Traders! I need a FX Career, please help | Forex Factory

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Traders! I need a FX Career, please help

  • #1
  • First Post: Feb 18, 2011 12:06am Feb 18, 2011 12:06am
Hello traders , i need help to an FX career path , i have 1 year forex experience with live account .

i am not discussing a trading strategy nor my performance , i am working as a stock broker , and my salary is too low , and i have a bachelor in electrical engineering ,

i need to shift to whether a high paying job within the industry or to starting my own FX money management business .

so here is some ideas , i am trying to take a path that serves both in one single shot ,

i am thinking of making CMT (the 3 levels ) and entering Series 3 exams to become a CTA or CPO .

i need more ideas , i want to progress in my career by last 2012 max , as i am growing up (now 26) and i am afraid that i am few steps below .

please advice me
  • #2
  • Feb 18, 2011 12:30am Feb 18, 2011 12:30am
  •  Skylite
  • | Joined Feb 2011 | Status: What the eyes see the mind believes | 5 Posts

  1. Never put a time constraint on your trading goals. If you do you will force yourself to make poor trades because you have removed your ability to wait patiently for good setups.
  2. If you are not particularly successful trading stocks, and you work in the business, you are going to have an even harder time in FX because the market has less rules and a much larger range of participants and trading objectives.
  3. At 26 you are really only beginning your career. Lots of people get caught up with thinking they will become millionaires by their late twenties because there are so many stories of people that have but the fact is only a TINY proportion of the population will ever be millionaires so even if you become one at 50 that is still a great achievement that most people will never experience.
  4. You will never succeed at anything if you focus only on the goals. You need to focus on the TASK in order to achieve the goals.
  5. If you really want a career in FX then go and get a job as a junior dealer/analyst for any bank. If you have any talent/skill it will be recognised pretty quickly. That is by far the easiest and cheapest way to get into the FX market full time. Plus you will get a salary to keep you alive and will probably learn more about the market than you ever could on your own.
  6. Don't ask people on an internet forum to create your career for you. If you get someone else to do the hard work then you have achieved nothing.

  • #3
  • Feb 19, 2011 6:55am Feb 19, 2011 6:55am
thanks a lot for ur reply , i am very grateful , i know what i am ought to be doing , just i need experienced advice , whether i should dump or add something , my plan will take less than a year to achieve .

as for stocks , i am a sales broker , i take orders and i execute over the trading session with the client's criteria .

, regarding getting the job as an anayst/dealer for a bank , i need to know what i should acquire (CERTS) to get hired , thats was the whole idea of asking at the beginning
  • #4
  • Feb 20, 2011 7:03am Feb 20, 2011 7:03am
No one is going to make you a trader overnight. But, if you want to know what is needed to have a chance, this site http://www.quantfinancejobs.com/ should give you a rough idea of the qualifications you need to just get your foot in the door.
  • #5
  • Feb 20, 2011 9:26am Feb 20, 2011 9:26am
It's interesting you ask that since you do say that you're "Trying to be your own boss"

FX jobs are just that. Jobs. In the new market order, traders don't really make trading decisions, the portfolio manager does. Traders need to execute the portfolio manager's instructions at the best price they can get.

If you still want to get one, look for any analyst program at any major financial institution. That leads to trader.
  • #6
  • Feb 20, 2011 11:46am Feb 20, 2011 11:46am
Quoting seawinde
thanks a lot for ur reply , i am very grateful , i know what i am ought to be doing , just i need experienced advice , whether i should dump or add something , my plan will take less than a year to achieve .

as for stocks , i am a sales broker , i take orders and i execute over the trading session with the client's criteria .

, regarding getting the job as an anayst/dealer for a bank , i need to know what i should acquire (CERTS) to get hired , thats was the whole idea of asking at the beginning
Writing and composing sentences like you are at least half way intelligent would also help a lot. Otherwise you come off looking like a complete moron and no one would park money with an idiot like that.
  • #7
  • Feb 20, 2011 12:04pm Feb 20, 2011 12:04pm
sorry but i can't help it.

Quoting traderjai_inhi
Writing and composing sentences like you are at least half way intelligent would also help a lot. Otherwise you come off looking like a complete moron and no one would park money with an idiot like that.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #8
  • Feb 20, 2011 12:23pm Feb 20, 2011 12:23pm
Quoting seawinde
Hello traders ,...
I'd hate to break the news to you, but you'll probably never land a gig with a major hedge fund or bank. Your best option is to try and use your degree in electrical engineering and trade forex on the side. Eventually, becoming your own boss trading for a living. It's not what you want to hear, but it's the truth. You can probably earn a nice living using your degree in electrical engineering. Hook up with a big company and the sky will be the limit. Trade FX on the side. Just my opinion, and I wish you the best.
  • #9
  • Feb 20, 2011 12:27pm Feb 20, 2011 12:27pm
if u want a high paying job in the finance world get an MBA from an ivy-league. Sure you'll probably need to get a student loan but from what i've read in business magazines its really a bargain as you'll make it all back in a couple of years and many many times more in years to come.

if you specifically want a job as a trader for an FI get in touch with scoobs, I believe he's been trading for one of the big institutions so he would be able to advise you.
  • #10
  • Apr 3, 2011 3:19am Apr 3, 2011 3:19am
Quoting Ronald Raygun
It's interesting you ask that since you do say that you're "Trying to be your own boss"

FX jobs are just that. Jobs. In the new market order, traders don't really make trading decisions, the portfolio manager does. Traders need to execute the portfolio manager's instructions at the best price they can get.

If you still want to get one, look for any analyst program at any major financial institution. That leads to trader.
well , mr Ronald , i am sorry for the delay in reply , yes i will be my boss in the future , but i need to gain some experience through a job , which will give me exposure and connection . exposure to the trading system how do they operate , trading platform , big position sizing , at least thats what i believe , i am going for Series 3 , then i will register as a CTA/CPO
  • #11
  • Apr 3, 2011 4:57am Apr 3, 2011 4:57am
Hey seawinde,

I have done finance modules at a London university and am in a fortunate position to know people that work for hedge funds and major banks. I asked something similar to your question. I will try and summarise responses..

1. Get 'some' education no need to overdo it, basic economics, math, trading principles, (no need to go overboard with paying out for expensive courses)

2. Practice, practice, practice, lots of screen time

3. Once you have established a track record, write, speak to firms in that field that interest you. Tell them what you want… if your any good they will give you a chance..


Personally I have found trading for one self much more challenging and rewarding. I speak to people that work for funds/banks and they are under constant pressure from their masters. Work your butt off finding your own style/method of trading you will never answer to a ‘master’ again. Not that I am their yet !!

RS
  • #12
  • Apr 3, 2011 5:07am Apr 3, 2011 5:07am
Quoting traderjai_inhi
Writing and composing sentences like you are at least half way intelligent would also help a lot. Otherwise you come off looking like a complete moron and no one would park money with an idiot like that.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #13
  • Apr 5, 2011 5:51am Apr 5, 2011 5:51am
:S
  • #14
  • