Institutional Trading VS Self Employed Trading Path
The problem with getting a job in "trading" at an institution is that the majority of jobs no longer exist. Unless you're talking about pursuing a career as an engineer for an HFT firm/big bank, the days of imagining your life as a young Bud Fox is dim. However, if you want to pursue a path as a self employed trader, I would say that the future is looking brighter. This post will most likely attract the typical "haters" of "day trading" but the reality is that volume is increasing. With apps like robinhood offering free commission as well as brokerage firms offering very low min commission everyone and their mom is signing up for individual brokerage accounts (i am not recommending robin hood, in fact if you're a trader, i would avoid it ). Even if these customers have low balances, its all about the volume. Add to the fact that the more stupid money that gets throw into the market, easier it is to pick them off. I still remember the days when stocktwits was a vehicle for propping penny stocks. Now, stock twits is looked upon by N00b traders as the end all be all for investment advice. This is a gift from god.
Robinhood does sell order flow, I don't know how significant that is.
Futures are pretty much where the big money will always be made if someone wants to be a "self employed trader." It has a much higher barrier to entry vs what you described with regular stock-brokerages. I doubt anyone has made a good living just trading regular stock unless they had really deep pockets, no leverage.
So a few questions. What do you mean when you say no leverage? Reason being is that if you're a pattern day trader u get roughly 4x cash balance as long as ur meet minimum requirements. My question for you is, do you think traders on the lower barrier to entry markets like equities are not making big money due to lack of leverage , skill, understanding, etc? Or do you feel that the futures market is an "easier" trade if you know what you're doing, or there's more leverage? Personally, my broker doesn't allow more leverage for futures than it does on equities. In fact, I would say they have more strict requitements on it. I don't disagree with your statement, because I just don't know enough about futures trading to understand the pros and cons compared to equities.
futures gives you 20-100x leverage....and there is no "pattern day trader" rule.
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