I wouldn't call the limits at Goldman or other investment banks laughable... good traders can still make several million or more a year. But you have a point, trading on the sell side is definitely different than on the buy side. You can still take fairly substantial positions but you have to cut your losses if they move against you.. you cannot sit on a losing position for long(a week is often considered long by traders).


The skills on the sell side are definitely different from buy side. On the sell side, a lot of it is managing risks and being smart about hedging. Buy side is more about taking views and being right. Your horizon is a bit longer, although many hedge funds move in and out fairly frequently.


If you want to get into trading, i would still advice to go to an investment bank(not that its easy). Given that you have a masters degree, fixed income derivatives is probably a good area. This tends to be much more technical and quantitative... good luck.