Is Trading Safe as a Career Choice

You sound like way too much of a risk-averse pussy to be considering trading in the first place.

Though the wording is crass, I agree with the above comment.

Have you considered going into medicine or pharmacy instead.

Food Service Sector

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

...there is no such thing as a safe profession. except maybe a unionized government job. Trading is not a safe career p=choice but neither is investment banking, operations, or any other job on wall st. You will always have lots of smart people who could replace you and the labor markets will always be volatile.

Bondarb, no follow up on the fall predictions thread?

When people like Paul Volcker are talking about limiting the trading activity within big banks, why would I not be worried? I'm simply trying to explore the possibilities of such curbs on prop trading at banks

The strong survive, Volcker, Bernanke, Geither any moron in government can say what they want the strong will survive.

Have you heard what Jimmy Cayne said about "Geithner"? Traders don't think highly of these guys nor let them run their lives.

Besides 1 year past LEH's death, most of the top talent at LEH is spread out across the street, or moved to Canada/Europe/Asia.

The people with no jobs who are still crying is the ops and other weak folk.

You should never rely on a specific job for "job security". Build up your employment security by strengthening your own human capital through continuously learning and expanding your network of contacts.

As long as you're good at what you do, you'll be mobile and won't be whining like this when the next bubble bursts.

"The support staff was hit the hardest because we're at the bottom of the rung," she says. After years of planning meetings, booking trips to Asia, and organizing the life of her Lehman boss, she says she wishes her Lehman connections would help her land a job. "I'm angry because nobody [from Lehman has done] anything for me," she says.

It's game theory:

1. Payoff for being a trader and making rain: +x, with probability y
2. Payoff for being a trader and sucking: -z, with probability (1-y)
3. Payoff for being an unemployed bum: zero. But you do get great work hours (zero per week. Better than France.), free meals every now and then, and a home with a view. Plus no one asks you to shave or shower every day.

This is a no-brainer.

You could always be a greeter at Wal-Mart...

Trading is arguably one of the least safe career choices. If you are thinking about trading but are risk averse, I would recommend working somewhere else for a few years- and saving money like crazy- before becoming a trader. Having cash in the bank tends to make you less risk averse.

Cheese86, please stop bragging. you don't understand the concept of risk aversion.

I turned down trading jobs in 2008 and 2009 based on the OP's reasoning, which boils down to the lowered expected return of being a trader. Restrictions on prop trading, worried people at GS IP,... Doesn't bode well

Right now, I would rather work as a XYZ and make 200k with probability y and 100k with probability (1-y) than being a trader and make 200k with probability y/2 and 100k with probability (1-y/2).

No....

If you're not convinced, read "When Genius Failed"

trading is a cut throat business, pure focus on performance (p&l) and less emphasis on teamwork, character, peer appraisal etc.. (you get my drift)

but if you are ambitious (set up own funds, rise the mgmt ladder, be the next madoff/raj) then trading is the place to be..