I need some guidance on a career in trading...

Discussion in 'Professional Trading' started by Finance Grad., Feb 28, 2007.

  1. For some background info, I have a major in Finance and a minor in Economics from a good university with a 3.1 GPA. Trading, and the market in general is something I have always had a strong interest in. For the past 9 months, I have been interviewing for several trading assistant/ junior trading positions along with a few other major banks and one mutual fund company. One of the main reasons I wanted to do trading is to have unlimited earning potential based on my own performance, but it seems like most of the companys I have been to are saying, "we are going to pay you almost nothing to learn how to trade, then once your on your own you will probably not be profitable for 6-12 months and even then you still might not make that great of living." Is this true or are they just trying to scare away people trying to make a easy buck. But if it is true, am I better of going to work for a mutual fund company and completing my CFA. I am hearing that trading experience doesn't look favorable on a resume because you don't really learn anything that would be helpful to a different type of career in finance. I guess I am confused on why so may people apply for these junior trader jobs. Thanks ahead of time for your input.
  2. Welcome to the real world.
  3. All you see is the money and the riches right now and not the risk. Be thankful for being told the truth as far as "we are going to pay you almost nothing to learn how to trade, then once your on your own you will probably not be profitable for 6-12 months and even then you still might not make that great of living." Any other firm would have misled you into the business. You're young and you have the next 50 years to trade. So work a regular job, save up money, learn how to swing trade on your own - and quit only when you get really consistently profitable trading size.
  4. Learning how to trade is 10X harder than any other job you will get, and there is zero guarantee you will ever figure it out. Its that hard.

    While in school, better load up on the statistics and comp sci classes so you can learn how to program, a finance/econ degree will do nothing for you.
  5. I have been at this full time at home trader, now on my third mentor, in 18 months, and I am break even, before expenses. How bad do you want it friend? I want to make it real bad I have some funds and the motivation. I am passionate about making it. I work at about 14 hours a day. Do you want it that bad.?Because you will be competing against other that do like me.

    I say this not to come off snide, or arrogant, but this is what you will be facing. I thought after 3 month I would be making min. $500 per day. Now I can make $200 per day, but I am not comfortable with the method, so I am back on the sim working refining the method I like. In a couple of weeks back to real money 1 contract in ER2 or NQ at a time and we shall see. This is reality.

    Consider getting a mentor or going prop if you don't want to be a jr. trader. :cool:
  6. There is no spoon.
  7. Stats, my god, if they would have told me in school that if I got better at math, esp stats, I could make good money, I would have got A's in math. No I have to re-learn it all. Seriously they could motivate, kids like when I was in school, with money by learning math skills better.
  8. I dont see how you could go wrong with an econ/finance degree. I wish I had one, so I could understand how the global markets interact.
  9. I have econ/finance degree cashmoney and believe me nothing in that field prepares you for trading. Trading is the best education in real world economics, politics, finance, and mass psychology out there. A very expensive education though without a veteran mentor.
  10. You stole my words! This is the absolute truth! I am a Wealth Manager (independent). I work primarily with retail investors.

    Used to work for mother Merrill, and that's where I found that I was far, far from a where I wanted to be. I thought I would learn all the charting, and advanced stuff that would make me a "stock guru." Wow! Was that a wake up!

    The wirehouses, ins. Companies (yes, they actually work in investments now. Sadly...), and banks ALL push investment products like annuities, funds, and propietary advisory accounts (the advisory account that has their brand on it, and if you leave, they scare your clients into staying because of "the big name" shi@)

    If you are a 10 year+ vet at a wirehouse, and have already built a book of clients you took in as basically, a salesman, you can then focus on trading, and learning all the advanced stuff. Until then, you'll have zero time for that, as they'll want you shoving products down your clients throats!

    If you want to be a trader, the wirehouse, bank, and ignorant indurance companies aren't it. Please believe me on this. I walked it, and hated life.

    Get your CFA, and work towards becoming a portfolio manager if you want to trade OPM.

    If not, the guys/gals (didn't forget the Ladies!), here will steer you in the right direction if you'll listen to the vets.

    I'm really no advanced trader, and learn new stuff right here every day by reading posts from those who've been there and done that...

    If you are dead set on a firm, post it, and I'll shoot you straight on it. There's no getting rich your first three years in retail, I can assure you. It's all about the firm. Not you. Not the client.

    I hope this helps, and saves you the heartburn of jumping into something that's not for you to begin with.
    #10     Feb 28, 2007