I want to be a derivatives trader. (UK based)

Discussion in 'Professional Trading' started by cumblechook, Feb 23, 2007.

  1. I have been checking out Elite Trader for a while before i opened an account. I have a strong interest in economics even though I studied chemistry. I am 29, I am self sufficient, I ran my own business right out of UNi.

    I want advice on how to get into the industry with training on the job. Prop houses appeal to me the most beacause of the training and developmet and so on.
    I am numerate (my mental arithmetic is good) Are there any avenues i need to explore?

    I have applied to Optiver and waiting for a reply.

    What copmpanies should i consider applying to in london?

    I know GHCO are not recruiting at the moment.

    I just want a shot,
    Advice anyone???
  2. Amsterdam houses a number of Trading houses, including IMC one of Optiver's main competitors. Most IB trading houses have offices out of London, so does Liquid capital.
  3. KS96


    My bet is that Optiver will think that you are too old for them, which is b*llsh*t.

    btw, I want to be a movie star :D
  4. curtains


    Optiver will most probably say you have too much experience (you are too old). IMC are more likely to allow you through to interview/testing stage. Study up on your rapid math skills.
  5. Do they actually discriminate on the basis of an applicant's age, or are you assuming they do so? If they do, then YES, that's BULLSHIT!
  6. Dogfish


    For UK prop firms just hit everyone on this list and find out what deal/training they are offering. Some of them are awful and others are great but it depends what suits you geographically your openess to risk - whether you want to be a spread trader or an outright long end trader etc.


    Most people assume you have to be numerate to trade but frankly unless you fancy pricing options you don't, psychology is far more important in my opinion and I'd give a few books a read on the subject, Steenberger's books are handy and one of the few authors to address prop shop trading psychology in his second book.

    He has some free articles on his website "quite likely the largest free collection of trading psychology articles on the Web" http://www.brettsteenbarger.com/articles.htm
    which are helpful and he trades futures intraday as well as being a shrink.
    Good luck.
  7. Thanks for the links!
  8. Thanks dogfish a good site


  9. zmodp


    From what I could find on the net at the time, I learned that they give you 2 Math tests, and if you pass them, then you get the usual HR type interview (if you get to HR intrvw, I think your chances are pretty good considering many don't pass the first test). First test is arithmetic: +, - , / , * : You must train on this "without" a calculator. Make up some probs (fractions, decimals, etc.) and time yourself. This part is negatively graded (i.e., wrong answers count against you). You have to answer 52 problems to even be graded (can't remember the time limit, check this on posts from wilmott.com). There are 60+ probs provided.
    Second, test is calculus. Think its mostly on series. Learn all the tricks from say "schaums outline." Not sure of time constraints, but its the same idea as the arithmetic part. It would make sense to sharpen up on probability, but I can't confirm Optiver screens for that. Good luck with it, and study up on the greeks and hedging in case you get to the HR part of it.
  10. Dogfish


    Calculus - urrgh! Well just in case that put the heebie jeebies up people wanting to trade who aren't mathematical enthusiasts there are plenty of firms which don't need you to do that!
    #10     Mar 26, 2007