I wonder what his GPA is, as its now late Sept and he doesnt have a job! Trader-wannabe---why dont you get a job in the back office of some big IB processing trades, clearing exceptions etc. Maybe if you're smart, they'll make you an ass't or even promote you to the IT dep't so you can switch out broken monitors on a trading desk. IMHO, prop shops are for suckers.
Heres some advice: Dont think about trading for a few years, get a job using your current degree. Then go to one of the top 10 schools for your MBA or a Masters. Haas financial engineering or Carnegie Mellon's Masters in computational finance I've heard is VERY highly looked upon at the big IB's. Every bank and hedge fund is looking for quant traders these days so a Phd in physics would also go a long way. Trading at a prop shop and trading for a big IB or hedge fund are two entirely different animals...as well as the required pedigree!
yeah, no joke. I know attorneys who hate using you guys on the stand as a character witness and people who hate working with engineers - not creative in the least, no right brain! So beware the thinking that because you have a degree in EE someone owes you a position. It's not what you have or what you have done, it's what you are! (hell, I won't even date an Engineer) alas, I digress. Go get your CFA and be done with it.
Hello, I also have an engineering degree (B.S. Mechanical Engineering) and found myself very interested by trading. Here's my story: Worked for 1.5 years as an engineer and hated it. It was almost like I was wearing a sign that said "Pigeon-Hole Me!" Next I sweated it out for 2.5 years in the financial services back office doing custody work. It was crummy work, but I learned a lot about the buy side. Then I worked as a trade clerk for a mid size brokerage house. The pay was lousy to start, but that gradually improved and they sponsored me for my Series 7 and 63. Within the next month I will be taking the biggest risk of my life and will sign on with a Prop. Trading firm, for better or for worse, but it is my life's ambition to call my own shots and stop helping someone else pay their country club dues. Keep the faith, it takes a while to get where you want to, in my case five years from when I entered financial services. A previous poster was right, you are owed nothing by anyone, but I am assuming that since you made it through engineering you're pretty bright and can probably make sound judgements with, at times, a lack of complete information. This will help you really shine at the desk. Good luck.
yeah man, I worked at a ETF/holders MM firm (2 bot monitoring traders and 10 programmers). nothing they do is special. they would think of some strategy, then throw it at the market (without backtesting) they would lose like 1 or 2 gs a day on some unproven strategy, but if it makes money they would keep running it. of course their technology is cutting edge. basically using speed to make money. the hour is pretty long so i quit. so basically their thing is high speed+100% correlation = 100% gross ROE. so my approach is low speed (still computerized) + 90% correlation = decent return (has not been running this version long enough to produce a number, previous 2 versions blew up )
A couple of thoughts... As long as you trade with other people's capital, well quite frankly, they own you. Education isn't everything and adding degrees, licenses and certificates without an end goal is just not being truthful with yourself. Some of the best investors/traders I have ever met never went to business school. One of the best options traders I ever knew only had a high school education. Never discount instinct or count somebody out that has unquenched desire. On the other hand, some of the worse business people and investor/traders I have ever met were professionals (doctors and lawyers I have found to be the worse). You'll never really know if engineering isn't what you want to do until you have tried it. If I had spent years educating myself to become a professional such as an engineer, I sure would give it a try before deciding not to do it. There is nothing saying you can't do both. Build your capital over time as you simultaneously educate yourself about investing/trading. You don't need to work for a brokerage or bank to learn how to invest or trade. Like someone else on this board has already said, some of the most unsavvy investment people in the world work at investment houses. There has been many a fortune liquidated at the hand of a "caring", "smart" broker or advisor. Nobody cares about your future and your money like you do, but do you want to make the sacrifices necessary to succeed. Be honest about that one for sure! Build your capital. Educate yourself both academically and practically. Devour investing literature as well as invest and trade while doing it. Being a successful trader and investor isn't cheap. I am sure most on this forum can attest to this, I know I can.