I heard on one board that head traders in foreigne xchange at major bracket and bulge bracket investment banks are getting about 15 to 20 million dollars a year, obviously in a good year. Heads of desks get about 2 to 5 million. I have just been reading an article form and English newspaper saying that head traders in foreign exchange earn around $250,000 a year including their bonus. Who is wrong here I would of thought 250,000 is quite low for a head trader of foreign exchange. Anyway of seniority able to comment on this? Thanks for your help, this is an interesting topic here.
http://news.bbc.co.uk/hi/english/business/the_economy/newsid_349000/349701.stm There is one of them, half way down the page it says chief foreign exchange dealer 151,000 plus 55% bonus. Does anyone else have anything to offer on chief foreign excahnge trader bonuses?
Let's put it this way, at bigger houses you get paid more, at smaller houses you get paid less, and everything is also performance oriented. And there are always legends who make obscene amount of money compared to their peers. Why are you even worried about this? Follow your heart and stop worry about how much money you are going to make. If you succeed in any trading vehicle you will make more money than just about any other occupation. Besides, if you succeed in trading one vehicle you will eventually be able to adjust to others. Follow your heart, there is no guarantee whether you will be able to make a dollar trading anything yet, worry about the high end later.
What is wrong with wanting to be one of those lengends that everybody hears about? I want to be the best, plain and simple, too many people set their sites low and go into a job with the attitude that if their work is satisfactory then that is mission accomplished. It isn't they should aim to be the best in everything that they do. That is the attitude istiled in me by my kung-fu anyway. I spoke to the guy who has organised my work placement next summer. I am on the fixed income trading floor, with the bond traders. Maybe I am not destined to be a forex trader, or maybe I will change in time. Anyway at least I have managed to get myself on the trading floor. That is goal 1 accomplished, a placement on a trading floor at 17 years old. Yippee!
Well, when I was 18 I worked for JP Morgan for $25 a hour, and a garbage man can also work on a trading floor, and a 22 year old making barely 70K a year can be a "trading group manager / head trader". The title/location/position means nothing until you have real substance to back it up, it doesn't even matter how hard you push along the way, it is a matter of how you finish. I am not putting you down, but as I said on another thread you will be little more than a water boy on a football team, there is not much to brag about. You should always be looking at people who are ahead of you, that is the only way to improve. You will have your dose of reality check soon, but I can guarantee you that you will not come even close to your expectation until you significantly lower it. You need to set yourself realistic goals, because as you become more matured, you will understand that it is more than talent and effort, there is also being at the right place at right time. All I am saying is that you should not be asking the question where the limit of the sky is, if you are only learning to crawl.
I am not trying to get ahead of myself. All I am saying is I have goals and that is one achieved. Nobody from my school has ever gone into the City of London before to work in theri holidays or gap year they have all gone in at university so I have made an inroad. I appreciate that knowing the right people helps, I would not of gone in without connections but I still mantain that you must aim for the top to be the global head of your product or the chief trader/head trader whatever you want to call it.