Say goodbye to the dream

[Actual God]

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What is Strassa sacrificing? Online poker isnt exactly thriving right now...

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What isn't he sacrificing? The world's a big place.

That said, I think he'll do well on Wall Street and that of all his options he'll find it fulfilling and worthwhile etc.

Strass -- good work and good luck. You ever decide you want to stop trading and get in the thrilling cutthroat world of writing algebra quizzes, I can fast-track you.

--Nate

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In a very similar vein, I would like to note that I still think you're absolutely insane for wanting a job.

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What happened to opening a restaurant? Finance job is the nut low. [img]/images/graemlins/frown.gif[/img]

[IRV]

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...You will meet very interesting
people, you will learn a great deal more about the world
than you could spending all day at the Bellagio

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Well said Jonathon.

Gl Strass!

[Jason Strasser (strassa2)]

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7figures per year > 60-100k per year

lol

but I guess its whatever makes you sleep better at night

my expenses >100k per year
so I dont have a choice, I got to hustle

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If you add up all the hours, first year trading comes out to something like $15/hour, which is obviously not a great number! However, when you have bosses that are 27 and are making close to 8 figures (The fairly standard number is 15% of your total profit in bonus), the implied odds are pretty good.

[fish2plus2]

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7figures per year > 60-100k per year

lol

but I guess its whatever makes you sleep better at night

my expenses >100k per year
so I dont have a choice, I got to hustle

[/ QUOTE ]

If you add up all the hours, first year trading comes out to something like $15/hour, which is obviously not a great number! However, when you have bosses that are 27 and are making close to 8 figures (The fairly standard number is 15% of your total profit in bonus), the implied odds are pretty good.

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Can you expand on this? $10million/year at 27 is Professional Sports money.

You only have a BA right? You get a job as a trainer working 70hr weeks at $15/hr. How do you go from that to $10m/yr in 5 years(?)?

[Jason Strasser (strassa2)]

First year you get trained. So for 1-2 months you go to a classroom like setup to learn stuff. Then you go on desk rotation where you spend 5 weeks at a desk and rotate through something like 4-5 desks. Then by the end of the year, you get your feet wet trading. By your second year you probably are getting comfortable with a book and are starting to trade, but the amt of capital they give you is limited. By the end of your second year, the firm will either let you go if they don't want you, or promote you from analyst to associate. Then you get a higher base salary and higher levels of capital to invest. Then, if you do well, you start looking at 7 figure bonus checks.

-Jason

[fish2plus2]

So they keep eliminating those who dont perform well on a yearly basis? That is pretty cool. I never heard of anything like that before.

[SlowHabit]

It's funny how most people in this forum are like, "OMG, trading job = potential millions" while ignoring the cruelsome hours and schedule and social life. Yet in the finance forum, past employees of trading firms are like, "OMG, trading job = hell if you don't enjoy it. Even if you enjoy it, it's still hell because you have to put in so many hours and you rarely have time to talk to anyone and your life is so miserable even though you make so much money."

Nevertheless, good luck. Because it's awesome if you can make it. It makes me feel good about myself for your success because maybe I can do it too.

[fish2plus2]

I think Dciferthis needs a roomie!

[fsuplayer]

[ QUOTE ]
First year you get trained. So for 1-2 months you go to a classroom like setup to learn stuff. Then you go on desk rotation where you spend 5 weeks at a desk and rotate through something like 4-5 desks. Then by the end of the year, you get your feet wet trading. By your second year you probably are getting comfortable with a book and are starting to trade, but the amt of capital they give you is limited. By the end of your second year, the firm will either let you go if they don't want you, or promote you from analyst to associate. Then you get a higher base salary and higher levels of capital to invest. Then, if you do well, you start looking at 7 figure bonus checks.

-Jason

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any idea what % of noobs are able to stay on at the end of second year?

also, what % of those that do make 7 figures in the next couple years?

im also interested, bc this is higher $$ figures from what ive heard from friends who work on wall street. maybe they have different gigs though.

[fish2plus2]

So are the majority of traders young guys <35 since it seems like there is a very high burnout factor?