Offered Institutional Trader Job..What To Expect?

Discussion in 'Professional Trading' started by Mike01, Jun 21, 2006.

  1. Mike01


    I was recently offered an institutional trader job and don't have any experience doing the job. What should I expect or prepare for and what does it take to succeed as an institutional trader? Anyone have any advice or books I can read on it?

    I have a retail brokerage background. The offer was from a small firm that will train me. But given it's a small firm, I realize I will have to be quick to pick things up on my own and learn things on my own in my spare time.

    I was hoping someone here could help me out on this with a little guidance.

    Thank You!
  2. depends.. what are you trading?
  3. Mike01


    Hi ChiBondKing,

    I will be trading in stock and stock options primarily. Possibly bonds and futures later on. Are there any good books on institutional trading or some key online resources or magazines you could recommend? And how do you become successful at institutional trading? I really need to get a game plan together.

    Thank you.
  4. There aren´t many books outthere aimed to institutional traders... most of the stuff you´ll find is aimed for retail traders... You could read some trading psychology books, like the logical trader or trading in the zone. There´s also a few biografical books, like Market Wizards and the day trader´s bible that might give you a couple of pointers. Other than that you should go to your training with an open mind and try to learn as much as possible. {afterwards you can write a book or post your experience here}
  5. I like the Logical Trader by Mark Fisher...

    other than that, i'll have to think about this one...
  6. Ulcers, backaches and strict hours.

    That is the beauty of trading for yourself...feel like taking a day or an hour or two off, you can. In your job, you will be expected to be sharp every minute, every day.

    good luck....sorry if I sound a little bitter.
  7. You might try "The Market Maker's Edge" by Joshua Lukeman.

  8. A good refresh on fundamentals:

    Trading and Exchanges: Market Microstructure for Practitioners
    by Larry Harris

    one of the few books with an institutional trader in mind:

    Optimal Trading Strategies: Quantitative Approaches for Managing Market Impact and Trading Risk by Robert Kissell, Morton Glantz

    more on market practicies:

    The Equity Trader Course by Robert A. Schwartz, Reto Francioni, Bruce Weber

    New II publication (never read it though, seems focused mainly on execution matters)

    The Journal of Trading

    plus all the classics of course... hope this helps, good luck with your job.
  9. GBL



    A good book is "Vault career guide to sales and trading" - Vault career library.

    It talks about what it takes to succeed, whats a typical day at a trading desk, lifestyle and workplace diversity. Otherwise 150 pages giving you the overall picture and who you will be working with
  10. Mike01


    Thanks for the excellent feedback.
    #10     Jun 30, 2006