Hello everyone, To start off...I'm not a complete newb when it comes to trading. I started of retail trading with FX and then managed to get a job as a equities trader for a NYC prop firm. No I did not have to put up my own $$$, they backed me fully after a 3 month trial period. I worked hard and did my best, made money lost money, but I was still wet behind the ears and now realize the amount of emotional and psychological control one has to have in order to trade. Thus, I have been working on my weaknesses since. Paper trading doesn't reveal much especially when it comes to emotions but at least my setups and entries/exits have gotten a lot better as well. Unfortunately, I had to leave due to family reasons which required me to travel abroad for a considerable amount of time. I've returned stateside and I've slogged through a couple job prospects which basically were basement chop shops or boiler rooms. My question is how do I get an entry level position on a trade desk. I'm not expecting a big bank or hedge fund as I didn't go to an Ivy League school and my GPA at undergrad wasn't top notch either. I guess maybe a trade clerk/trading assistant position is what I'm looking for. If there's anything lower rung than that. that's fine with me too.My prop trading background was purely equities but I do also have experience in the futures market trading the ES mini. I understand humility is paramount and I don't really care if I have to walk around all of NYC being a go-fer for a trader on a desk as long as there's true potential to get somewhere. I'm still at home, few bills to pay, so money would be nice but I can sacrifice a $40-$60k salary for $20k a year at a firm with a good opportunity. Obviously the online job searches have led me nowhere (learned that the hard way) and I was wondering if anyone of the experienced ETer's here may have some information and are willing to help a young gun like me out. Thanks.
First you need higher education. Your current education is not high enough. Must be higher, higher. I have an MBA, that's higher. Do you have an MBA? If not, go get one. http://www.elitetrader.com/vb/showthread.php?s=&threadid=236983&perpage=6&pagenumber=84
You won't be getting any type of job as a trader or assistant. Ivy leaguers and above pretty much. Financial world only cares about you have a finance degree, your GPA, and where u did your internship. If you don't have those, or at least a real good school, you are screwed. Nobody cares if you are willing to take a $20k salary or do whatever it takes. They only care about top talent.
Yea please anyone? haha Okay...I understand that in order to work for a BB or hedge fund, you've got to be Ivy League. So that must mean the other 90% of traders are retail? I mean, if the game of trading overall has a 5% success rate, then every Ivy League-r wanting to be a trader isn't going to make it either right? I'm assuming when your dealing with other people's money, credentials come in handy whether or not you can actually make money. To be clear, I understand my position and I'm not going to these bank/fund websites and applying blindly, I already know...no shot. I thought that maybe there might be a connection to a floor trader or a small, tiny fund with only a few people that might need some help.
If you can trade you can trade who really gives a crap about your education? I submitting track records to firms and they are jumping all over it.
Thomas Peterffy, chairman and founder of Timber Hill and Interactive Brokers never went to college. Without drive, ability, and new ideas, education in itself means nothing.
MBA holders "the washed among the pure". They will tel you that you can't succeed to any great lengths without it. Colleges will tell you that your future depends on it. Now cough up the 100+k and 6 years of your life so you will be rich. Everyone's belief system is different. I believe it's a waste, others believe it's a treasure. You either trade your own money or someone elses. Pick a path and be prepared for blood, sweat, and tears in either case.