Parents just won't get it

This is a discussion on Parents just won't get it within the General Trading Chat forums, part of the Reception category; Originally Posted by seekingTruth16 As for joining an investment bank, they aren't doing much prop trading anymore, I doubt they ...

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Old Jan 4, 2017, 1:06pm   #9
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Originally Posted by seekingTruth16 View Post


As for joining an investment bank, they aren't doing much prop trading anymore, I doubt they will be interested in your track record. They are interested in a top university education, masters degrees, phd's, people who go through the system of interviewing and completing internships etc..
+1 Exactly what i was going to say . Its a myth that if you have a good track record then you will get hired by a bank .
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Old Jan 4, 2017, 1:22pm   #10
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Originally Posted by seekingTruth16 View Post
What are these great and outstanding trading opportunities making you? There are always opportunities, but unless you are making enough from them, it's a moot point. What is your time worth outside trading, £100 per day, more, less? Is sitting in front of the pc making you more than this on average? If not, stop and start earning your true value until you can be confident trading can make you that amount. If it is, then show your parents your account, and pay rent. If they see the tangible benefits, they might even help you.

Maybe your plan needs work. I don't know your account size, but it makes sense to have a decent sized account to trade for a living. Say you need 30k per year to live. Trying to get that from a £5k account is going to be incredibly difficult. Working and saving 100k and then trying to make 30k from that is still hard, but a lot more realistic. Every pound you can save can help your future trading.

As for joining an investment bank, they aren't doing much prop trading anymore, I doubt they will be interested in your track record. They are interested in a top university education, masters degrees, phd's, people who go through the system of interviewing and completing internships etc. Someone who left university and then didn't 'work' for a few years isn't going to be viewed highly. You've also got to think about what if you can't make it work in trading, and some can't. Do you really want a large gap in your CV?

Good luck with whatever you do, but maybe think a little bit more about money, and what if you didn't have your parents to put a roof over your head. Also think about your future earning potential. If you've just left uni, you've got a lot of time, there's no rush.
I'm going to look for a part-time job so I can pay them rent which might alleviate their complaints.

No I am not earning a solid wage from trading at all, but in my mind the money is not the priority at the moment, the priority is to improve my trading, and that will happen much slower if I spend the majority of my time working a normal job.

The most frustrating aspect of my situation however, is that the strategy I have devised picks out only the highest quality of trades, but they do not happen everyday, sometimes not for over a week. This is especially hard to convey to my family, the fact that I could miss out on an 80% 10R trade and a good stamp on my trading record for the sake of a £50 shift I was working....... But the catch is I need to be available when the time comes, even though there is no way of predicting when these trades will come by, so a lot of the time it appears like I am doing nothing. This aspect of trading (where time input is not always correlated with return output) is so difficult to convey because it defies the common mindset of 'work hard play hard'.

In regards to you mentioning 'a large gap in my CV' I strongly disagree that a consistently positive trading record is worthless, everyone has a degree nowadays, and I will prove to capital providers that I can trade in the future.

In regards to a plan B, I don't have one. Accountancy and banking are boring as f*ck, my mate who is also a grad works for a bank and gets bitched about by his boss, yes he is on a good salary but he doesn't love his job like I would if I became a trader. If trading falls through? that possibility hasn't even crossed my mind, because I will never give up I am improving every single day and have felt the pain of financial loss. The best traders in the world didn't have a 'Plan B' to fall back on, they gave it everything they had.
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Old Jan 4, 2017, 1:25pm   #11
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dgtrading started this thread I know my points make me come off as a spoilt brat, it's just I know trading is exactly what I want to do and I am determined to make it.

I will look for a part-time job to generate cash flow and to contribute rent. But I will desperately avoid full-time work in a regular job as it will only be a relative waste of time in education terms and reaching my consistency goals.
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Old Jan 4, 2017, 1:26pm   #12
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+1 Exactly what i was going to say . Its a myth that if you have a good track record then you will get hired by a bank .
Banking has shrunken a lot, and the prop part even more so. There may be some risk taking in flow desks or even the CVA desk, but it's nothing like retail prop trading.

