Hi all
First time poster, long time browser.
I'm working as a prop trader (equities) in Canada. The way our company operates is we trade independently, that is we aren't told what direction to go/which stock. We are each assigned several stocks to closely monitor and announce if something substantial is happening, i.e breaking out of a range, free-falling, skyrocketing and we just yell it out ("XYZ approaching new 52 week low, ABC broke resistance level"), but at the end we have complete autonomy over what we trade. Are all firms like this? I'm just curious.
Cheers,
Let me guess, you're working at Swift or Title Trading?
Neither. Why does it matter where I work? I enjoy my job and make good money. I am challenged to use my knowledge of finance/investing that I have gained in university and through other educational channels. It's not my fault that prop trading isn't big in my city, and I am not willing to move especially since most firms in NYC probably never even heard of my university. I am curious about how things operate in the States if it is the same or not. Simple question should get a simple answer!
If you aren't willing to answer my question, why post at all. Do you have nothing better to do then to stir shit up with a newbie on these forums? Does it make you feel better attempting to degrade someone that isn't a Goldman trader? By browsing these forums, It seems to be full of douchebags that prefer to give a smart ass or degrading answer instead of a proper answer to a legitimate question.
Good day to you sir.
Back in the "old days" when banks still had prop trading (pre-crisis) I worked on a macro prop desk at a big broker/dealer. I was an analsyt then so I didnt have my own PnL and so obviously everything I did was "for the team". However, even the PMs (which we called traders at the time) shared ideas and discussed markets despite the fact that they only got paid on their own PnL. It depends highly on specific culture though...at some places the PMs hate each other and keep any knowledge they have to themselves and at others the process is very collaborative.
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