Entry level trading position?
Currently I work as a credit analyst at a small bank. In a few months, I would like to make a jump to something a little more prestigious. I am trying to research the different areas that might interest me, and trading has caught my eye. Could someone answer these questions?
My friend works at a proprietary trading company. He says the entry level position there is a Trader Assistant, and after a few years at that, you will start to actually trade. Is that the way it is for most firms?
Would an entry level position be real hard to get? I am a year out from a top 10 business school and graduated with a 3.8 in Finance. Would I need to get an internship before a full time job?
How good does the CFA look when applying? Is it something that is looked favorably upon (like in Equity Research) or doesn't matter much (like in Investment Banking)?
What are the exit opportunities?
What are typical hours like? Weekends?
If my goal was to get hired in 6 or 7 months, what could I do in between now and then to improve my chances?
1) CFA will help if you fail as a proprietary trader...then you can take a shot at becoming a Portfolio Manager. 2) The steps that I would take over the next 7 months would be to try to invest in the markets if you can. Sign up for www.theflyonthewall.com. It is worth the $25 a month. Briefing.com is also another site but it is not worth the $40ish when we used to get it for $10 back in the day. Try to take your shot at opening up a few demo - simulator trading accounts so that you can take a shot at trading while paying attention to the news. If your work as a credit analyst and they do not allow you that time to trade during the day...then take a gander at forex and futures trading. Oanda happens to have a prop acct demo that does not expire and you can practice different strategies during the night - etc. These markets are open 23 hours. 3) Once you've got about 3 months of demo trading underneath you. If you can afford a $5k forex acct or be able to deposit $5k at Interactive Brokers - take a shot at some options. 4) Take a chart class or at least get some books on varying chart systems and methodologies.
5) Always trade with the momentum (go with the flow).
6) Weekends - you do a little research - read Barron's...go through chartbooks...but there isn't that much overtime. 7) Exit Strategy - if you are a good trader - you won't need one.
8) If you get the chance to work as an asst trader - 1 year is the norm...unless it's for SAC Capital...then I'd work as an asst until they gave you monies to run and just wait your turn.
Trading will give you all of the financial independence that you will need if you can become good at it. Good luck.
^ post above is really solid. short answer:
1) Yes most start as TA's. 2) Really depends on where you want to work, and your skills/interests/luck 3) No. 4) It doesn't matter 5) No exit ops. 6) 40-50 hrs/week. no weekends 7) do everything the guy above said.
Aside from Oanda for FX, what are some sites where i can trade live feeds in a demo acc for a small cost?
edit- i see that IB has a demo that you can dl but it simulates market activity for you, im interested in trading in a live feed
Wow. Thanks for your helpful input, CLGCTrader.
I think I'm in a slightly different position from job71188, as I'm still a junior at school and haven't had a full-time analyst position as of yet. But I found the steps you described to be very constructive, and would like to do the same thing pretty soon.
Now my question is, will prop trading companies or boutique firms be more favorable to me for an internship/FT offer if I had that on my resume?
Excelsor> For FX try any Metatrader platform based market maker. Metatrader has one of the best charting and indicator platforms out there. You can even code your own indicators, alerts, and auto-trading scripts using the MQL language (similar to Java). Check out InterbankFX for it: www.ibfx.com and sign up for a demo account.
Internship
Short answer: No. You wont, unless you obviously intern at a trading firm, find a lot of applicable skills from a normal internship, in my experience. If you can, intern at a place that will allow you to closely follow the financial markets (I interned at Merrill Lynch as a private wealth management intern, so that helped).
Solid TA is way to go. and yup if your resume shows some of your trading skills, they are definitely a plus point. even so, if you do get a chance to network with traders, you can speak their lingo.. not just stare at them blankly when they start talking about volatility VARs stuffs like that (happened to me once, but I managed to mask it)
Entry Level Sales & Trading Work (Originally Posted: 10/07/2010)
Do New hires in the Sales & Trading groups of a bulge bracket firm typically provide support work to desks? What does the support work typically entail - (I could see how assistant sales guys could assist in pitchbooks, arranging sales meetings etc, but how would assistant traders aid primary traders)? At what point during the progression does a new hire get a book of clients to trade and interface with (Does that typically come with a promotion to managing director?
Your answers will be much appreciated. Thanks.
Has been covered. I answered a similar question maybe two weeks ago. Do a search.
Could you tell me what the title of the post is. I went through your history and didn't see it in the posts.
//www.wallstreetoasis.com/forums/what-do-newly-joined-trading-graduates-do
Entry Level Trading Position (Originally Posted: 04/04/2009)
What is the deal with the job in the job posting section? I know it is an entry-level position but it seems a little too easy to get into and therefore too good to be true.
Another question I had, I was at a traders expo and Velez Capital Management was there talking about how you can trade his firms capital after completing a course. Is it legit?
Thanks
Velez is not legit. Wouldnt touch them with a 10 foot pole.
TRADE4SIZE, where have you beeen all my life, not picking up my phone calls, what rock are you hiding under, where you atttttttttttttt
Velez is not legit. one of those pay to learn scams.
Entry into the trading industry (Originally Posted: 04/14/2007)
What is the best way to enter into the trading industry if you are an Engineer ? I have been trading my personal account very successfully for the last two years. I have graduated from a target school four years ago.
Is it a good idea to initially work in an investment bank rather than a hedge fund ? How would you go about applying for a position (except for directly applying for the position online on the company website ) ?
What are the chances of an EE out of school for 4 years with a strong fundamental knowledge of stocks, options and futures getting a job in an IB ?
Any help would be appreciated.
Thanks.
if you have the appetite for it, go get an MBA. It is your best bet. Otherwise it would be a series of hoping for a door to open, or really pounding your resume at a million different people.
Thanks for the reply.
Why do you think MBA is needed to get a job in the trading industry ?
Thanks.
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