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How to be a trader for a company?

  • #61
  • Jul 6, 2007 2:31pm Jul 6, 2007 2:31pm
I have read in this thread and many other people have said that I could be a good coach where trading is concerned. I absolutely agree with the assessment and am willing to make this "service" available to more people than currently involved in this.

At present I have three guys (girls dont waste your time contacting me) actively participating in my experiences and they are taking the lessons home. I unfortunately have capacity for only another 3 persons but I have to filter them in terms of personality. Of course I cant guarantee any results but my coaching is absolutaly free with no financial gain to me. I DONT NEED THE MONEY, but I do enjoy the satisfaction of seeing a person finding his place in life.

PM me and if you have the financial means to support yourself for an extended period until you are able to grasp long term trading then you will be succesfull.

If you think trading is "get rich quick" then I envite you to look at the first posts of this forum and see how many of those contributors are still around.
  • #62
  • Jul 6, 2007 2:41pm Jul 6, 2007 2:41pm
Ok please stop PM'e me I have received enough responses to keep me busy for a week.

I will continue posting here but please stop the PMs.
  • #63
  • Jul 6, 2007 2:45pm Jul 6, 2007 2:45pm
This is a very good thread, but several of you are misguided in your thinking. The very best traders work for large firms or run there own funds. Some of you think that if your that good you should keep all the profits for yourself. This is not the way things work in the real world. I ran up an account for 2 yrs straight and then quit trading on my own because of offers from banks and funds. I decided to start my own fund and take on deposits of large investors. This is much more profitable than trading your own money. The risk is minimal and you get an upfront amount from investors. So if you trade say 10 million dollars you bank $300,000 from you 3% fee. Then you get additional pay based on your performance. The very best part is you can continue to trade your own account or have funds in the one your managing. So this is the reason almost everyone in the "New Market Wizards" book trade for others and not themselves. One individual explicitly explains this and what he says rings true.

If anyone would like personal information on how to get started as a pro or working for a firm PM me. You do not need a education from a top 5 school, but you do need good connections and a solid trading records.
  • #64
  • Jul 6, 2007 3:05pm Jul 6, 2007 3:05pm
[quote=Rolandlc33;1488042]This is a very good thread,. The very best part is you can continue to trade your own account or have funds in the one your managing. So this is the reason almost everyone in the "New Market Wizards" book trade for others and not themselves. One individual explicitly explains this and what he says rings true.


This is so true and I think I have explained this.
  • #65
  • Jul 7, 2007 1:15am Jul 7, 2007 1:15am
I wish you all a great weekend and a refreshed start on Sunday night.

Bye
  • #66
  • Edited 9:53pm Jul 7, 2007 8:14pm | Edited 9:53pm
I agree that if you can get in to the job, then it probably would be better than if u were to trade yourself...however, how many do get in to the job?

You see I was a stock broker before this, and I faced similar types of standards...my clients would give me money, I would use the money to BUY THE STOCK I CHOOSE (non of my clients bothered with choosing stocks on their own, or else they would have went to a discount broker) and whatever money I made I got 3 percent commissions.

However, the biggest problem I faced was that too much competition, to little people willing to give a lot of money even when they were all millionares. so Problem = getting clients and getting money from clients...not problem = worried about losing money

That is why I actually dont bother with anything that says you need clients to do the work...I know losing a clients money is no risk on my part...and I know my firm will pay for me to go to a strip club with a client...in fact even when I lost money I still made 3 percent commision from whatever was left...so your right there is no risk...but getting clients to hand over large bundles of money is the only risk...

but the question here is that 1. how do I get in to the job and 2. does the job insure I will have millions of dollars to trade with? thanks

MOst companies say the same thing...You need to come from a top universities (ivy) with top GPA with a major in numerical or hard science and 2-3 years of experience to be a freakin junior trader...

