Updating My Trading Resume

I've been day trading for close to 6 years now. I make money, but not huge money. I've been thinking about applying for a fixed income trading position at an investment management company in town. Truth is, I love trading and everything that comes with it and I want to learn more and get more experience. I know how rough it would be to go to working full time hours after all this time but I want more than what I have right now. I'm not learning fast enough on my own. Plus, I always know I can come back to what I'm doing if its really awful.

I was wondering, what are some good things to put on a resume that might be pertinent to a fixed income trading position? I've only traded equities. I'm also taking the level III CFA exam this summer, which hopefully helps. How do I show that what I've been doing has been working toward getting such a position? Any suggestions?

And what does it mean when they say "Candidate must possess the ability to create order flow for retail distribution?"

 

a CFA Level III candidate is impressive in and of itself... you may even be able to squeeze out a more dynamic position I you can wait to get the results in July.

From what I understand "institutions" look at retail prop traders as the scum of the earth so unless you have income statements substantiating consistent profitability.. the "day trader" stigma will be hard to shake. you need to be able to explain that although you are independently successful, you are looking for a more stimulating career and you're experience as an entrepreneur as infact given you hands on experience with risk management and and financial/operational controls.

depending on the size of the employer. a fixed income trader needs to be prepared to deal with infrastructure and technology support including conferencing with other business lines.

having passed CFA lv3 is equivalent to a savvy hiring manager as a masters of finance/investment management from a decent program, and in the past MBA's with no equivalent work experience where handed the job you describe.

the biggest thing would be to get the interview... without a corporate background employers may be weary of your management skills and corporate image.

 

Here's what I have on my resume now. Could you give ideas on how to improve it or maybe even post what you have on your resume if you keep yours up to date? Thanks



Proprietary Equity Trader, June 2003 – Present
• Identify and initiate short-term equity trades in an assigned account
• Follow macro economic trends to create trading bias to prepare for each day/week/month
• Identify list of equities that provide greatest potential for trading opportunities on a daily basis
• Maintain constant research and study to determine which sectors are leading the current market
• Regularly scan SEC filings to understand company metrics and competitive position in sector
•
• Execute trades based on current order flow and trading programs to gauge trading continuation
• Use technical analysis to forecast price movements and place effective stop orders

 

OK the description you provided is probably an accurate representation of your job... but you need to spice it up..

well i'm gald your job title isn't -day trader, but I think you could use semantics to signify some type of capital management position. something like Equity/Securities Portfolio Manager??

technically you managed a portfolio.. (your's) right?

you are not just a trader... you have intricate expertise on all dimensions of a prime brokerage. You where the research department, accounting department, tax department, legal department, and execution specialist all-in-one.

you have to confey some type of strategy... the job you want doesnt want to hear that all you did was fade the open and go back to sleep..
ideally you held positions for weeks and made only a handful of focused entries/exits daily. your performance doesn't necessarily matters... you made a living from this and thats all that counts.

ideally you followed up on past trades to optimize your valuation/trading models. you kept a running blotter outside the trading platform to include your own proprietary accounting techniques. you followed up with your broker for settlement and trade confirmation issues.

not only did you scan sec fillings... you complied your own database on your universe of issues. regularly archiving press releases, including keeping up to date on insider transactions and following all potential price moving corporate actions. you observed analyst conference calls to revise expectations and identify future opportunities.

didnt you develop an emergency exposure model in case of power failure, or a backup data feed/internet provider? i think the theme for 2009 is exposure so you need to stress that you have been thinking about systematic risk and control.

in addition to you current job.. highlight your skills in software ... if you dont know MS Access.. get a book and add it. whats the en vogue software of the day? check out other job listing. regardless of the what the position is.. you need to have some type of people management skills. how about that trading and mentoring group you organized for the college students at the local U?

you are an expert on much more than just equities... you have what it takes to jump from trading one instrument to another. at the interview you need focus on fixed income specifically.
they need to hire an expert on "interest rates". understand the relationship between commercial paper-yield spreads-ratings-to equities.

the most important part will be the cover letter and impact statement. there is no need to lie... you just need to be creative and figure what they want to hear.

 

haha talk about the pot calling the kettle black.

 

yea seriously - i read an article in new york magazine recently about a day trader. No cushy bonus's and expense accounts. The prop trader should be weary of the institution. To them your just a number.

 

i'm not suggesting that a profitable prop trader would never be hired as a "proprietary trader" at GS... but you better be exceptional and in that case.. why would you want to have "real job"?

there is a discussion about whether day trading is gambling.... if anyone is gonna have that opinion... its gonna be the corporate types. i figure.