Real Estate Career to Trader

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Nov 17, 2009 10:26 am

I'm new to the forum so I am preparing to be bashed for my inquiry.  I am 32 years old and have done real estate for 8 years.  Without going into things, I can sell with the best of them without being the used car salesman.  I have had a solid career and have made a lot of money.  Last year I fell victim to a ponzi scheme (at least we think it was that) and I lost the majority of my money, which forced me to give up a couple of homes I own(ed). 

 
Although I still am active in real estate, I lost my passion for it and wanted to go into the trading business as its why I went to college and graduated.  I got into real estate by accident and been in it since.  A friend of mine is going to hire me at his boutique brokerage as an equities trader.  I pretty much have the full time position as long as I can get my 7 and 66.  I can probably pass the Series 7 today if I wanted but will have to study for the 66. 
 
If I take the position which I am leaning toward, what can I expect?  Do I get accounts given to me?  Do I have to lead generate?  Do I manage our own accounts with our analysts?  I know an equity trader at this company making 200k and he is a bonehead.  I gotta think I can make it there in a couple years.  Any thoughts on if this is a good move at my age?
Nov 17, 2009 11:55 am

I think you will find the questions on municipal bonds to be a bit more challenging than you think if you haven't spent any study time on them. Good luck on your trading career.....

Nov 17, 2009 12:34 pm

I'm confused.  It sounds like you'll be trading equities.  What do you think it involves?  Why not ask your friend?

Nov 17, 2009 1:01 pm

Do you even need the 66 to be a trader?  I thought a 66 was to give advice and have some sort of fiduciary capacity. 

Nov 17, 2009 6:52 pm

Trading stocks is cake.  You have to try to lose money it is so easy.

The Series 7 is about as hard as taking a hearing test.
The 66 is the same as an eye exam.
Since you lost all of your money in real estate I would suggest you do this gig for a bit.  $200,000 a year for the bonehead trader you should make much more than that.
 
On a serious note....You are broke.  You claim you can make $200,000.  You ask us if you should take the job?  At your age I would hold out for something better.  You are worth it.
Nov 17, 2009 8:19 pm

$200,000 at the age of 32 - what are you, on welfare?

Nov 17, 2009 10:33 pm

Are we's uh little c***y?

On average 1 o' every 3 peeps fail da Series 7 Exam

Ya'll is mad stupid.

Nov 18, 2009 11:43 am

OP here...No I'm not broke.  I said I lost the majority of my money but I'm not broke.  I came here to ask questions to the board.  Didn't want to ask my friend too much yet.  I'm just trying to get a public forum opinion if trading is a good biz to get into right now if you are a good salesman/ralations guy. 

Nov 18, 2009 11:53 am

The head trader at my firm is very unpleasant - but still a great guy.  Not sure how other firms operate, but generally our traders have little to no interaction with the outside world.  They just sit at their desks affecting markets.

Nov 18, 2009 11:53 am
njnewbie:

OP here...No I'm not broke.  I said I lost the majority of my money but I'm not broke.  I came here to ask questions to the board.  Didn't want to ask my friend too much yet.  I'm just trying to get a public forum opinion if trading is a good biz to get into right now if you are a good salesman/ralations guy. 

 
Ultimately we can't answer a majority of your questions, hence the sarcastic responses. Roles in boutique firms are not universal, so without any information we can't answer your questions. The best I could tell you is that if you are required to get your 7 and 66, you will be responsible for some client contact and management. I would assume that would mean bringing in new clients, and I would assume that would mean standard prospecting (cold-calling, seminars, etc.).
 
If you were asking about what the Financial Adviser job at XYZ Wirehouse or B/D we would have some insight. But again, your role is a "trader" in a boutique firm, a very fluid and non-specific term so we will be of little help (unless you want unabated sarcasm, in which case we will be very helpful).
Nov 18, 2009 4:49 pm
SometimesNowhere:
njnewbie:

OP here...No I'm not broke.  I said I lost the majority of my money but I'm not broke.  I came here to ask questions to the board.  Didn't want to ask my friend too much yet.  I'm just trying to get a public forum opinion if trading is a good biz to get into right now if you are a good salesman/ralations guy. 

 
Ultimately we can't answer a majority of your questions, hence the sarcastic responses. Roles in boutique firms are not universal, so without any information we can't answer your questions. The best I could tell you is that if you are required to get your 7 and 66, you will be responsible for some client contact and management. I would assume that would mean bringing in new clients, and I would assume that would mean standard prospecting (cold-calling, seminars, etc.).
 
If you were asking about what the Financial Adviser job at XYZ Wirehouse or B/D we would have some insight. But again, your role is a "trader" in a boutique firm, a very fluid and non-specific term so we will be of little help (unless you want unabated sarcasm, in which case we will be very helpful).
 
They are great for this around here.
Nov 19, 2009 12:34 pm

Thanks for the feedback... I appreciate it

Nov 22, 2009 1:18 pm

OP, Why dont you ask your friend who is offering you the position? A Trader doesnt deal with clients, an Advisor/Planner/Broker/Insurance Salesperson does.

What firm is this?

Nov 27, 2009 4:51 am

Hi I'm a newbie here and I'm a partime real estate agent. It's just too bad that you lost your passion for that profession. Anyway, what's important is that you're happy with your current profession right now.

 
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