Proprietary Trading Question
In college i was lucky enough to be mentored by an ex investment banker who showed me his Bloomberg back tests he used for investing both client money and his own throughout his career. ( He created them not proprietary information of any bank) Within a couple weeks of initially meeting him i improved his models by a few percentage points, applying concepts i had read about from a number of different books. The strategy has two lists of stocks one bullish and one bearish so can be neutral, weighted to one side or the other or of course use just one side. After i improved them he said "there yours, you created them so use them" He encouraged me to use them in my career moving forward. (was in college at the time and only recently graduated).
So my question is what sort of prop firm would i want to work for? Get the best value out of? Is there another way to use them besides working for a prop firm? Some sort of competition i can enter? What would you do if you were in my situation?
I am a recent college graduate and recently moved to Chicago to pursue my career in trading specifically prop trading. But if there is another route to beginning a career as a trader would certainly consider it.
Thanks for reading my post and any suggestions you might have.
My Regards
If you want to use your own models/strategies, you'll have to go to an arcade. That's not a recommendation either.
The proprietary trading firms don't really care about your track record, unless it is truly exceptional (I think I've seen Tower and Jump potentially offer financial backing, but that was a while back). They want you to use their strategies, which is why you'll see in job postings no finance experience/knowledge is required, let alone a profitable trading strategy.
Arcade? okay i guess i didn't know how strict they were about sticking to there strategies. Thanks for the information always appreciated. i read another post that you commented on where you listed prop firms in Chicago. I assume that those would be same one you would suggest applying to?
Arcades are sketchy shops which provide office space and some infrastructure, and make money off a percentage of your profits and also potentially the commissions. There's a reason everyone says to stay away from them.
That list I posted a while back contains most if not all of the legitimate firms in Chicago/NYC and a few outside of those two hubs. There might be some that I missed but it would be a good starting point.
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