How to be a trader for a company? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Are you a trend trader or a counter-trend trader? 29 replies

A beginner trader vs pro trader 15 replies

from retail trader to full-time trader 17 replies

Discipline Trader and Voice Trader EA/IND 16 replies

IkonFX Viking Trader or Pfgbest Viking Trader? 2 replies

Attachments: How to be a trader for a company?
Exit Attachments

How to be a trader for a company?

  • #1
  • First Post: Jun 28, 2007 4:50am Jun 28, 2007 4:50am
Does anyone how to be a junior trader for a company? I mean I know theres a lot of positions for senior traders who earn alot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no expereince...a stockbroker?
  • #2
  • Jun 28, 2007 4:56am Jun 28, 2007 4:56am
Quoting xxfunguyxx
Does anyone how to be a junior trader for a company? I mean I know theres a lot of positions for senior traders who earn alot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no expereince...a stockbroker?


Have you seen the movie Pursuit of Happyness ?

That's how most traders get their jobs..
  • #3
  • Jun 28, 2007 5:53am Jun 28, 2007 5:53am
I know a couple friends(well friends of friends) who got backed to trade on the floor(commods), and then jobs at hedge funds. It came down to simply WHO they knew. Nothing to do with what they knew. One of the kids was dumb as rocks, but hes got a rich Dad with rich friends. So he started trading forex, blew so many big accounts trading the news. Told me word for word at a bar "it is not possible to make money in any market unless trading on the floor scalping". and "the only way to trade forex is to trade the NFP reports". He is now at some hedge fund in CT.

I guess this doesn't really help you at all. If you can produce a trackrecord(a good one), you could get a job somewhere.

Mike
  • #4
  • Jun 28, 2007 6:15am Jun 28, 2007 6:15am
how about working for the bank, you must exceed yearly minimum or else kicked to the street.......... it is called loan


i wonder...
  • #5
  • Jun 28, 2007 6:55am Jun 28, 2007 6:55am
If you are looking to go in green, you need to be coming out of a top collage....red brick(uk) ivy (US).

But if you CAN trade and you know someone in the business.....the industry is very much a who you know industry. Banks are always looking for traders that can trade....

My wife works in HR for a bank....and I have a few trader mates.
  • #6
  • Jun 28, 2007 8:19am Jun 28, 2007 8:19am
Quoting mbqb11
I know a couple friends(well friends of friends) who got backed to trade on the floor(commods), and then jobs at hedge funds. It came down to simply WHO they knew. Nothing to do with what they knew. One of the kids was dumb as rocks, but hes got a rich Dad with rich friends. So he started trading forex, blew so many big accounts trading the news. Told me word for word at a bar "it is not possible to make money in any market unless trading on the floor scalping". and "the only way to trade forex is to trade the NFP reports". He is now at some hedge fund in CT.

I guess this doesn't really help you at all. If you can produce a trackrecord(a good one), you could get a job somewhere.

Mike

I hope you didn't listen to his advice, NFP happens to be a NEWS release, and apparently he sucked trading the news....as for scalping the market, I agree....though one isn't going to make any money in mini's or these micro lots. To trade any market, Capitalization in King. Many traders have left the floor anyway, and still scalp.
Proper Prior Planning Prevents Piss Poor Performance
  • #7
  • Jun 28, 2007 8:22am Jun 28, 2007 8:22am
Quoting xxfunguyxx
Does anyone how to be a junior trader for a company? I mean I know theres a lot of positions for senior traders who earn alot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no expereince...a stockbroker?
Why do you want to sell your soul and trade for a "company" and as a junior, better put on running shoes cause you are gonna be a go-fer.
Proper Prior Planning Prevents Piss Poor Performance
  • #8
  • Jun 28, 2007 8:43am Jun 28, 2007 8:43am
Many traders look at the idea of getting a job trading for a hedge or a bank as a prestigious job. To have such a prestigious job you should expect to show some kind of prestige to your prospective employer - fancy degree, fancy university, fancy results, fancy connections.

Actually, there is more prestige trading for yourself making money year after year. There aren't too many doing that. This is an elite club. Some of the guys trading at banks wish they could go out on their own, but they are too scared of failing without the banks software, hardware, bank roll, market depth info to prop them up.
  • #9
  • Jun 28, 2007 8:49am Jun 28, 2007 8:49am
Quoting mbqb11
"it is not possible to make money in any market unless trading on the floor scalping"
Soros must have been one hell of a floor scalper LOL!!! So THAT'S how him and Druckenmiller "broke" the British Pound in 92!
  • #10
  • Jun 28, 2007 9:09am Jun 28, 2007 9:09am
Quoting xxfunguyxx
Does anyone how to be a junior trader for a company? I mean I know theres a lot of positions for senior traders who earn alot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no expereince...a stockbroker?
You will defiantly need a track record on a live account min six month and be wiling to relocate. FXCM was looking for traders about 10 months ago.

More than likely you will have to start as a phone monkey making a few hundred calls a day at 27k a year and work your way up.

check monster.com
  • #11
  • Jun 29, 2007 2:43am Jun 29, 2007 2:43am
probably to work as a trader for a hedge fund/bank/everthing else, you also need to be a graduaded in economy at a known college, MBA+CFA diploma plus some luck
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #12
  • Jun 29, 2007 5:02am Jun 29, 2007 5:02am
hmm sounds interesting ... it's a good idea to trade for banks. You get economy of scale. Am I right ?
If you make 10% from 10 mil ... with some profit sharing you make good money ... compared to 10% from my tiny account.
  • #13
  • Jun 29, 2007 6:03am Jun 29, 2007 6:03am
Thanks guys...I know its a hard job to get

I think CFA is for financial analyst but not for being a trader.

