I remember about a year ago on this site people told me to find a company that would give me a certain sum of money and I would be paid based on how much I made for the company.
Do these positions still exist and would they actually give a young person in college money?
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yes.
in college i could not confirm
They certainly exist. In fact, I'm currently pursuing such an endeavor. $50,000 starting capital and $5000 daily loss limit, with $8000 over the top loss.
how do you find this position?
Hustle hard.
*
Lots of prop shops in chicago; some reputable, some not so much. The reputable ones make you go through a pretty rigorous training program, with lots of mock trading sessions and situations. You'll start as a trader trainee (usually NOT assistant), and if you do well in training and in real situations, they'll give you more and more leeway in terms of limits.
banks to shed prop trading jobs? future of prop trading? (Originally Posted: 09/01/2010)
the July 17th issue of The Economist had an article that said: "it is also reasonable to predict that the influence of prop traders, which has grown steadily since the 1980s, will now recede. Brad Hintz of Alliance Bernstein thinks the next year or two, as regulators phase in trading restrictions, could prove to be "the last hurrah of the trading culture on Wall Street". Goldman's trading profits have been healthy in recent quarters but are expected to fall sharply when it reports second-quarter results on July 20th, thanks to reduced risk appetite and high volatility, which messes up hedging strategies."
What are your thoughts on this? What are the regulation's implications on general prop trading population, and on prop shops? I guess the answer could vary for different products, but does this mean that a GENERAL trend in prop trading is going to be bearish in terms of hiring and profits it generate?
I'm a undergrad in a target school in NYC, and is inclined to prop trading for my career, but this worries me a lot. Please share your thoughts. thx
why are you worried, regulations never stopped wall street from making money/moving around them. if you want to do prop trading ........ do prop trading then..
It will probably shift to small prop shops and large multinational commodity companies. As we saw with Oxy in Phibro case. At least for now....
Didnt Goldman just close their prop trading unit? About 60-70 traders are looking for jobs. A while ago, I heard JPMorgan had closed ALL prop trading units. this cant be good? My proble is much the same as yours uhm. think I need to look for something else.
Anyone know what happens next to the commodities unit?
Who cares if goldman closed their prop trading unit. To me thats just less competition. Go work for a small boutique. They don't treat you like shit, drive you into the ground, much more intimate in terms of meeting good people/networking, and give you better opps to break out early. I say screw prestige, it's all a head game anyway. This is a no brainer for some people. For others, it's nice to have that little brand name star pinned to your shirt.
everyones got a different opinion though I suppose. goodluck deciding.
Looks like prop traders still have 2 years to kill it (Originally Posted: 04/19/2012)
News came out today that banks will not be required to be in compliance with the volcker rule until July 2014.
2 more years to survive and think of your exit strategy.
or keep trading flow which involves quite a bit of prop. most banks already did away with the majority of pure prop desks anyway.
Yup. Perhaps add some "extra hedges" for those inevitable positions you'll be holding anyway and looks like....problem solved! Volcker rule is a joke. Until you define what exactly constitutes prop vs flow activity and what is or isn't allowed (which, to begin with, is almost impossible since youll likely never be fully matched 1:1) trading will be alive and well.
You guys think there will be divestitures or spin-offs of the prop-trading arms of banks? Personally, I do not see how a prop-trading desk is an attractive investment? I am only 19, what do I know?
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