A 19 year old asking 'when is it time to leave a prop shop?'

[exaltedangel09]

Hi guys, I have a decision to make. Should I continue working at a prop shop, where a salary is not guaranteed WHILE taking a full-course load thus affecting me (I won't be able to get as good grades, hang out as much, be as healthy...because my schedule will look like this 6AM WAKE UP, EAT, SHOWER, 7AM leave for work, 8AM Market Strategies 9AM-- 4PM work.. 5-8School, 9-11 Study ), or should I drop the job, chillax, and focus on school + school activities?

Right now,
I am currently working at a proprietary shop which gives me $200,000 in intraday buying power, of which none ofthat is my capital. They back me 100%. What they ask in return is a 50/50 profit split. I've been there since August 2009, and they've grown my BP since September 2009.. and I unforuntately did not make any real money .. (software fees are $200/mth + we pay to add liquidity in the proprietary route we use..)..

I am growth about $6,000 in 3 months but expenses are $7,200 (I don't have any losing days.. I'm a scalper so IMO it's hardto lose). I've learned a heck of a lot and I know I'm not too much in the red. I'm down -1,200 (of the companies money).
The reasons I am down is because of differrent mistakes (there was a routing order error once where I was stuck AH in a position and took a $300 hit, I also lost about $600 when I was rushed for school and got into 'emotional trading'. I do believe if I try again I'll start to make money. Take note all money I make will FIRST go off to pay 100% of my debt, then I will earn cash.

Here's the thing, I'm a full time student, so it's tough. My first semester went well while working (I hope). I will likely hit a GPA from 3.4-3.7 (on a 4.3 scale).

I am in my second semester of studies at my University and I could potentially set myself for a 'internship/co-op paid at $14/hr in 2010 Summer' if I work hard at school + work hard when it comes down to job employment.
Then again I may be able to hit $20/hr scalping..
Then again maybe not?

When is it time to leave a prop shop? As a 19 year old I know my windows are open..
So guys, what should I do? Please do not respond with 'it's your decision..!', I know that but this is the first time working full-time + going to school.. and I'm a perfectionist.. I want that 3.7-4.3 GPA... The GPA is very important to me.

Can you guys recommend what you think I should do if my ultimate goal is to work in fund management?

 

[Magos]

Balancing money, experience and education is very hard.

You should get a piece of paper write down all your current activities rate them from 1-10 and find out which ones are more important and then try to focus on them.
And the main question to ask yourself is: Where do I want to be in 4-5 years down the road. (prop house/hedge fund/IB/ brokerage/etc.)

What would I do if I was you: Try to get in one of the best University available and get an internship the first year: something similar to trading (prop/market making/ dealing/ sales trading).

Hi guys, I have a decision to make. Should I continue working at a prop shop, where a salary is not guaranteed WHILE taking a full-course load thus affecting me (I won't be able to get as good grades, hang out as much, be as healthy...because my schedule will look like this 6AM WAKE UP, EAT, SHOWER, 7AM leave for work, 8AM Market Strategies 9AM-- 4PM work.. 5-8School, 9-11 Study ), or should I drop the job, chillax, and focus on school + school activities?

Right now,
I am currently working at a proprietary shop which gives me $200,000 in intraday buying power, of which none ofthat is my capital. They back me 100%. What they ask in return is a 50/50 profit split. I've been there since August 2009, and they've grown my BP since September 2009.. and I unforuntately did not make any real money .. (software fees are $200/mth + we pay to add liquidity in the proprietary route we use..)..

I am growth about $6,000 in 3 months but expenses are $7,200 (I don't have any losing days.. I'm a scalper so IMO it's hardto lose). I've learned a heck of a lot and I know I'm not too much in the red. I'm down -1,200 (of the companies money).
The reasons I am down is because of differrent mistakes (there was a routing order error once where I was stuck AH in a position and took a $300 hit, I also lost about $600 when I was rushed for school and got into 'emotional trading'. I do believe if I try again I'll start to make money. Take note all money I make will FIRST go off to pay 100% of my debt, then I will earn cash.

Here's the thing, I'm a full time student, so it's tough. My first semester went well while working (I hope). I will likely hit a GPA from 3.4-3.7 (on a 4.3 scale).

I am in my second semester of studies at my University and I could potentially set myself for a 'internship/co-op paid at $14/hr in 2010 Summer' if I work hard at school + work hard when it comes down to job employment.
Then again I may be able to hit $20/hr scalping..
Then again maybe not?

When is it time to leave a prop shop? As a 19 year old I know my windows are open..
So guys, what should I do? Please do not respond with 'it's your decision..!', I know that but this is the first time working full-time + going to school.. and I'm a perfectionist.. I want that 3.7-4.3 GPA... The GPA is very important to me.

Can you guys recommend what you think I should do if my ultimate goal is to work in fund management?

 

[crude_lover]

I agree with Magos, i think you should pay more attention to your education and try and get an internship in trading at a bank. A prop shop is some where that you can easily go back to after you have finished studying but if you muck up your grades then your chance of ever going to a bank are very slim.

 

[chinabean]

I definitely agree with all of the above. You are really only going to get into a bank in 3 different ways. 1) You excel at Uni and then go onto a grad program 2) You are making $2mn/yr + at a prop shop....actually probably more than that really and even then most IB's have chopped their prop desks so if you are not market-making (not electronic but actual OTC) then that experience may count for zip. 3) you go into a non-trading role at a bank and work your way through although that is increasingly difficult.

IMO a good degree will be worth more and plus you can always trade on the side anyway which will keep you abreast with market developments and also improve your trading if you start looking more long-term since to be honest, scalping 1 or 2 ticks/pips per trade is (in my opinion) not the way to improve your trading and understanding of the markets as you do not neccessarily see the long-term trend amongst many other things.