Hi everyone, I've recently moved to New York with my wife. I'm a 29 year old graduate looking for a change of direction in my career from running my own retail business (prior to moving!) to getting into trading. Does anyone know of or work for any Trading house/Market Makers in New York that are currently looking at taking on staff? Although I'd be new to trading myself I have a pretty good understanding of the business as my brother has traded a range of fixed income/equity derivatives in London for years. Really appreciate any help you guys can give me. Thanks
Even when the jobs existed, they were hard to get without a top degree or very good connections. Now, since the jobs basically dont exist anymore , its next to impossible. Trading jobs, for all intents and purposes have been computerized, and will continue to be. I suggest you look at a different field of work because you are looking to enter into a declining area of employment.
Also be weary of "trading jobs" posted in the help wanted section of any paper or craigslist. These are prop shop advertisements looking for fresh customers and making it appear they're "hiring serious traders". If you're deadset on trading, pursue a financial engineering masters or PhD. Although that portion of the field is getting saturated quickly too..
Well first you have to be honest with your situation. You have no experience trading at all, even retail trading unless you just left that out. You have no formal education in the market and unfortunately what your brother knows will not help you. If you start anywhere it will have to be as a clerk but most firms hire straight out of college. Just talk to some people to get a more realistic view of trading. It is not an entry level position for someone with no educational background in finance (assuming), trading experience, or someone not out of college going into a trading program. best of luck...
Is trying to get hired as a clerk even a realistic goal? It seems with automated trading/computerization, it wouldnt be worth the trouble to try. The jobs simply continue to slowly disappear. If nothing else, its a soon to be dead end extinct career. To me, it seems like the only future jobs for traders are programmers/traders or quants with advanced degrees..
With no track record or relevant education it would be very tough to get into any kind of institutional position. Even though people have pointed out to you that things are become more and more computer based and people are being eliminated from their positions that doesn't mean people still won't make a living from the market. There are people out there that trade from home or prop and make great money. This would probably be your best bet if you really wanted to have a successful career trading. You could join a reputable prop firm in NYC (in which you would have to put up some capital) and start trading there. Your goal would be to learn as much as you could and maybe people at the firm could assist you in your learning. For this to work you should have at least a year's worth of living expenses saved up and be prepared not to make any money in the first year and have to put in a lot of work. good luck man
Yep, seems to be a bit of a discrepancy between the two versions of the OP's trading background, if any. Not that anyone seems to be paying much attention around here...
Since someones found it worthwhile to go to the bother of finding an old posting of mine (odd though it seems), I should probably explain I am posting FOR my brother who is newly in New York via a few months in Washington. I trade myself and have done for years. It just made more sense to phrase the question from his perspective - seeing as it's him that wants to know. Hence the post contradictions etc.
why don't you try to teach your brother some of what you know or share with him some of your contacts in london who might know of intern positions in nyc with some investment banks? it will not be easy for him even so but good luck