Tradrer who wants to go solo
- Thread starter canarywharf
- Start date
Quote from stepan7:
IBs, commercial banks HRs are in communication to find out if person left or fired and for what and will definitely talk to person's past managers.
lol yes banned for life for trading on the side. I knew a guy at Tudor who was fired for trading a 7-figure account on the side and he is working at another HF more than 5 years later. They're concerned that he's trading against his employer, which clearly he was not.
Nobody is going to hold an account in their name. He did, and certainly knows better now. He was trading from his personal laptop while at the office and using the firm's network.
OK, so just out of curiosity, let's say I work in the industry, not allowed to trade, but want to.
Obviously, I can gift a 100K trading account to my grandma for Christmas, and who is to say, granny isn't good at trading? It all boils down to provability. As far as I can trade from a not home/work IP address, it is darn hard to prove it is I who is making the trades.
So the question is, just how far one needs to be removed in the family (or friends) so they can't find/prove the connection?
If I set up the trading account for my unemployed cousin, and give him trading signals on the phone, (let's say swing trading) that is really hard to prove that we weren't talking about the weather...
Obviously, I can gift a 100K trading account to my grandma for Christmas, and who is to say, granny isn't good at trading? It all boils down to provability. As far as I can trade from a not home/work IP address, it is darn hard to prove it is I who is making the trades.
So the question is, just how far one needs to be removed in the family (or friends) so they can't find/prove the connection?
If I set up the trading account for my unemployed cousin, and give him trading signals on the phone, (let's say swing trading) that is really hard to prove that we weren't talking about the weather...
I assume he is successful trader.
There are always exceptions.
And it all depends of hiring manager.
Will manager willing to take a risk with "such" person, who knows?
Banks managers will listen HR and will take no risk.
My point was that there is much more "profitable" to maintain good reputation and relations with past employers.
You'd be well advised to make sure to stick to your job for as long as possible.
First, as a solo trader you will certainly not make it.
Many banks traders have gone solo, just to finish in the losers club. The reason? their success were due to information they could not have access to outside their job.
Solo trading is based purely on skills, and as far as I know, there is no curriculum on how to learn these skills.
Don't be arrogant and think you could make it as a solo trader,
just accept you are better off in your job.
How can anyone state with confidence that someone else "will certainly not make it". I just don't get that. It is one thing to say the odds are long or very few make it but to state something that is clearly absurd with certainty
is ... well clearly absurd.
The kid may be the best thing since sliced bread. How can anyone who has never even met him state he is not!
is ... well clearly absurd.
The kid may be the best thing since sliced bread. How can anyone who has never even met him state he is not!
He is better off - please tell me you disagree - continuing in his banking job. His eventual decision to go solo, comes to me as not based on any research about solo trading , more on an inflated confidence that will get humbled should he go solo. He should also check his assumptions regarding solo trading. Million$ accounts got blown out solo trading. And who knows how he will cope after the inevitable difficulties he'll have to face as a solo trader. His history does not show any capacity in handling serious challenges.
Let's be real here : he is better off staying in his bank job ( be it trading or whatever). Trading solo is an aspiration for many, however, he should weight his chances.
Now, should he have said, since age 10 , I have been trading my own account, blah blah blah. Now I work in a bank, blah blah blah. I am bored to death blah blah blah. I want to get back to trading my own account, this would be a different story.
Here you have someone kind of bragging about his bonus and thinking of getting solo. Get real : solo is not for everybody.