If I had all that I would go to investment banking, or be a CFA (after taking the test). why would I waste my time as a JUNIOR trader if I had good marks and came from a good school?
  • #67
  • Jul 7, 2007 10:41pm Jul 7, 2007 10:41pm
Why in heavens name would you want to be a slave for someone else. Constant pressure to produce. Just do it on yourown forget working for someone else......Not worth the aggrevation....
just trying to make a little on a lot.....
  • #68
  • Jul 7, 2007 11:55pm Jul 7, 2007 11:55pm
Quoting snowman
Why in heavens name would you want to be a slave for someone else. Constant pressure to produce. Just do it on yourown forget working for someone else......Not worth the aggrevation....
It's easier to make an income of USD 1 mil a year trading other people money than trading your own money. Simple as that.
  • #69
  • Jul 8, 2007 5:39am Jul 8, 2007 5:39am
Quoting The Jedi
But if I really had a million dollars, I would trade with about 200k of it, and spend the rest on my house in Bora Bora and live like we should all live, free and easy.
Hmm.. There are plenty of undeveloped tropical islands where u can live like that without having a bent penny to your name.
  • #70
  • Jul 8, 2007 6:55am Jul 8, 2007 6:55am
Quote
MOst companies say the same thing...You need to come from a top universities (ivy) with top GPA with a major in numerical or hard science and 2-3 years of experience to be a freakin junior trader...
I'm 20yrs old & havent done serious studying yet (quitted a college education so I could focus full-time on forex). I've been thinking lately about whether I'm doing the right thing. I've come to the conclusion that a University Degree is a must to get access to alot of different jobs etc in life, but since I'm decently capitalized and planning to make my living with forex I don't give it a high priority. So no college yet for me, untill I can make consistent & decent profit with part-time forex (and thus be able to continue compounding while studying). What do you guys think?

Before I'm able to get a job in the big Banking industry it'll take me at least 4-5 years of study & then being a junior trader and after some 8 years I'll be able to make some decent money. I'm quite sure I'll be making more, albeit risky, money / year if I go full-time forex right away as an individual investor vs. building myself up to become a CTA/CFA for a company.
  • #71
  • Jul 8, 2007 8:41am Jul 8, 2007 8:41am
Quoting FrankS
I'm 20yrs old & havent done serious studying yet (quitted a college education so I could focus full-time on forex). I've been thinking lately about whether I'm doing the right thing. I've come to the conclusion that a University Degree is a must to get access to alot of different jobs etc in life, but since I'm decently capitalized and planning to make my living with forex I don't give it a high priority. So no college yet for me, untill I can make consistent & decent profit with part-time forex (and thus be able to continue compounding while studying). What do you guys think?

Before I'm able to get a job in the big Banking industry it'll take me at least 4-5 years of study & then being a junior trader and after some 8 years I'll be able to make some decent money. I'm quite sure I'll be making more, albeit risky, money / year if I go full-time forex right away as an individual investor vs. building myself up to become a CTA/CFA for a company.
Gee, I'm not sure about quitting school. Bill Gates quit his studies, at Harvard of all places. Just think how rich he would be if he had not quit school.
  • #72
  • Jul 8, 2007 3:17pm Jul 8, 2007 3:17pm
Quoting Dopey
Gee, I'm not sure about quitting school. Bill Gates quit his studies, at Harvard of all places. Just think how rich he would be if he had not quit school.
Oddly enough, not all quitters or dropouts become winners in life.
No idea why that is.

But wouldn't that mean that...maybe...maybe...maybe the QUITTING part wasn't why he got rich?
Trust price. Know yourself.
  • #73
  • Jul 8, 2007 6:03pm Jul 8, 2007 6:03pm
Quoting FrankS
I'm 20yrs old & havent done serious studying yet (quitted a college education so I could focus full-time on forex). I've been thinking lately about whether I'm doing the right thing. I've come to the conclusion that a University Degree is a must to get access to alot of different jobs etc in life, but since I'm decently capitalized and planning to make my living with forex I don't give it a high priority. So no college yet for me, untill I can make consistent & decent profit with part-time forex (and thus be able to continue compounding while studying). What do you guys think?

Before I'm able to get a job in the big Banking industry it'll take me at least 4-5 years of study & then being a junior trader and after some 8 years I'll be able to make some decent money. I'm quite sure I'll be making more, albeit risky, money / year if I go full-time forex right away as an individual investor vs. building myself up to become a CTA/CFA for a company.
Hmm ... I can't tell you what's best for you. But there's an old advice that says "never put all your eggs in one basket". If your forex venture doesnt work out, what would you do ? You must have a plan B (not necessarily college degree).
  • #74
  • Jul 9, 2007 4:08pm Jul 9, 2007 4:08pm
Quoting luqmanz
It's easier to make an income of USD 1 mil a year trading other people money than trading your own money. Simple as that.
See this is what people neglect to ask...why would anyone give u a million dollars when they can give someone at GOldman sach, JP morgan, Morgan staney or other big firms that money...

Yes, you're right having a million to invest from someone else is great...but as I said, the risk lays in finding someone who would do that...which, by the way, is very very small unless u come from a top firm, have a top degree, and a top school.
  • #75
  • Jul 9, 2007 7:15pm Jul 9, 2007 7:15pm
Quoting FrankS
(quitted a college education so I could focus full-time on forex)
I don't understand why anyone would quit college to become a Forex trader. Sure, You need time to learn FX, but I don't think that means that You have to quit everything else in your life, specially something so important like college education. You could just stay in college and wait a few years, the market is not going anywhere.

And I agree with SeekingLight's idea. Just because You drop out of college it doesn't mean You'll be successful. In fact, I think it will be much harder.

.
"I say high, You say low, You say why, and I say I don't know..."
  • #76
  • Jul 9, 2007 9:11pm Jul 9, 2007 9:11pm
Quoting luqmanz
It's easier to make an income of USD 1 mil a year trading other people money than trading your own money. Simple as that.
I take it you have never traded someone else's money? Why do a lot of the gifted traders end up avoiding firms and trading their own capital?
  • #77
  • Jul 9, 2007 9:35pm Jul 9, 2007 9:35pm
Quoting FrankS
I'm 20yrs old & havent done serious studying yet (quitted a college education so I could focus full-time on forex). I've been thinking lately about whether I'm doing the right thing. I've come to the conclusion that a University Degree is a must to get access to alot of different jobs etc in life, but since I'm decently capitalized and planning to make my living with forex I don't give it a high priority. So no college yet for me, untill I can make consistent & decent profit with part-time forex (and thus be able to continue compounding while studying). What do you guys think?

Before I'm able to get a job in the big Banking industry it'll take me at least 4-5 years of study & then being a junior trader and after some 8 years I'll be able to make some decent money. I'm quite sure I'll be making more, albeit risky, money / year if I go full-time forex right away as an individual investor vs. building myself up to become a CTA/CFA for a company.
I'd say go for it. Colleges these days are far too full of young folks just being babysat until they can get a job, get married, grow old, and die...And at your age, if things really go wrong, you are plenty young enough to just pick yourself up and go off in another direction, even if it means eating a bit of crow and starting college late. (Not a bad idea BTW, I started at 28, and because I had done with my young adult party hormones I was able to cruise through both undergrad & a masters in 3 1/2 years....). The big thing is that when you feel ready to make your own decisions in life, you should make them...
  • #78
  • Jul 10, 2007 3:02am Jul 10, 2007 3:02am
Quoting HalifaxCB
I'd say go for it. Colleges these days are far too full of young folks just being babysat until they can get a job, get married, grow old, and die...And at your age, if things really go wrong, you are plenty young enough to just pick yourself up and go off in another direction
Man, I so agree with this.

If I could go back in time, I would have quit college at the first year. I learned NOTHING useful (professionally-wise) during those 4 years there. Most of the students there were too conformist and risk-averse for my taste. I mean, we were a bunch of folks in our 20s and most of them only wanted to score a fat job with a fat salary and grow their bellies silly. Whenever I'd propose any out-of-the-standard-path project, they would all tear their hair in panic. I was like: "what are we? the god-damn new generation or a bunch of f@cking sissies?".

The overall lack of "spirit" in business/finance colleges sure drove me insane!
  • #79
  • Jul 10, 2007 3:22am Jul 10, 2007 3:22am
Quoting bodge
I take it you have never traded someone else's money? Why do a lot of the gifted traders end up avoiding firms and trading their own capital?
Yes, I dont trade other people money, but many traders in Market Wizards do. Why did they start their own funds (started their own firm) ?
  • #80
  • Jul 10, 2007 3:28am Jul 10, 2007 3:28am
Quoting xxfunguyxx
See this is what people neglect to ask...why would anyone give u a million dollars when they can give someone at GOldman sach, JP morgan, Morgan staney or other big firms that money...

Yes, you're right having a million to invest from someone else is great...but as I said, the risk lays in finding someone who would do that...which, by the way, is very very small unless u come from a top firm, have a top degree, and a top school.
When a trader makes 1 mil dollar a year trading other people money, he probably has around USD 10-20 mil of his client money.

If he wants an income of 1 mil a year and he has 1 mil of his own money, he has to score 100% return a year.

If he trades other people money, 1 mil profit is just 5% from USD 20 mil. Easier to achieve I suppose.
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