Which Road to Take??

[TheDub]

Quote from ggoyal:

If you are not a good trader, DO NOT TRADE WITH BORROWED money. plus if you are going to rely on it as your only source of income, you will lose. In my opinion, you should save up while working a job and swing trade. But you really have to save every single penny you can.

Then perheps after you have enough for a trading account and enough to live off of for atleast 2-3months, you should quit and trade.

If you are not profitable after 2-3 months, then well, you should go back to the job and start over.

IF you do quit, you must save atleast 28K to be a pattern day trader. its 25, but 28 for some cushion. plus another 5 to live off of for 3 months. obviously this means no dicking around.

Cheers for your comment

I have no intention of trading with borrowed money, when I have enough money saved that’s another story, I am looking for my next career move and need to choose something that is challenging and rewarding, therefore getting onto a trading desk seems like the best option….how to do it is the question!! I’m a peoples person so I would prefer to be out there and not at home trading on my own, investing my money is different and of course it is better to be able to make sound investment decisions on your own than seeking advise!! - I’m looking for a good career doing something that I enjoy.

 

[Jachyra]

I am one of those people who tend to think that whatever they'll end up having you do on a trading desk, or any other institutional job for that matter, probably won't help you as much as you think if your plan is to eventually trade your own account and be your own boss. Implementing a strategy with millions of dollars of someone else's money isn't quite the same thing as trading a couple hundred grand of your own money. I would actually suggest you consider getting the highest paying job you possibly can, whether or not its related to the markets, stockpile and save up as much as possible, and every time you're able to acquire about 10 - 15 grand, put it in a retail futures account over at Advantage or Photon, or any of quality retail firm that can also rent you a terminal for a few weeks, and then take a trip out to Chicago and trade out there for a week or two.

A lot of the FCM's and brokers located in Chicago have extra terminals and office space, and will rent it out to you when you're in town. Some of them will even let you ship your equipment out in advance, and will have it all set up and waiting for you in your own private office in the CME building for a very reasonable price. Its a great opportunity to meet other successful traders, pick their brains, and see what they're doing day in and day out to make money, while still maintaining your own independence and not getting sucked into all the drama associated with dealing with a prop firm.