My Story moving to NYC to join a Prop Trading Desk -- from newb to pro trader

[peterkto]

I moved to NYC to become a prop trader back in 2011. It's a well known firm that's been discussed on trading forums as early as 2009 with a mixed consensus -- some people said it was legit and some people called it an arcade unlike "real firms" First New York, Jane Street, etc. I read all of that and decided to take the plunge at that firm anyway. In 2011-2012, I was just a newb trader barely performing better than minimum wage and thinking maybe the firm really was just social media hype that I fell for.. then 2013+, things changed big. It's a great inside look at the traditional prop desk industry and people tell me it's a funny read. It's updated semi-daily and I'm not selling anything.

I was featured on ChatWithTraders Episode 98 once, if that means anything for sake of credibility. There's at least 3 other CWT guests in my posts, though all names have been changed. It's not just my story but the story of our fledging trading desk. I call back on actual trades executed from all the back then and the real-time emotions I experienced. There's a lot of 2012 stuff going on--Linsanity, superstorm Sandy, the beginning of AAPL's decade of dominance, the Facebook IPO...

If you enjoy it, please pass it around! I genuinely think I have the most unique trading blog out (started from 2014) there except if you google "best trading blogs" I won't be anywhere in there. I'm trying to promote myself a bit even though it feels strange.

https://churningandburning.com/category/prop-trader-series

 

[peterkto]

New post! One of the most highly anticipated days as a trader: the Facebook IPO. Click and read if you want to know how a "professional trading desk" approaches a highly anticipated generational IPO.

https://churningandburning.com/2023/07/facebook-ipo.html

 

[peterkto]

New post and I think it's a fun one -- a bit about MBC's past, me trading more biotechs, and a new trader graph I call The Pain/Time Matrix

Pain/Time Matrix - Churning and Burning

Pete trades biotechs. MBC Education grows. The Pain Time Matrix.

churningandburning.com

 

[peterkto]

New post! Life during Hurricane Sandy plus the most bizarre incident I've experienced during a trading floor involving the biggest whale on the desk, Spark Merling.

https://churningandburning.com/2023/08/sandy.html

 

[peterkto]

New post: https://churningandburning.com/2023/08/bitcoin.html

March 2013 and I'm depressed and trading bitcoin. It's a few days away from when MBC merges with a new firm (which will be the next chapter after this)

 

[peterkto]

New post: https://churningandburning.com/2023/08/joint-venture.html

The MBC Trading Desk makes a huge strategic business change.

 

[peterkto]

New post about how one could see everyone's PnL at the new firm. And all their real-time positions too.

https://churningandburning.com/2023/08/full-transparency.html

 

[BigDeal]

Hey Peter, only part way through so far, but I'm enjoying reading this. Thanks for posting, and keep it up !

 

[peterkto]

Hey Peter, only part way through so far, but I'm enjoying reading this. Thanks for posting, and keep it up !

Thank you

Glad to have you as my first reply in this thread after almost two months. Every reader is appreciated.

 

[peterkto]

Didn't post the last two but here they are! One is about the prop trading world, the other is about the retail trading world.

10 Traders You Encounter in Prop - Churning and Burning

Everyone does something a little different to make (or lose) their money at MBC/WTG.

churningandburning.com

Fannie Mae - Churning and Burning

Pete trades FNMA for a career-high profit.

churningandburning.com

 

[peterkto]

new post: "Consistently Profitable Trader"

https://churningandburning.com/2023/10/consistently-profitable-trader.html

 

[peterkto]

new post: Bitcoin II: The NO!! Awakens

probably my weirdest post yet.

https://churningandburning.com/2023/10/bitcoin-ii-the-no-awakens.html

 

[peterkto]

new post: The Pot Stocks

ttps://churningandburning.com/2023/11/the-pot-stocks.html

 

[Velarcus]

Damn bro, this is really good! Couldn't put it down. Looking forward to the next update. Thanks!

 

[peterkto]

New post: Risk Limit Exceeded

Risk Limit Exceeded - Churning and Burning

Pete makes a very bad trade.

churningandburning.com

 

[cara2]

Entertaining.😶 Reads like the screenplay of one of those movies where there are intriguiing things going on which are just outside the viewer's understanding. Whatever it is, is working. But do the players really understand?

 

[peterkto]

This is the second to last post: Stopping out

Stopping Out - Churning and Burning

Pete makes a decision about his future.

churningandburning.com

 

[peterkto]

Final post: https://churningandburning.com/2023/12/epilogue.html

Thanks to anyone who read it the whole way

 

[peterkto]

Some new posts:
Mailbag where I answer some reader questions about trading: https://churningandburning.com/2024/02/mailbag-ii.html

One of the best trades I ever made where I 10x a sparesely used small account: https://churningandburning.com/2024/02/the-smci-parabolic-top-a-trade-breakdown.html

 

[Phylo]

Interesting thread.
Been running a bit of a curiosity experiment across multiple forums........to date, no bites.

chump change
noun
INFORMAL•NORTH AMERICAN

1. a small or insignificant amount of money.

www.justgiving.com/fundraising/fxcorrelatorhelp
or - of alternative choice

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