Prop Trading - is it all its cracked up to be?

[Arbu]

If I had my time again, I would go into Trading rather than Accountancy.

The grass is always greener. I knew a trader who wished he'd become a lawyer. He had an awful life, he was always so tired he was falling asleep everywhere - in front of the TV and spending the whole night there without making it to bed, on buses and missing his stop, even on the street once. I'm a lawyer. At times I've wished I became a trader, but I've also wished I became an accountant for the better opportunities it offers to move into things like fund management and trading. All these jobs look good from outside, but once you're doing them and focusing on all the detail they can be tedious as hell.

If you haven't got a job then open accounts with all spread betting companies that have account opening offers, and make the most of these. You can practice from home with small stakes. If you start making money consistently then you can go to employers and show them your record. Maybe look for accountancy jobs at the same time though.

 

[Great white shark]

Tommog - I know what you mean. I am not someone who really likes being an "employee" given a chance I would much rather work for myself...I am interested in knowing more about which prop trading firms are "bona fide" (I've read that there are a lot of scammers out there) so that I can look into them....any ideas? Thanks

Arbu - yes, you are right. The grass is always greener, although some people fall into their careers and some people have an inkling of what they want to do to begin with....I fell into Accounting. I think your idea of opening accounts with spread betting companies is a good one and I will look into doing that. Thanks

 

[tommog]

I'll PM you my views on various prop firms, not really fair for me to discuss in public

 

[D70]

Great White,

Happy to help, ask away.

I started trading prop when i was about 23, i had been a broker before and traded private accounts from home (pretty poorly) before, i think the fact I knew about the markets and had a keen interest is the reason I was taken on. A passion for trading is character trait #1 you must have.

Yes I make my living from trading and I rent a desk.

But it hasnt been smooth sailing, ive had some good years and some bad years but every time around my bad years are less bad and my good years are bigger its a consant evolution, some people hit the ground running have 2 great years then blow up and you never see them again, other people take longer there is no "i am now a successful trader" moment, you are constantly having to tweak what you are doing and find new ways to make money. Every day you have to go in and prove to yourself all over again that you can trade. Ive had periods where ive gone months where i have only had a handful of down days and ive had months when i feel like im never going to make money again. Its very competitve in that sense and its down to you to have the discipline to make the bad times inexpensive and the good times as rewarding as possible. But theres nothing else id rather be doing.

Success is very achievable. But it doesnt come easy.

PS i agree with what VielGeld says

Best post I've probably ever read on this forum.
Well said.

 

[Great white shark]

Yes, I agree. I really respect Tommog.

Best post I've probably ever read on this forum.
Well said.