Am I Cut Out For A Career In Prop Trading? Questions I have About Prop Trading
I was never good at math all my life. Not the worst, not the best, maybe average, or slightly below average. I don't think I'm the analytical type really, but I'm not sure about this because I haven't really applied myself enough in this aspect. Currently I work as a Researcher for Data analytics firm. Landed it a year out of college when the economy finally started to pick up. I come from an Economics background.
I've always wanted toa shot, but a few things have held me back. I was hoping some of you who (preferably have established themselves in ) could address these elaborate questions I have about prop trading, and venturing into it as a career. Thank you.
- What does a work day look like for you? Do you trade the same for ex. currency pairs, stocks, commodities each day? If not, how do you track different opportunities in the market you trade?
- How much programming do you do on a given work day?
- Do you think programming algos will be the future of trading? Will algos develop and eventually become better than humans so much so as to render traditional point and click discretionary trading obsolete? (Part of why I was drawn to trading was the point and click, human aspect).
- How much math is required on the job? Do you think 'being good with numbers', probabilities & mental math is something intuitive, innate that can't really be worked on to the point of becoming a professional trader, or can this be worked on if you aren't very good at it right now? (I know mental math tests are often a part of getting the job).
- What was your approach to landing your first prop shop? Aggressive persistence (emailing, networking, etc.)? Or did you first try to gain some work experience, learn some of the ropes, trade on your own and branch into trading later? A combo of both?
- Where were you in your career when you branched into prop trading? An established finance professional or a recent graduate or entry level analyst?
- Did the prop shop you worked for (or currently work for) have a training program? If so, did you have to pay for it?
- How long did it take before you started to become a consistently profitable trader? When did things just start to click for you? What practices got you here?
- For those not on a fixed salary, how do you handle the stress of this being a solely performance-based job where a salary is not guaranteed? When you were not profitable how did you make ends meet? When you finally started becoming profitable how much $ were you taking home? How much do you make a year now? (Note: Don't have to answer income stuff if you don't want).
- Do you trade solely technicals or a combination of technicals and fundamentals?
- Which markets do you trade? FX, commodities, equities, etc.? What would say are the nuances that make trading a little different for each asset class?
- Finally, do you enjoy the work you do? If so, why?
I would truly appreciate if some of you could answer these questions. I apologize if they lend themselves to long answers, but I really need some guidance about this prospective career path that's been on my mind for a while.
Thank you and have a great day and rest of your week! 👍