Power prop trading vs jumping to a NYbased fund/firm
Whats up wso,
I graduated back in Dec and joined a power prop trading firm soon after (day ahead/fins will probably do FTRs as well in the future). I definitely like the firm and am being paid very well, but want to move back northeast (NY) sometime in the future. I've received a few onsite interviews with non-energy hedgefunds (not energy focused) and am looking into Banks as well. Would I be stupid to leave the position I am in now? Is there an alternative of staying here for a 1-3 years and recruiting then? Also, would it be difficult to move to more generalist roles without a "new grad" label?
FWIW, I seem to enjoy the process of learning the power market so far, but am not really partisan for anything.
Thanks
You sure the firm does not let traders be remote? Typically this is something you debate 1 year in right now is far too early.
I imagine your getting generalist loos at MM type firms?
For commodities trading, is remote work common?
I imagine it depends upon experience and other factors. Let’s say you work at an office that has a dedicated trading floor, I imagine they would not be open to remote work several states away. Any experience with this?
Really firm dependent truly and how much the culture is in person vs on the screen. That said truly minimal difference working for a tech start up and prop trading firm these days. Also no prop firm is going to let someone good go just cause they want to move somewhere nowadays, you can start by I want to work in NYC 3 months of the year or so and go from there. Major flexibility is key in the industry now.
power prop firms are a one off in this chat... its very common for FTR and Virt traders to work remote
OP here, some are, but I think there is an internal push to get them back in office.
Places like BWater and Balyasny are reaching out at the moment ( I have a decent quantitative background). Any general advice on staying in power specifically inc/dec + FTRs vs going to a fund or joining options marketmakers?
Two very different jobs. Depends if you really enjoy Power moving to those places now will make it super difficult to get back to power one day.
Definately finish out your 1st year. If it is just a locational thing, then I would advise as the previous poster mentioned see if you can go remote. If there is no tie to a trading floor for you then there shouldn't be too much of an issue going remote.
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