Seeking advice about joining a prop arcade - NYC
Hi Folks,
I'm writing this to inquire if anyone may have previously found themselves in a similar situation as me. I would appreciate all intelligent feedback, specifically regarding your own personal experiences. Please read over the entire article before posting.
I want to learn how to become a successful trader... I am willing to do whatever it takes to acquire the skills, discipline, and attitude that are needed to become consistently successful.
I am currently a systems engineer, with close to 10 years of on-the-job experience. Fortunately for me, my line of work is in very high demand with very low supply of high-caliber talent. This is a very small industry and I have many industry contacts within my region. What I'm driving at here is that I can walk away from my current employer today, and have another 6-figure job probably by the end of the week. My apologies if this may come off as arrogant, but I've worked very hard to earn this privilege.
In regards to trading, I am quite wet behind the ears... I will be the first to admit it, and will be leaving my ego at the door.
After paper trading for a year, and then trading options and futures within a personal account (under-capped), I am ready to "put my life of pause" to learn how to become a consistently profitable trader. I am 30 years old, married, with no children and no debt. I have become drawn to the world of prop trading. Firms like Jane Street do not hire guys like me (non-ivy league, no financial experience), so I am stuck with what many of you will call "chop shops" (i.e.: capital contribution required, performance-based position only). These firms are basically arcades, where your capital is leveraged to give you the perception that you have more buying power (which gets you over FINRA day-trader capital requirements), but in all actuality, you don't really have access to capital outside of your own, hence arcade....I've interviewed with a few of these places, and I've narrowed down one firm that I would like to join. I want to join this particular firm because of their thorough and inclusive educational trading, as well as the firms location...
I will be preparing a budget (rent, food, etc) for 6 months+ while I pursuit this venture. My mindset here is that I am not going to make a dime for quite a few months. My goal is to learn the psychology of this game, and eventually transition my attitude to that of a successful trader. I feel that I should be able to eventually achieve my goals by hard work, perseverance, and by immersing myself in the trader culture. I'm looking at this as if I am going back to school to learn a skill/trade. This particular skill/trade may have some serious value associated with it, but that is still to be determined. At this point, I don't think I am going to pass this up, only to wonder "what if" for the rest of my life. Now is the time for me to take a risk.
I've heard of statistics that state that only 5-10% will be successful in this field. After reading books like "Trading in the Zone" by Mark Douglas, I can understand why the failure rate is so high... So here is my question to the forum: Are there any traders out there who may have started at a "chop shop", came in green, and eventually made themselves into a success story? If so, can you describe your experience?
Any intelligent feedback, even if it is negative, is appreciated... Thank you,
-HungryMind1200
I love trading. Strongly recommend you read the psychology of trading by Steenbarger. I have read a lot of trading books and this is my favorite by far (as well as the only trading book I have read dealing with psychology). This will help you with your pursuit of trading.
Also, PM me and I can recommend you a mentor program I did over the summer with a professional trader. Very important you gain a professional's perspective on the market before jumping in, although this program was not free I definitely benefited very much from it.
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