What's going on EliteTraders, This is my first post on this forum. I just graduated from a non-target school with a math/finance degree. Average 3.4 gpa. Knowledge and experience trading option spreads/equities. Don't have a huge track record of success. Applied to many prop firms. But having trouble getting interviews or offers. How should I formally record my trades to show potential employers? Do I just write my trades in microsoft word? Any advice would be appreciated.
Hi Moon, The best thing to do if you have the resources is to have a verifiable track record of real trading to show them. You need a real account with real trading. It would help if the size of the account were material enough to size your trades properly. USe the same leverage and trading style you want to market. You will need at least a year to know if you have something marketable. In general, to get an allaoction from a hedge fund or traditional prop firm, you need to show that you have a way to use data to have an edge.
Employers don't care about your personal trading records, or performance or history. I'm not saying this to sound like an ass or anything -- but they don't. To them, you were just gambling away your allowance money. If you won, good for you...If you lost, tough cookie. When you work for an investment or trading or banking firm...you don't really trade, per se...But have to follow very strict and set and conservative guidelines. And if you don't follow those risk and trading parameters...you're gone. You're not paid to get creative on your own and ballsy. There is no secret to getting a job at a so-called Wall St firm: you need to graduate from a good school, with good grades, and a good resume, and good connections. Actually change good to Great or Stellar. sometimes, we have to realize our limitations and come back to reality. and settle for slightly less. that's part of growing up. Kind of like American Idol contestants.
Thanks for your reply. I don't mind if I have to follow a very strict set of guidelines to trade. I just want to know how I get my foot in the door given my background. Any advice?
Start with local/regional firms. With a so-so CV you should take anything, even if not your dream job, then prove yourself. Where are you located?
I am located in Bergen County, New Jersey. And trust me, I would be willing to take anything. The closest I got was a trainee position with Chimera Securities in NY but didn't make it past their final interview. I've been applying to basically every prop job opening I could find in NY and even some in Chicago but not much luck.
Have you tried First New York Security LLP? I think they are hiring trader assistant now. They also have some sort of training program. If you are good after training, they will hire you. Many traders there have worked for big institutions before. Many traders there graduated from Ivies.
@Moon You are in New Jersey. Offer yourself out as an intern to a desk. Roughly the equivalent of runners/clerks in the old days when the floors were still robust. You'll get paid as an intern(not much), but it puts you in the door. Night interns are especially attractive to some desks. Consider networking with your old professors. Some of the best hires I've ever made were referrals from professors. As a general rule, nobody cares about your resume.
Appreciate the response. But what exactly should I be searching in regards to the job title to find an intern desk position for a prop firm? And where should I be searching? Linkedin?