Career in Trading, is it profitable?

Question

Does anyone out there trade for a living, either self employed or work for a brokerage/trading firm?

The reason I ask is because I'm currently looking into switching careers. I've done some research on trading and it seems like a career that can be very profitable, if your willing to commit the hours and have the drive to succeed.

For those with experience in trading, what is the best way to break into trading?

I found a handful of companies online who are willing to train employees (3-6 months) and once you graduate the training program, you earn a percentage of the monthly profits. The downside is you don't start earning real money for more than half a year. I guess the main questions I have to those in this forum are:

Is there any formal educational training one needs or should have to succeed in this field ie is a background in finance necessary?

Are there any recommendations for trading firms that are reputable?

What are the chances of success in trading and what skill sets are needed to become successful in trading? ie are math skills a huge part of analyzing markets

As you can probably tell, I'm a complete newb to this area so any constructive contributions to this thread would be much appreciated. Thanks.

Bigballer · Answer

Does anyone out there trade for a living, either self employed or work for a brokerage/trading firm?

The reason I ask is because I'm currently looking into switching careers. I've done some research on trading and it seems like a career that can be very profitable, if your willing to commit the hours and have the drive to succeed.

For those with experience in trading, what is the best way to break into trading?

I found a handful of companies online who are willing to train employees (3-6 months) and once you graduate the training program, you earn a percentage of the monthly profits. The downside is you don't start earning real money for more than half a year. I guess the main questions I have to those in this forum are:

Is there any formal educational training one needs or should have to succeed in this field ie is a background in finance necessary?

Are there any recommendations for trading firms that are reputable?

What are the chances of success in trading and what skill sets are needed to become successful in trading? ie are math skills a huge part of analyzing markets

As you can probably tell, I'm a complete newb to this area so any constructive contributions to this thread would be much appreciated. Thanks.

wallstreetcappers · Answer

You will definately get some answers to the question from many here.What skills do you have, what market experience? Where do you live?I have my answer but it depends on those questions

Bigballer · Answer

Wallstreet,Since I&#x27;m a fairly recent graduate, I&#x27;m lacking in experience and skills that I can bring to the table. I have taken courses on statistics in University, thats about it. In terms of market experience, its probably best to say that I have none whatsoever, aside from reading a few books and following the business section from time time. Since my knowledge is so limited I am looking into a training course with a company that lasts close to half a year. It seems like a great idea with the right amount of commitment, but its really hard to commit without having an idea of what your going to get out it in the end. The company that I&#x27;m looking into is called Swift Trade in Toronto, I&#x27;m not sure if they have branches in the StatesI guess my main concern is for a guy with little to no experience in trading how difficult is going to be to develop a career?

boiler-room · Answer

i have been a broker for about 9 years,,,,my entry into the buisness was not something i advise.....i never went to college so i started at an absolute chop shop,,hence the name boiler room,,,,anyway i worked 14 hour days for no money ,,im not kiddin maybe,400 a month as a trainee.....iwas not a candidate for the merrill or goldman training program to say the least.....but i learned the buisness aput up with the shit till i got my 7,,,,this was at the height of the pump and dump on wall street so i did make a boatload of cash basically stealing from people,,not good,,,anyway i took the training they gave me and built  up some clients to the point of where i could take my book to a more reputable firm and the rest is history,,,wall i know u heard this story before,,,,,bottom line if u can put up with making very little in the begining and put in the long hours the perks are beyond belief....booze,broads,cash,,,,work hard play hard,,,,traders have a more consistent set of hours,,not as long in most cases,,,if u have ur degree u can usually get into a traini9ng program and make ok money till u go out on your own,,,,my best advice,come here to the big apple baby,u want to work in this buisness there is no better place,,,,finnancial capital of the world....gl

wallstreetcappers · Answer

Ok here is my comment.I imagine Koaj will chip in once he sees this because he and I did the same thing, which is what YOU are considering doing.The odds are HIGHLY stacked against you..no doubt about it. Places like you mention churn and burn..they hire a ton, train a ton and hope a few stick around and make money for the firm and themselves. They keep a tight leash on you and if you screw up they boot you.So that said, yeah you are young and this is the time in life to give it a shot. I say go for it.I imagine if you follow their training program and do NOT get cocky you could learn plenty and maybe succeed. If nothing else you get free licenses, so you could go work for another firm like Vanguard or Fidelity or the like if that didnt work out.What kind of comp are they talking??

boiler-room · Answer

great points wall,,even though my place was a chop shop i started witrh 68 trainees and only myself and one other go through,your right stay humble and focused,it takes alot of determination,easily  can get cought up in bullshit and distractions,like wall said ,they use u ,u use them to get your licences and move on

KOAJ · Answer

yes its profitable...but-you need balls of steel-you need to able to deal with losses and getting kicked in the teeth-you need some nice cash put away to live on for the first 6-12 months b/c you wont make much-you should also be a pretty good online poker player to be able to read bluffs...half of nasdaq trading is figuring out who has the big order to work and what type of order they are working...if MER is the big buyer in stock ABC, then you buy when they buy and vice versa if they are the big seller. easier said than donethats daytrading on your own...much better off trying to get in at a big firm, esp if you have a very good stats background. quant funds are real big these days but a lot of those guys i deal with are off the charts smart

Career in Trading, is it profitable?

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