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Firms that train you and let you trade part time?


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Firms that train you and let you trade part time?

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  #21 (permalink)
apextc
chicago
 
 
Posts: 16 since Jan 2015
Thanks: 12 given, 6 received


CobblersAwls View Post
A Question: If you are a management consultant, why not consider paving the way to setup your own consultancy firm? You probably know a lot more about that field than you do trading and the risk of success is probably equal. In fact trading is probably more risky in terms of failure probability.

This is a great idea and I am working on it. The advantages of being an independent management consultant are great but the future of this industry is getting brutal. Our firm (a top 5 firm from this list I cant reveal - McKinsey, Deloitte, Ernst& Young, Bain, Accenture are hiring fresh grads out of college ages 22-25 and paying them 20% less than us) which is approximately $70-$90K BASE and grooming them to do our jobs for half the cost. If I go independent I can surely do OK for myself but the main pro's of trading in my opinion is the journey in learning and the fact that once you are comfortable in succeeding - I can use this as a supplement to my income. My goal to trade and embark on this journey is to create a supplemental income and along the way if, and only if I get to a point where I can afford to go full time - then it will be a blessing from the divine.

Having said that, this is a great place to learn and I hope you succeed. Read all the intro stuff, become an elite member and access the fantastic webinars and soak up information. Learn what style suits your personality (day trader/swing trader) and start saving a small amount each month to put towards trading eventually. It will take you a long time and is not easy (trust me I'm still learning after 3 years) but coming here has probably saved you 1 year lost searching hopelessly.

Research Auction Market theory / Market Profile / Volume Profile to grasp the core concepts of why markets move.

Build up your own ideas of what could happen if X/Y/Z occurs based on these core concepts.

Add techniques/methods to define good entry and exit points.

Understand risk and risk management and apply it to everything you now know.

I appreciate all your suggestions, i really do. I pretty much have the next 3 weeks to myself and at this point beyond reading I am looking for an actual live mentor - skype, phone, local to Chicago, anything to learn. I once stood outside the Chicago Board of Trade looking for a mentor just to show me how options work, it turned out I made a great friend who made good money and changed personalities. The best to him for giving what he could for me but options and futures are 2 different animals I want to tame on my own pace.

Again, thanks for your response.


GL

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  #22 (permalink)
 shodson 
Quantoholic
OC, California, USA
 
Experience: Advanced
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Echoing other's sentiments, avoid proprietary trading firms, most are not worth it. The experience can be useful and educational but it will probably be very expensive.

Instead of trying to figure out how to get a large bankroll, start small, like $5k or $10k. Then, set realistic expectations about how much you can make with that. Next, get some education and start trading with very small amounts. Experience is the best teacher and can teach you things no book or educator can teach you. You will learn more about yourself than you may have imagined.

By keeping your risks small you'll increase the odds of not blowing up your account and you will be able to keep learning. You will not make a lot of money quickly, but you will be on your path to becoming the trader you hope to be. It will probably take years. Sorry, you just have to accept that.

You will still have to keep your day job, but you'll be adding to your experience which will become valuable over time as you come across (attract) more capital.

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