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i applied to a financial positions for the hell of it (engineering looking for a career change) and got a response from one firm a few hours ago. It's a small trading company. There is no base salary and a minimum buy in, which is raising a bunch of alarms in my head. Is this standard practice? Do I have a reason to be suspicious?
What you described isn't a proprietary trading firm. It's a trading arcade, which for someone with zero trading experience, is you throwing your money away.
The real prop trading firms pay salaries in the six figures, and of course the bonuses for stars are much much higher. A good number of colleagues from my school work at prop trading firms, some are pulling in millions and they aren't even 30 yet. Most of the reputable prop trading firms only hire extremely talented and quantitatively oriented individuals (Putnam award winners, PhD's at MIT / CalTech, etc)
Any trading firm that requires you to put down capital will, in most cases, bleed you away with commissions and cause you to lose your investment.
Once in a blue moon a superstar emerges out of those type of firms but the vast majority will go broke.
It is certainly possible to get into a really good trading position with much less than a PhD from MIT though. A PhD is more likely to work as a quant than a trader.
It is certainly possible to get into a really good trading position with much less than a PhD from MIT though. A PhD is more likely to work as a quant than a trader.
Of course, it is possible, but for career switchers with no track record, the best route is either a top-10 MBA, a Masters in Finance, and/or a PhD in a hard science from a top university. Unless you attend a target program, it is next to impossible.
Of course, it is possible, but for career switchers with no track record, the best route is either a top-10 MBA, a Masters in Finance, and/or a PhD in a hard science from a top university. Unless you attend a target program, it is next to impossible.
Agree, or know someone, or have some specialized talent that's seen as directly relevant to trading.
Until recently, I lived in Chicago, and although I work in the I.T. field, I have been trading "as a hobby" for about 12 years now. It took me about 10 years to finally learn how to be profitable. I met a fellow in Chicago about a year ago, who has a master's degree from MIT and works as a trader at a prop firm in Chicago. He makes 6 figures, and offered to help me get into the field. But since I actually dont have a college degree, he advised me that at first, they will probably hire me for a small salary, and if I perform, then my bonus will be very nice, and then my salary will obviously grow from there as well.
I wouldnt advise anyone to actually try to get into the field as a day job; instead, I avise people to learn trading at home as a hobby that they then turn into a part-time "income from home" scenario.
i applied to a financial positions for the hell of it (engineering looking for a career change) and got a response from one firm a few hours ago. It's a small trading company. There is no base salary and a minimum buy in, which is raising a bunch of alarms in my head. Is this standard practice? Do I have a reason to be suspicious?
These guys advertise on Craiglist, usually say "trade firm's capital". Then they want you to put up a deposit. You are now captive to their software, their trading vehicles and most painfully their trading commissions.
To be clear what kind of trading is everyone talking about? Equities, futures, or everything? Day Trading?
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