Actually most FX trader jobs require 5-15 years of experience... thats what puzzles me...where do u get the experience? as what?

A lot of london sites say they recruit junior traders...but I couldnt find any in the US
  • #14
  • Jun 30, 2007 8:39am Jun 30, 2007 8:39am
Quoting xxfunguyxx
Thanks guys...I know its a hard job to get

I think CFA is for financial analyst but not for being a trader.

Actually most FX trader jobs require 5-15 years of experience... thats what puzzles me...where do u get the experience? as what?

A lot of london sites say they recruit junior traders...but I couldnt find any in the US
If you can show a profitable 3 years of trading (broker statement) ... I can't see why they wont hire you.
  • #15
  • Jun 30, 2007 10:59am Jun 30, 2007 10:59am
Quoting luqmanz
If you can show a profitable 3 years of trading (broker statement) ... I can't see why they wont hire you.
The think with CFA and the others diplomas i heard it from a regional bank CEO.

btw: if you know to run and have a good shape, doesn't mean your country will take you to 2008 Olimpic Games
btw: even if you beat they'r top athetles they won't take you to the Olimpics, in this case they will only select you in the national team to see how you perform
"Abandon all hope, you who enter here" La Divina Commedia, Dante Alighieri
  • #16
  • Jun 30, 2007 11:16am Jun 30, 2007 11:16am
Quoting KudzuFX
Actually, there is more prestige trading for yourself making money year after year. There aren't too many doing that. This is an elite club. Some of the guys trading at banks wish they could go out on their own, but they are too scared of failing without the banks software, hardware, bank roll, market depth info to prop them up.
I agree with you 100%.

Why waste your time trying to convince someone else you can trade successfully and make a fraction of what you could make by trading on your own?????

Also, consider the psychological factor.......you will trade differently, (probably more conservatively) for someone else, then you would if you traded for yourself.

The elite club IS the club of traders who have become full time successful traders and trade on their own, for themselves. Why have a JOB, when you can have a YOB (Your Own Business)???????
  • #17
  • Jun 30, 2007 6:41pm Jun 30, 2007 6:41pm
Quoting ForexCoach
Also, consider the psychological factor.......you will trade differently, (probably more conservatively) for someone else, then you would if you traded for yourself.
In my opinion, trading for someone else would be a lot more easy than trading for yourself. When You're trading for yourself You know that's Your own money you're risking. Worst case scenario would be blowing your account which is not a nice situation.

When trading for a company You know that's their money You're risking. And I don't think a trader working for a company/bank has to respond for the wrong trades made, so I guess worst case scenario You'll just be fired.

Just my 2 pips .
"I say high, You say low, You say why, and I say I don't know..."
  • #18
  • Jun 30, 2007 8:32pm Jun 30, 2007 8:32pm
Quote
The think with CFA and the others diplomas i heard it from a regional bank CEO.

btw: if you know to run and have a good shape, doesn't mean your country will take you to 2008 Olimpic Games
btw: even if you beat they'r top athetles they won't take you to the Olimpics, in this case they will only select you in the national team to see how you perform

If you can make profit for the company, I see no reason why wouldn't anyone hire you. CFA and licenses can come later (they may even finance your studies. I have a friend working in asset management). (What does CFA has to do with trading ? ).
I dont know any trading house (trading house, not banks) that requires anything more than SEC licenses.

Running for Olympics does not make a lot of $$$. I'm sure most runners dont have a diploma in Sport Sciences.
  • #19
  • Jul 1, 2007 4:34am Jul 1, 2007 4:34am
You need a university/college education and you need to know the right people. Why would you bother working for a company? Most companies do not allow you to trade a personal account and pay you a wage + bonuses. If you are good enough to trade for a company or a bank you are good enough to trade for yourself and make more money.

Banks or hedge funds keep you around when times are good and throw you out the door the second you have a minor losing streak. The work is high stress and long hours. When you first start you are more likely to take every bodies lunch orders than do any real trading. After two years they might let you play with the banks money and as soon as you make a mistake youa re gone. It is a cut throat business and very hard work.

You are better off trading from home and growing your own fortune than trading for somebody else and making them rich. I know a guy who works for a hedge fund he handles over 20 million dollars and makes the company millions of dollars per year they pay him 200k per year + bonuses. Yes you cant complain with 200k but he does 12 hour days and works 6 days per week. Trading from home is much easier and you wont die at 40 from heart failure related to stress and overworking.
  • #20
  • Jul 1, 2007 8:39am Jul 1, 2007 8:39am
Like a few others here, I've met a guy who worked as a trader for a very large firm. He had a $50 million account and never made under 20% per year in 5 years. He made almost $3 million per year doing it. But after 5 years he was burnt out to the point of needing serious help. He hasn't worked in over ten years. I'm not sure it's worth it. I'd rather make a small 6 figure income and keep my sanity and life intact then deal with that sort of pressure. There are things more important than money, health being one of them.
0 traders viewing now