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Money Managers - Looking for Currency Trading Positions

  • #1
  • First Post: Jan 14, 2008 2:18pm Jan 14, 2008 2:18pm
Advice needed.

How did you get started?

I'd like to attain a position as a currency trader for a hedge fund or bank.

If you manage other peoples money how would you start your search?

Thanks all.
  • #2
  • Jan 14, 2008 2:57pm Jan 14, 2008 2:57pm
Where are you based firstly. Different countries have different regulations, as I'm sure you know.

Secondly, it's not as fun as you think it is! :

US based - suppose start with series3
UK based - check out sii dot org dot uk

Hope that's of some use
Carpe Divitiae
  • #3
  • Jan 14, 2008 3:03pm Jan 14, 2008 3:03pm
I thought about all of the exams but I doubt they will increase my hit rate.

However - I'm used to taking tests so I'll look into a Series 3.

Thanks again.
  • #4
  • Jan 14, 2008 3:08pm Jan 14, 2008 3:08pm
Quoting acumen
I thought about all of the exams but I doubt they will increase my hit rate.

However - I'm used to taking tests so I'll look into a Series 3.

Thanks again.
I was more trying to get you to think about it for a moment more.
It's not just exams 'n stuff. Or rather, it shouldn't be.{IMHO}
Regulation is a necessity, that's if you are serious.

And lastly, I apologise, but what's a "hit rate"?
Carpe Divitiae
  • #5
  • Jan 14, 2008 3:13pm Jan 14, 2008 3:13pm
You need a audited performance (The track record i by an outside accountant)
  • #6
  • Jan 14, 2008 5:16pm Jan 14, 2008 5:16pm
Sorry.

My post could have come off a little harsh.

Hit Rate - the number times your system goes for profit.

My hit rate hovers around 70%.

So - 7 out of 10 trades is profitable.
  • #7
  • Jan 14, 2008 5:18pm Jan 14, 2008 5:18pm
What kind of exams can you do in Belgium, EU?
  • #8
  • Jan 14, 2008 5:27pm Jan 14, 2008 5:27pm
So I hire an accountant and have my brokerage firm forward account statements?

Then what?

Actually (Plug coming) one could visit my site and watch my videos where I show my trades.

Thanks.
  • #9
  • Jan 14, 2008 5:29pm Jan 14, 2008 5:29pm
Quoting acumen
Sorry.

My post could have come off a little harsh.

Hit Rate - the number times your system goes for profit.

My hit rate hovers around 70%.

So - 7 out of 10 trades is profitable.
Hit rate seems virtually meaningless except at the extremes (95-100%).

I'm certain I can get a 90% hit rate if my target is 1 pip on majors and I have no stop losses, but it's not going to get me a job anywhere.

I also doubt anyone will be a trader for a firm without licensing and registration.

But what do I know... I'm not a trader for someone else's firm so take it for what it's worth.
  • #10
  • Jan 14, 2008 5:33pm Jan 14, 2008 5:33pm
Hit Rate is very important in determining a systems worth.

It's only one variable but It's important.

This is off topic but if you haven't read Van Tharp's book perhaps you should.

Secondly - I have a close friend that's a very successful stock trader and not one license other than his drivers license.
  • #11
  • Jan 14, 2008 5:37pm Jan 14, 2008 5:37pm
Quoting acumen
Sorry.

My post could have come off a little harsh.

Hit Rate - the number times your system goes for profit.

My hit rate hovers around 70%.

So - 7 out of 10 trades is profitable.
Ahh.. I tought you meant hit-rate on "job offers"
I'm no expert {, sorry, expert makes me giggle everytime}, I don't think hedge funds and/or banks, as you mentioned in your first post, hire traders because of their "systems".

I could be wrong. Never worked for a hedge fund or bank. Don't flame me. :
Carpe Divitiae
  • #12
  • Jan 14, 2008 5:41pm Jan 14, 2008 5:41pm
Why wouldn't a bank or hedge fund hire a trader that was consistently profitable.

There aren't that many guys who can consistently beat the market month in and month out... and prove they can do it?
  • #13
  • Edited 6:10pm Jan 14, 2008 5:49pm | Edited 6:10pm
Quoting acumen
Why wouldn't a bank or hedge fund hire a trader that was consistently profitable.

There aren't that many guys who can consistently beat the market month in and month out... and prove they can do it?
Your probably right. I don't know the reqruitment process.
I'm not going into details, but from having gone through an interview process and potential offer from another trading company before I went on my own. Systems had nothing to do with the interview questions.
They were situation based, almost personality based, questions. Some mental arithmatic, thankfully no spelling, and not one about how much money I had or hadn't made.

If you're thinking bank or fund, and are good enough to make it in. Say good-bye to your system. Unless it's your fund. You're going to have to abide by somebody else's rules.

Again, could be wrong, just my 2cents worth on the subject.

PS: {Meant to add, but slipped my mind}
Quote
There aren't that many guys who can consistently beat the market month in and month out...
I also know a good one, about a Sales Orientaded Engineer... :
Carpe Divitiae
  • #14
  • Jan 14, 2008 6:24pm Jan 14, 2008 6:24pm
Hmmmm.

If I couldn't trade my system then I'll raise my own capital or trade what I have now.

Thanks for your input... much appreciated.

m
  • #15
  • Jan 14, 2008 6:50pm Jan 14, 2008 6:50pm
I believe they look for the best in the business eg. hedge funds etc. For example if a trader is 7-out of-10 win percentage and profitable they'll take a look. but dont be surprised if they take some guy that is 2-out of-10 because he loses so little 8 times quite possibly smaller than the 3 losses of the 7 out of 10 trader, and his 2 wins might easily blow away the 7 wins by alot. I beleive they really measure in how much you can really pull in among everyone else and make a killing because if you win you get paid big in a hedge fund. Read Van Tharpes books like one of the guys said earlier he's really good. Anyways good luck.
"Diversification is an excuse for a lack of talent" ~FXC
  • #16
  • Jan 14, 2008 6:53pm Jan 14, 2008 6:53pm
Quoting acumen
Why wouldn't a bank or hedge fund hire a trader that was consistently profitable.

There aren't that many guys who can consistently beat the market month in and month out... and prove they can do it?
If you do this, why work for the man, just a suggestion

happy trails
  • #17
  • Jan 14, 2008 8:53pm Jan 14, 2008 8:53pm
8% of 10,000.00

8% of 1,000,000.00

That's why you trade OPM.
  • #18
  • Jan 14, 2008 8:58pm Jan 14, 2008 8:58pm
Quote
I beleive they really measure in how much you can really pull in among everyone else and make a killing
Couldn't disagree more.
Carpe Divitiae
  • #19
  • Jan 14, 2008 9:17pm Jan 14, 2008 9:17pm
Quoting acumen
Advice needed.

How did you get started?

I'd like to attain a position as a currency trader for a hedge fund or bank.

If you manage other peoples money how would you start your search?

Thanks all.

If you truly have something to offer, and have an edge, msg dominicanosrus (look him up using the search function). Pretty soon you will know yourself if you truly have an edge. LOL

Regards,
K.
  • #20
  • Jan 14, 2008 9:27pm Jan 14, 2008 9:27pm
Have an edge...hmmmm.

I guess I do.

I win.

What else is there?
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