really don't care. The fact of the matter is, I can count on one hand how many profitable futures traders I have heard of. Not guys that I know, but guys that I have heard of from other prop firms. While it may be true that only 10% of traders in general are able to eek out a living, I think that number drops to about 2% when we talk about pure outright futures traders.
Now having said that, why should a firm put up their risk capital to get behind a guy where there is a one out of fifty chance he will ever makes a dime? I certainly would not make that bet nor would anyone on this board. This is the problem we are faced with.
If you want a salary job as a trader, let me put you in a few directions. One is risk arbitrage with a major bank or hedge fund. Another is automated trading/writing algorithms, etc. for a major bank or hedge fund, the other is a sales trader on an OTC desk for a major bank.
I'm sorry to report this, but there simply is very little out there in the way of salary for discretionary, fly by the seat of your pants/cowboy, futures traders, and for good reason. You have no EDGE!
My best advice I can give is put a good resume together, start faxing it out to every firm you can think of, brush up on your statistics and probability skills, and hit the pavement.
I was fortunate enough to attend a lecture just last week at the downtown campus of IIT here in Chicago. They happen to have an outstanding trading curriculum there. The keynote speaker is one of the professors there who happens to be one of the brightest guys I have ever met, a former quant from Bell Labs.
He has traded OTC products for Morgan Stanley in NY, ran one of the largest bond options desk in London and currently has started his own firm. He gave a rundown of the current job market here in Chicago for traders. He said there was a plethora of opportunity out there for bright young guys that can write code and algorithms, and guys that can do advanced derivative pricing for large banks and hedge funds.
He has placed several of his students with many of these banks and firms. But outside that area, there is very very little available. Unfortunately, if you don't have these credentials, you are going to have to pay to play. You are going to have to take risks and make sacrifices. You are going to have to PROVE yourself with YOUR money. IF, and this is a huge IF, you somehow find a way to make a little bit of money, then, and only then, will a few doors SLOWLY start to open up for you in terms of getting backing of some sort.
Again, I know this is not what people want to hear on this thread, but it is very real. I cannot believe for the life of me how many guys on this web site come to me or others asking for money with their hands out with not a single shred of a track record or any evidence that there is a remote chance that they will ever make a dime.
I don't know who to blame for this, late night infomercials, Trader Monthly Magazine, or possibly all the misinformation on this site by guys who claim they make millions yet don't even have a real account opened. Either way, there are more professional athletes today then there are profitable independent traders.
Many of you would have better luck hitting the gym and trying out for the Chicago Bears practice squad. Flame me all you want, but if you don't believe me, I can give you names and phone numbers of all the shops here in town and you can see for yourself.
