Smash312

I would say that if you can get to an Investment Bank and trade (be it Equity/Fixed Income/FX -whatever) then that is the best way to go. If you're going to go for a prop trading firm then I would say that unless you REALLY get trained then don't 'do it on the side'. You will lose. Many, many of my friends are traders. I too was a junior bond trader at a US house. Was laid off around 2002-3, but that is a different story. I just wished I'd have tried harder to get back with another firm on the street. Instead this flying 'bug' allured me. From a monetary aspect I regret the move every single day. From another aspect (as in not living to regret) I don't.

Anyway, I have 3 friends who joined a futures trading firm (CTC). They knew NOTHING and did it under a scheme where you only make a percentage on the money you make. Straight out of university, me and the lucky few friends who made it to the investment banks told these very few guys NEVER to work for free and for companies like that. They use you basically. Boy was I wrong. They were poor students straight out of university. They had nothing to lose. They worked and learnt the ropes. Took them a good 1-2 years. Then they got cut loose. Now I can say they make about 10-20 GBP a month. Yes, thats about $15-30k a month, sometimes more. I know their accountant so he 'off the record told me. He did say that when they make a loss, it's big. But these guys seriously are into properties and have bought assets from their earnings. I think they saw how they others around the firm do things and they were mentored. I would say if you're going to do it, go in HARD. Both feet, no 'part timer' attitude. If not then just stay out. A rolling stone gathers no moss.