Funny thing is.....when the last group I worked for interviewed me they said " You have experience and a very good track record...we will let you trade your way and wont breath down your neck". Within 2 weeks they were forcing their ideas on me and giving me sh#t about having too long of a holding time (on winners). I was told instead of taking 5 points out of an EP trade, I should get in and out for .50 point clips all the way up. Right there I knew I couldnt trade for clowns like that. Thier motive was very clear...churn commissions. I left soon after. This firm has lost all of its good traders and has a monster turnover rate. You are so right about them ducking that question. If a firm wont answer that, run for the hills. In my case they bs'd me. If I had known their true motive I wouldnt have stepped foot in there to trade. The only thing I got out of there was what "not to do" when trading.
Iâm recently through with the job as my bankroll has expired. Last couple days Iâve been going the painful task of putting together my resume, contact lists, references, etc. Getting ready to hit the pavement. Someone on the thread mentioned getting into the business through becoming an assistant trader. I was just curious if anyone had any experience with this â general qualifications, nature of the job (is it more clerical but with good exposure?), potential for advancement, general job satisfaction, how is the environment different between the buy & sell side? Any info would be appreciated. Cheers!
I started out as a Trader's Assistant at the Chicago Board of Trade. I feel that's the best way to advance to become a Trader.. I graduated from College last year, and worked as a Trading Assistant for a few months before being let go.. I am no pursuing other groups for the same position , but have not been successful! It seems very difficult to join a group.. But Trading Assistant's Morning duties include checking daily outtrades, producing Pa and PL sheets , balancing their money, and checking their overall position.. During the day, an Assistant would check Trades with other Assistants, put in Futures trades ( if Trader trades options), produce PL and PA sheets, change volitilities, and enter trades into their position. . After the market an Assistant could produce their P/L for the day and make any volitility changes..
CML, Thanks for the response. Did you get much in the way of exposure to what the traders were doing? Cheer! Tom
Yes, it was more like a trader trainee program . As a Trading Assistant , we learned the many trades of the Trader, as to what strategy worked the best , or the most difficult , predict future volitility .. I've gone through the whole alphabet of Prop Trading Groups.. I know this isn't a career builder or anything, but does anyone have any contacts or Trading Groups in mind in the Chicago area thats looking for a Trader's Assistant or looking to add to their Trader Trainee program? ?? It does not matter if they are at the CME, CBOT, or the CBOE! Anything helps .... Thanks !
Oh by the way .. . Does anyone have contacts or even an email address to the Hr at Timber Hill Group or Hull Trading both located in Chicago ??? Thanks everybody!
How would you suggest to apply to these firms for trading positions if there are no websites; just call the company? Thanks!