Aspiring Currency Trader Looking for Opportunities

Discussion in 'Professional Trading' started by Johnnyj35, Nov 6, 2006.

  1. Johnnyj35


    I currently am in search of getting into a currency trading desk, with no track record. Just graduated in May and you can read up on the rest in my resume', and cover letter. I have studied under Rob Booker and am ready to become an asset to someone/company. Here is my cover letter and attached is my resume':

    I am exploring to see if anyone wants to add a driven young gun looking to get his foot in the right door.
    After graduating college in May of 2006, I landed a job at one of the most successful hedge funds in the world. While in the Operations Department, I was able to get a solid background of the hedge fund industry, as well as its practices and methods of investment. However I always had the desire for more. My mathematical background and aggressiveness did not allow me to stay in that particular role. I had done well enough financially to pursue trading furthermore. I did, though, leave that job as an excellent performer and with no regrets.
    For the past year I have been studying the forex market. And for the past six months I have been studying under the guidance of Rob Booker, one of the most renowned in the business. As of late I just returned from West Virginia to spend a week trading in his office and under his supervision.
    The reason most traders fail is they think they can just go in on a whim and beat the market. Backtesting, as I have learned, is the key to success. Money management and psychology are huge parts, and I am not disregarding them. But backtesting provides the formula for success. Probability holds so much more power over possibility.
    I spend most of my time now testing my ideas and systems, learning from my mistakes, and getting ready to offer both my current ability and unreleased potential. The funny thing about my statement concerning backtesting is I was one of those guys who thought he could beat the market. I was wrong. So with patience and discipline I continue to work on the most efficient ways to trade, including perfecting my current strategies. I am exploring the job market and want to keep my possibilities open, in particular an offer at a currency desk or assisting a successful trader. I look forward to hearing your response as to possible opportunities. Thank you for taking the time to review my cover letter and resume’.
  2. mbay


    I would convert your resume to rich text format. It can still open in word with the format you choose.

    I would make your cover letter your first page and your resume your second page or vice versa.

    Rename it with your full name and including what it consists of. Resume or Cover Letter. You might consider adding your telephone number to it also.

    Where are all the computer science technical skill details?

    Get rid of the bullets and use a basic dash.

    Keep your cover letter short to one page and your resume to one page.

    1 inch margin all around and focus on 12 to 14 point font 16 font if have to fill in spaces, but do not go lower then 12.

    Have a few recruiters at your school look it over even after you graduated.

    Start applying.,, Yahoo Hot Jobs, Career Builder,,,, use the RSS feeds, check your school to, they may have exclusive positions or paid internships with the school.

    Most important, go directly to the big institutional websites and apply directly. The are several of them that just refuse to open up their job boards, you have to sign up for accounts, very inefficient on their part but what can you do.

    Good luck.
  3. Johnnyj35


    Thank you for the phone number is on my resume' and my concentration was mathematics, thus not alot of computer science although that is how the major is defined at school....Again I appreciate your help :)
  4. Johnnyj35


    Also I want to get right into an exclusive position with a trader or within a desk, particularly currencies since I have over a year experience, so I figure posting here would lead me to a person or company looking for someone like me
  5. why no track record?
  6. Offering the following constructive criticism/things to think about for an interview:

    1. Dates on your resume are screwed up.

    2. Why did you leave Bridgewater? Would it have been that difficult to move up to some sort of middle office/assistant position on one of the trading desks? Why did you leave after only a short time?

    3. I looked up Rob Booker. Never heard of him. Asked friends of mine who have 15+ experience in FX at IB's if they knew him...nada. Went to his website and watched a video that kinda looked like The Man Show, only talking about markets (I think the original is way better, BTW). Not terribly impressive. Might be best to leave that off.

    4. I agree with the first poster. Where are the deets on your programming/quant skils (any that you might have)? Your value to anyone that would hire you given your current experience would be as an analyst/desk developer, not as a trader.

    5. Can you price up an FX forward rate in your head given only a spot rate and two interest rates? OK, I'll let you have a pencil and paper. Can you price up an FRA in your head? How would you hedge it?

    6. Can you name 3 pegged/managed currencies, their trading restrictions, and a view as to under what conditions they become depegged and what positions you might take at that time (in any market)?

    7. Japan recently announced the end of their long-standing policy of quantitative easing. How is the effect of this mechanism different from actually raising interest rates? What had the Yen done since then? Why?
  7. Johnnyj35


    Equityguy, I appreciate that heads up for interviewing....I hate computer programming and techincal stuff and do not want to even include that in what I am attempting to go into which is Spot Rate Currency Trading, that is what I have focused on and only want to focus on....I am pretty much oblivious to the Forward rate and quant stuff, but surely could learn within a short amount of time based solely on my background
  8. I'm say you think backtesting is the key to success. How would you accomplish your backtesting if you don't like to program?

    You should be aware that the days of pure spot trading at banks are numbered. More of the quoting/market-making is done by computers all the time.

    In addition, trading at a bank prop desk or at a hedge fund requires a breadth of knowledge since you will often have to look at many related markets simultaneously, which is what I've tried to hint at in my post. For example, the carry trade is about yield differential (i.e. interest rates) but influences, and is influenced by, spot. You do know about carry trades, right?

    If you want to sling around spot, just go to one of the many prop firms (as opposed to banks) around and plunk down your cash. Otherwise, you need to come up up with something other than trading your own money or playing poker...any skill set that would let a fund manager know that you could immediately help them make their lives more productive & easier.

    My advice is to see if you can get your old job at the fund back.
  9. There seems to be a lot of holes in the story . . .

    Anyway I would not include Poker and personal trading in My Employment history.

    Make a clear objective on the top of the resume.

    You're not going to find too many places that are willing to back a currency guy unless there is a clear system to follow with very clear entry, exit, and risk strategies. It's kind of hard to form a plan without testing, which is going to take some programming and "quant stuff" on your part.
  10. Johnnyj35


    I am surprised about the poker comment, since poker and trading are extremely similar in money management, psychology and the use of mathematics...I actually never would have considered putting it on but was told by a high yield bonds salesman to put it on because of the similarities.....As for the quant and programming I agree with you and am aware most of the trading going on within large institutional places are purely this way.....As for track record my poker is phenomenal returns, trading awful as of until the past month which is positive since working on it since Booker.....Basically what I want is the opportunity to work hard alongside a group of great traders with the potential to move into a trading role in a reasonable amount of time, something I haven't had the opportunity to do and am eagerly awaiting......I could potentially just continue poker and even professionally but trading will offer me much more opportunity both professionally and financially, and its no doubt what I want to do, just looking for the right initial opportunity
    #10     Nov 7, 2006