The hiring for prop traders I see is in hedge funds, mainly quant ones now. But they might require experience trading systematically on a desk, programming skills in several languages, math skills or specialist knowledge. They are unlikely to be interested in a retail trader working from home either.

I guess it's possible at some small prop firms, but that's quite risky, and look what happened at futex. It will be tough for the opening poster, and may get tougher unless he/she gains experience, money and skills. But it's not impossible
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Old Jan 4, 2017, 1:36pm   #13
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I'm going to look for a part-time job so I can pay them rent which might alleviate their complaints.

No I am not earning a solid wage from trading at all, but in my mind the money is not the priority at the moment, the priority is to improve my trading, and that will happen much slower if I spend the majority of my time working a normal job.

The most frustrating aspect of my situation however, is that the strategy I have devised picks out only the highest quality of trades, but they do not happen everyday, sometimes not for over a week. This is especially hard to convey to my family, the fact that I could miss out on an 80% 10R trade and a good stamp on my trading record for the sake of a £50 shift I was working....... But the catch is I need to be available when the time comes, even though there is no way of predicting when these trades will come by, so a lot of the time it appears like I am doing nothing. This aspect of trading (where time input is not always correlated with return output) is so difficult to convey because it defies the common mindset of 'work hard play hard'.

In regards to you mentioning 'a large gap in my CV' I strongly disagree that a consistently positive trading record is worthless, everyone has a degree nowadays, and I will prove to capital providers that I can trade in the future.

In regards to a plan B, I don't have one. Accountancy and banking are boring as f*ck, my mate who is also a grad works for a bank and gets bitched about by his boss, yes he is on a good salary but he doesn't love his job like I would if I became a trader. If trading falls through? that possibility hasn't even crossed my mind, because I will never give up I am improving every single day and have felt the pain of financial loss. The best traders in the world didn't have a 'Plan B' to fall back on, they gave it everything they had.
You have to do what you have to do, and I wish you good luck with it.

I still think you should think about the importance of having a larger account to work with. Trader A who makes 200% on a 10k account is barely getting by on 20k per year and under a lot of pressure, yet trader B who makes 40% on 200k is comfortable on 80k per year. Trader A is 5 times better. So you can talk about how you're improving every day, and how you will make it. Great, but don't ignore the obvious practical side. You need money. Are you going to get that faster in a part-time job? And don't expect that people will just hand over their money to be managed by you.
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Old Jan 4, 2017, 5:10pm   #14
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+1 Exactly what i was going to say . Its a myth that if you have a good track record then you will get hired by a bank .

Vice versa also - coming out of a bank won't mean you're going to be a world-beater as a private trader.


dgtrading -
I assume you're not making any real money from these intra-day opportunities you mention, or else why post this thread? So do consider that day-trading is the hardest trading, it is a dive in at the deep end.

But that's not all you can do: you have the chance to -
1) take on a part-time job, plus
2) do some tiny intra-day trades as self-teaching and practice, plus
3) study and practice trading as an art the rest of your daytime hours, plus
4) put in longer term trades to make some supplementary income.

Everything you need is already within your hands.
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Old Jan 4, 2017, 6:34pm   #15
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dgtrading started this thread
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Vice versa also - coming out of a bank won't mean you're going to be a world-beater as a private trader.


dgtrading -
I assume you're not making any real money from these intra-day opportunities you mention, or else why post this thread? So do consider that day-trading is the hardest trading, it is a dive in at the deep end.

But that's not all you can do: you have the chance to -
1) take on a part-time job, plus
2) do some tiny intra-day trades as self-teaching and practice, plus
3) study and practice trading as an art the rest of your daytime hours, plus
4) put in longer term trades to make some supplementary income.

Everything you need is already within your hands.
that's the plan. cheers
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Old Jan 4, 2017, 6:36pm   #16
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Originally Posted by tomorton View Post
Vice versa also - coming out of a bank won't mean you're going to be a world-beater as a private trader.


.
True
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