Advice for a skint prop trader!

[Yatman1]

Hi All,

Was looking for some ideas!

Background;

-graduate + 18 months financial sales exp.
-traded for a prop arcade live for the last 4 months
-no salary and have run out of savings (rent bills etc)
-trading is gross profitable, net after comms flat and minus inc of tt cqg etc therefore wont be getting an advance from firm

Thoughts on what I consider are my options:

-move back to family home (no rent, bills) and trade with small amount of capital through spreadbet account to rebuild savings and get backed again
-get menial job for income and trade from home around working hours to build up capital
-get career job and trade as hobby

I couldn't envisage leaving the markets (or really trading for that matter) so any suggestions on career positions? inter dealer broker etc? anyone have any exp. of these types of roles or any others that suit the traits of a prop trader. ie passion for markets, knowledge of wide range of exchange traded derivative products, technical analysis skills

Any constructive responses much appreciated

 

[D70]

Hi,
You need to check that the deal from your prop firm is competitive. If not. move.
Second thing. If you are profitable before costs. You need to trade bigger size.
Thirdly. To reduce your own expenses do exactly as you suggest and look to reduce rent / bills etc until you are earning enough to come out ahead.

Any other option and trading will become a hobby and not a career.

Good luck!

 

[Sang Froid]

Hi All,

Was looking for some ideas!

Background;

-graduate + 18 months financial sales exp.
-traded for a prop arcade live for the last 4 months
-no salary and have run out of savings (rent bills etc)
-trading is gross profitable, net after comms flat and minus inc of tt cqg etc therefore wont be getting an advance from firm

Thoughts on what I consider are my options:

-move back to family home (no rent, bills) and trade with small amount of capital through spreadbet account to rebuild savings and get backed again
-get menial job for income and trade from home around working hours to build up capital
-get career job and trade as hobby

I couldn't envisage leaving the markets (or really trading for that matter) so any suggestions on career positions? inter dealer broker etc? anyone have any exp. of these types of roles or any others that suit the traits of a prop trader. ie passion for markets, knowledge of wide range of exchange traded derivative products, technical analysis skills

Any constructive responses much appreciated

The last option imho would be a very bad move. You obviously have a passion for trading and doing anything but would most likely make you unhappy. Pop psychology there, but speaking from my experience I can't imagine a life without trading now. Even if you had a career, trading would always be at the forefront of your mind. Hell I gave up a career in law because trading dominated my every waking minute!

If you're profitable, which it sounds as if you are, consider going it alone, save up some money, spreadbet until you have enough funds to go DMA. Sit back and sip on that 9 year old Cognac and Cuban cigar.

***Just noticed you're from the UAE...so replace Cognac with Diet Coke

 

[Yatman1]

The last option imho would be a very bad move. You obviously have a passion for trading and doing anything but would most likely make you unhappy. Pop psychology there, but speaking from my experience I can't imagine a life without trading now. Even if you had a career, trading would always be at the forefront of your mind. Hell I gave up a career in law because trading dominated my every waking minute!

If you're profitable, which it sounds as if you are, consider going it alone, save up some money, spreadbet until you have enough funds to go DMA. Sit back and sip on that 9 year old Cognac and Cuban cigar.

***Just noticed you're from the UAE...so replace Cognac with Diet Coke

I'm appreciating the Charlotte Whitton quote at the bottom of your page, quite fitting!

after some thought i feel initially home trading is my best option as like you said, if i weren't to trade it would be at the forefront of my mind whilst doing anything else!

 

[pboyles]

Hi All,

Was looking for some ideas!

Background;

-graduate + 18 months financial sales exp.
-traded for a prop arcade live for the last 4 months
-no salary and have run out of savings (rent bills etc)
-trading is gross profitable, net after comms flat and minus inc of tt cqg etc therefore wont be getting an advance from firm

Thoughts on what I consider are my options:

-move back to family home (no rent, bills) and trade with small amount of capital through spreadbet account to rebuild savings and get backed again
-get menial job for income and trade from home around working hours to build up capital
-get career job and trade as hobby

I couldn't envisage leaving the markets (or really trading for that matter) so any suggestions on career positions? inter dealer broker etc? anyone have any exp. of these types of roles or any others that suit the traits of a prop trader. ie passion for markets, knowledge of wide range of exchange traded derivative products, technical analysis skills

Any constructive responses much appreciated

You can reduce your costs by trading from home using someone like Velocity or Global. Margins and commissions are low and their platforms are sufficient. However the way I read your post is that you are flat after you pay commissions and before desk costs etc so even with no desk costs you are not going to make money, just lose less.