Recent Graduate looking for Prop Trading Opportunities in NYC area

[babutime]

Quote from kinggyppo:

The thing is when you are younger you are inexperienced so this is how people disqualify you. I think alot of our schooling is backwards that way.
Nowadays you need a college degree to get an interview. With the credit crisis and recession it gives the companies an excuse to hire folks as slave labor. Trading is highly sought after because there are lots of high paying jobs. I think you are better off starting a small business. I wasn't suggesting getting a CFA, being from Chicago, there are alot of successful traders, it used to be where if you had a knack for trading it didn't really matter if you were pedigreed, now though with computers they seem to be looking for quant types that are highly educated. The prop route offers a way to at least get your feet wet and see if it is for you. I mean based on the discussion here it seems like if you aren't at the top of your class you can't get a job in ibanking. Seems like prop is the only way to get in these days.

I'm not too worried on the "quant" front because most new analysts going into a trading floor have a direct master of finance which isn't quite a full masters degree in mathematics.

I was wondering if these prop firms provide a sound quantitative training. I am not sure if a firm that has no quantitative training is worth looking into.

I don't want to be shooting L2 screens and rebate trading and all that stuff. I'd rather pursue other interests.

Any insights into what kind of training programs they have in these prop firms? You work at one kinggy?

 

[newwurldmn]

Quote from kinggyppo:

The thing is when you are younger you are inexperienced so this is how people disqualify you. I think alot of our schooling is backwards that way.
Nowadays you need a college degree to get an interview. With the credit crisis and recession it gives the companies an excuse to hire folks as slave labor. Trading is highly sought after because there are lots of high paying jobs. I think you are better off starting a small business. I wasn't suggesting getting a CFA, being from Chicago, there are alot of successful traders, it used to be where if you had a knack for trading it didn't really matter if you were pedigreed, now though with computers they seem to be looking for quant types that are highly educated. The prop route offers a way to at least get your feet wet and see if it is for you. I mean based on the discussion here it seems like if you aren't at the top of your class you can't get a job in ibanking. Seems like prop is the only way to get in these days.

Yeah! Small business ownership. Returns of 30 to 50 percent (not compounded) and several avenues to finance the transactions. Negative is that it's generally very unsexy stuff: delivering juice to stores or running laundromats.

 

[Paddler]

Quote from ocean5:

How to calc the first derivative?

It's me,David Kleinfeld..

Jack has just told you. Pay attention!

Look at the last OTR volume bar as that is the first derivative. You are in NOW. Now use it to think critically of what he said about the walls. Is that too taxing?

Taking a geometry class is a joke. Grade 5's nowadays can do it like playing an online game. In other countries, hehe.

Holding for 2 to 4 five-minute bars is another joke if one can reverse from wall to wall.

 

[babutime]

Quote from newwurldmn:

Yeah! Small business ownership. Returns of 30 to 50 percent (not compounded) and several avenues to finance the transactions. Negative is that it's generally very unsexy stuff: delivering juice to stores or running laundromats.

I ran a small business (of sorts). I tutored math and Physics with some "employees" (basically underpaid freshmen... I was 2nd year..) . Had over 40 students at one point- half immigrant kids whose parents wanted them to be doctors and engineers and half Canadian kids who simply sucked.

But it was just boring after about 10 months.

So I became a bouncer at the bar. That got boring too, not to mention a bit scary (Dad was suspecting why I had to stay behind late night to do homework...till 2.. LOL). Then I went back to working in sales in a mall.

It was a lot of fun. I'm sure there are stories other could share.

I like the idea of running a small business. A gas station in any city is always a good one. No wonder it's always owned by a savvy immigrant who came in with nothing- they know a good opportunity.

 

[kinggyppo]

Quote from babutime:

I'm not too worried on the "quant" front because most new analysts going into a trading floor have a direct master of finance which isn't quite a full masters degree in mathematics.

I was wondering if these prop firms provide a sound quantitative training. I am not sure if a firm that has no quantitative training is worth looking into.

I don't want to be shooting L2 screens and rebate trading and all that stuff. I'd rather pursue other interests.

Any insights into what kind of training programs they have in these prop firms? You work at one kinggy?

no I am not prop, there are two models one is pure prop where they train you and you get a small salary. The other is where you get hired if you have a deposit, the whole point seems to be leverage. To me you could save a little money and trade futures small. If you pm me I will give you the names of a couple of prop firms that aren't scumbags.......

 

[SteveNYC]

Quote from icarus618:

Not much. But I do know how to do accents, camarón.

Then, it's like saying that a car is nice without ever having driven it.

I was thinking about getting a MBA from HBS, one of the top business schools in America. Do you think I will get accepted?

I know HBS is better than CBS (Columnbia Business School which is better than Colombia Business School).




I am talking about the other HBS. Home Business School, where retarded home schoolers get their MBA.

 

[SteveNYC]

Quote from newwurldmn:

Ha. Certified Genius. My mom told me so.

Certified retarded. My parents told me so. At least they didn't say certified severely retarded. They are nice folks.

 

[kinggyppo]

Quote from newwurldmn:

Yeah! Small business ownership. Returns of 30 to 50 percent (not compounded) and several avenues to finance the transactions. Negative is that it's generally very unsexy stuff: delivering juice to stores or running laundromats.

I hear ya, the thing is most of the newly minted billionaries have started their own businesses and grown them such as Mark Cuban, Richard Branson and Zuckerberg for example. This is one of the reasons franchising still works there is a roadmap to follow.

 

[babutime]

Quote from kinggyppo:

I hear ya, the thing is most of the newly minted billionaries have started their own businesses and grown them such as Mark Cuban, Richard Branson and Zuckerberg for example. This is one of the reasons franchising still works there is a roadmap to follow.

Most importantly they've believed in their product and have been having a ton of fun while doing so...

Very aggressive too...

 

[newwurldmn]

Quote from kinggyppo:

I hear ya, the thing is most of the newly minted billionaries have started their own businesses and grown them such as Mark Cuban, Richard Branson and Zuckerberg for example. This is one of the reasons franchising still works there is a roadmap to follow.

Yeah. It works because once they get a dollar of revenue, they are likely to continue getting that dollar and they can then go for the next dollar. Plus, I'm learning, that there are a lot of inefficiencies in this type of stuff.

Franchising is tough. I did some work on it. It's a tough model to scale. We can talk over PM if you want about it.