Prop Shop to Institution

[RichieE]

Many traders go from working in a bank or institution to working in an arcade or prop shop...

I'm just curious to know whether anyone has ever done the reverse path and why. I could imagine that if you're doing very well on your own the only reason to venture into a bank would be to play in big size in exchange for a 'stable salary' (e.g. wife/kids are an expensive cost-center who don't take deferred payments).

 

[nickerson334]

Many traders go from working in a bank or institution to working in an arcade or prop shop...

I'm just curious to know whether anyone has ever done the reverse path and why. I could imagine that if you're doing very well on your own the only reason to venture into a bank would be to play in big size in exchange for a 'stable salary' (e.g. wife/kids are an expensive cost-center who don't take deferred payments).

Hi Richie,

I was working from home trading my own SB account and offering advice to retail traders (buy/sell etc.)

I wasn't making a million a year although doing alright.

I've just started with a firm in London, trading FX, mostly because I want to meet more people in the industry. It's a very fascinating world I think.

What do you consider the most important differences between trading an SB account
and an ECN FX account (day-trade/short term).

Your input is appreciated.

 

[PualoP]

I was at Scnheider like yourself and made the move to a broker. I've seen it done quite a bit with guys going to firms like MAN, ODL, the old Refco when it was around, Tullet, Tradition etc. At firms like these they seem to be a bit more sympathetic towards prop traders as alot of the managers at these firms were brokers back on the floor.

If your talking about making a move to GS or JPM as a front office trader, then I've personally never heard of it being done. You need to have a whiter than white CV and for some reason(?) the bulge bracket places just don't like the independent trader' tag. I have mates that are in the back office/operations of bulge bracket firms but once you've been a trader you can never really be content sitting in the back rooms making sure that one piece of paper that says buy matches with another piece of paper that says buy.

 

[Directional]

I also have mates who recently went from prop into pretty sweet numbers at Goldmans & Lehman, although not into trading roles.

Definately agree with GJ that it can be a case of being in the right place at the right time, or knowing someone.