Proprietary Traders

[Pipsaholic]

Hi,

I always wondered why the media or the 99.9% general public have virtually no knowledge of who these people are and what they do astounds me. Only a year ago I ever heard of such guys banking half a million in bonus checks and getting offered Ferraris and luxury homes to stay at a firm.

We all know the highest earners are medical, legal and construction industry, but why not financial prop traders? Are they supposed to be underground?

 

[Doomberg]

The trading industry is kind of underground in it's self, when i try and explain what goes on in the stockmarket, most of my friends have no idea what i'm talking about. In fact most don't even know what a point or a pip is

 

[Martinghoul]

Why would they be underground? It's just a very small sample, is all...

 

[Jerry Westerby]

Hi,

I always wondered why the media or the 99.9% general public have virtually no knowledge of who these people are and what they do astounds me. Only a year ago I ever heard of such guys banking half a million in bonus checks and getting offered Ferraris and luxury homes to stay at a firm.

We all know the highest earners are medical, legal and construction industry, but why not financial prop traders? Are they supposed to be underground?

there u go pipsalot... you should be a propretary trader, and all your problems will be solved.

 

[FUTEX]

I guess if you are not reading about it in the press, you are reading the wrong press !

 

[safvan]

Build a nice portfolio and prop traders would love to have you.

It is really about performance. Half decent returns can land you a job a capital to play with,

 

[DionysusToast]

Hi,

I always wondered why the media or the 99.9% general public have virtually no knowledge of who these people are and what they do astounds me. Only a year ago I ever heard of such guys banking half a million in bonus checks and getting offered Ferraris and luxury homes to stay at a firm.

We all know the highest earners are medical, legal and construction industry, but why not financial prop traders? Are they supposed to be underground?

Well - it seems you still don't know what prop traders are either.

Ferraris?

 

[rawrschach]

... the median income for doctors, plumbers etc is much higher than that of traders as a whole.

Similarly, the median income for actors is something like $18k - the Julia Robertses are a tiny minority.

 

[donaldduke]

... the median income for doctors, plumbers etc is much higher than that of traders as a whole.

The median income of all 'traders' as a whole is a negative number.

 

[donaldduke]

Hi,

I always wondered why the media or the 99.9% general public have virtually no knowledge of who these people are and what they do astounds me. Only a year ago I ever heard of such guys banking half a million in bonus checks and getting offered Ferraris and luxury homes to stay at a firm.

We all know the highest earners are medical, legal and construction industry, but why not financial prop traders? Are they supposed to be underground?

Whats the average career length of a prop trader, 10 years? Or less?

Trading isn't seen as a career, it is seen more as a get rich quick scheme.

 

[Sidekicker]

The trading industry is kind of underground in it's self, when i try and explain what goes on in the stockmarket, most of my friends have no idea what i'm talking about. In fact most don't even know what a point or a pip is

most people only hear about trading when some guy blows up.
Then they label all traders as gamblers.

 

[the hare]

most people only hear about trading when some guy blows up.
Then they label all traders as gamblers.

We are gamblers, and there' absolutely no doubt about that. It doesnt stop me making my living from doing it, but I am in absolutely no doubt that I am a gambler.

 

[Sidekicker]

We are gamblers, and there' absolutely no doubt about that. It doesnt stop me making my living from doing it, but I am in absolutely no doubt that I am a gambler.

I don't doubt that either but society's impression of gambler is linked to bad conotations usually.
Trying to explain percentages, win ratios and opther stuff to people goes over their head.

 

[Masquerade]

I don't doubt that either but society's impression of gambler is linked to bad conotations usually.
Trying to explain percentages, win ratios and opther stuff to people goes over their head.

Rightly so seeing as most gamblers lose.

 

[Sidekicker]

Rightly so seeing as most gamblers lose.

So, do most people who keep their money in a bank at a rate lower than inflation.
or in a house when the housing market is going down.

Plenty of ways to lose money in the world.

 

[Masquerade]

So, do most people who keep their money in a bank at a rate lower than inflation.
or in a house when the housing market is going down.

Plenty of ways to lose money in the world.

Losing a few % in the bank or on housing market isn't comparable to gamblers betting the house and putting people at risk. Just how did we get on to this?....

 

[Sidekicker]

Losing a few % in the bank or on housing market isn't comparable to gamblers betting the house and putting people at risk. Just how did we get on to this?....

Dunno.
Yes it has gamblers but some people make it work. Some people make poker work.
Some people start businesses and fail. I suppose they're gamblers too.
Anyway, I'm sure we've both seen this argument rehashed .

 

[Pipsaholic]

there u go pipsalot... you should be a propretary trader, and all your problems will be solved.

Yeah, I wish or even deeper down the rabbit hole.

We are gamblers, and there' absolutely no doubt about that. It doesnt stop me making my living from doing it, but I am in absolutely no doubt that I am a gambler.

Well, its in the eyes of the beholder isn't it you could argue till the cows come home I view most things in life as a gamble.

Well - it seems you still don't know what prop traders are either.

Ferraris?

I heard many trader going for interviews and refusing jobs as there salary and bonuses were well below their expectations and they mention to the employers firm pay me this and this percentage and you have me you dont I will walk away and trade my own money.

Whats the average career length of a prop trader, 10 years? Or less?

Trading isn't seen as a career, it is seen more as a get rich quick scheme.

Many firms hire grads and have recruitment campaigns to train people up for years then put them on bigger accounts if their consistant few make it though. People from the army are good traders I hear.

most people only hear about trading when some guy blows up.
Then they label all traders as gamblers.

So, true they never hear about the millions some of them make in a way that is good or else the media would make something up like it was fraud because a large amount was gained.

 

[pboyles]

Pipsaholic

How many people that get hired by prop firms can't make money and end up leaving? According to the Schneiders thread only a very small percentage make it.

 

[donaldduke]

Hi,
We all know the highest earners are medical, legal and construction industry, but why not financial prop traders? Are they supposed to be underground?

People outside the industry definitely know that city workers are very paid well.

Most think that traders work for banks or large funds and get big bonuses to pay for the mansion and ferrari.

As for the smaller shady prop firms, most people obviously have not heard of these, and would be rightly suspicious of them, as most are just churn and burn outfits looking to exploit and turnover desperate graduates that haven't been able to land a job in one of the big city firms.