The average human being will change career sector 5 times in their life. I have been told by tutors that I am mad wanting to be a trader for 7 or 8 years as I will probably leave within two years as that is the state of play, so what would you people say to them?
***The average human being will change career sector 5 times in their life.*** While I have to agree with you on this, as five years ago I was totally consumed of being an IT professional, I have to say that those that DO MAKE IT TO THE TOP will spend years after years of blood and sweat on the profession they love. People who are the best of any profession, are those who are totally consumed by it, totally dedicated themselve (in many case sacrificed many aspect of their lives) to it. Yes, it is possible you to say make a million or two by the time you turn 25. Guess what, chances are, it is a fluke of being at the right place at the right time (don't get me wrong, anyone who is rediculously successful have to be at the right place at the right time), and you will never really appeciate it for what it is. Try to think long term, a step at a time. In a few years, reality check will hit you hard in the face, but we all go through that, good luck BTW, if you do happen to graduate Ivy League, get into one of the big banks and be a replacable component on a big corporate machine. No, it won't be fun and fulfilling, but it is the sure bet. After you are totally relieved of your financial burdens, then, and only then, go for the trading route.
Now we are led to believe that my friend "Nick" here actually believes the nonsense spewed by "analysts" -- Next thing you know, we'll bring back Henry Blodgett and all buy Amazon at $150. From Nick: "The reason for the pound not following market conditions was that due to the balance of trade deficit currently at an all time high in the UK the market did not feel the UK was ready for higher interest rates so they wouldn't appreciate the pound, as it would further damage exports, manufacturing in the UK is in dire straits at present." LOL.... As a student of Macro Economics as well as global finance...what you said is simply "page 5, paragraph 6" of some nightly business report....it does sound good...even though it has nothing at all (zero) to do with the market. The reason for the pound not following market conditions was likely due to a difference in buyers and sellers ferocity. Hmmm, makes one wonder.. Now as Trader99 has been of help to you, try to enjoy your venture into the Financial World...don't try to "attack it." Smile now!! (I can't believe how much fun this guy is!! - Reminds me of my 20 year old, he won't listen either!!
Don wrote: "As a student of Macro Economics as well as global finance...what you said is simply "page 5, paragraph 6" of some nightly business report....it does sound good...even though it has nothing at all (zero) to do with the market. The reason for the pound not following market conditions was likely due to a difference in buyers and sellers ferocity. Hmmm, makes one wonder.. Now as Trader99 has been of help to you, try to enjoy your venture into the Financial World...don't try to "attack it." " Haha. This is so so true Don. Of course, there are thousands of reasons why a certain financial instrument moved. Maybe a statement from a central banker. Maybe the "commercials" are dumping. Maybe a big hedge fund got squeezed. etc. etc. Who knows. And it's impposible to possible know and make sense of everything. And none of these reasons can really help you make $ in the market. I mean some form of sophisticated reasonings do help i.e. through fundamental analysis like Bill Lipschutz thinking about various gov't policy and its effects of various currency. Or George Soros betting against the pound and raking in a $1B!! But sometimes even they are wrong on their analysis and the market will do whatever it wants to do. But for the most part, the best thing is to follow the market trends or trade in the present. Once you trade/invest for a while it will dawn to you(light bulb in the head) that supply/demand are the ultimate movers of stocks - not analyst reports, not account deficit, not greenspan,etc. But human beings are rational beings and like to have a reason for everything. Best way is to just trade and figure out the "whys" later or maybe not even bother with it. Nick, you can still make it in the financial world. just focused and follow the rules.. good luck, trader99
can any of you please look at the initial post from nicky boy? he just watched Wall Street with bud fox and gordon gecko. i think i also saw his other posts on some chat board about "how can i get darryl hannah in bed?" and got a whole lot of people believing that he his capable. from the movie: "this is your wake up call boys (bud). it's time to let this fish find its way back to sea for the sharks to eat him alive" sorry nicky boy, but you are the most naive or best chat marketer in the world. as for your analysis of the pound. things move in funny ways on wall street and if you think your answer is the correct one, you're in faor a big surprise. from canada with laughs
Hey Nick. Why don't you just get a stake together and start trading the cross rates yourself? You could probably get 6-7K pounds in a year (and a summer internship). That's enough to trade spot currencies on most of the new fx "market-makers" like Gain Capital. A solid p&l would probably help a lot more in your career search than flaming vets like Don Bright. If you prove yourself with your trading, then you can talk all the shit you want.
Hello all my first post: I need to comment in this thread. First, God I wish I was 20 again, and all pissed off. I work for Goldman now. But don't let me kid you, I wasn't hired by gs, our firm was acquired. Those of us who now work for Goldman feel very fortunate because we know, (from experience), that everything previously said about Harvard, Sloan, Wharton, etc. is totally true. Pedigree is very, very important. Look at the recruiting schedule for some of these firms. Have you heard this comment, (taken out of context), "Triumph of the mediocre". Or the, "Hyenas and gazelles", concept. This is often the reality, (from what I have been told by friends who are md's themselves). My experience also tells me that much of the big ballin', high risk, high 7 figures, is very limited if it exists at all, and I am surrounded by these types of people now and was around them on the floor of the CBOT. I honesty think you need to check your salary figures by speaking to some of these people in person, or on the phone. Call Spear fx in Chicago. And yes I know fx dwarfs all other markets in size, and therefore I am a smalltime player compared to Mr. Lipschutz. But I would argue Lipschutz was a product of his time and an anomaly, like W. Buffet. But as another poster mentioned most guys are only able to capture the edge. What is the edge in the fx markets? You know how small it is!! I work with guys all day long who capture edge and trade vol. at good prices in liquid markets and some still blow out. Your passion is inspiring. Good for you!! If you really want a big institutional or hedge fund job? Get a college degree from the best school you can get into. Major in math or engineering, minor in Chinese. Can't get into Harvard, or Chicago, or Penn, or Columbia? Sure you can. Have you heard of the extension schools associated with these universities? This can be a proving ground for matriculating into the "day school", at these places. Everyone must pay dues. So you sent out resumes. You will probably get 0 responses. Now what? This is what you might wan't to be thinking about, instead of who is the biggest or the most profitable. Finally, you wan't to trade, no college, OK. Get to an exchange floor and start working doing something. You will learn more about supply, demand, fear, greed in 6 months than you will ever learn at any IB job or any college on the planet earth in 5 years. AND if you get a stake to trade with; Trade it profitably, develop a good track record, use solid risk reward. In time you will have more money chasing you than you know what to do with.
I was beginning to give up this elite board but this thread was very interesting and even though most of the advice does not apply to my situation I enjoyed reading it. The excellent and even comprehensive advice on this thread could just as easily be applied to many other fields including my former field. I hope many young people get to see this thread. I think elite needs to have thread ranking. So people know which old threads should be read. I vote to keep this one high on the list.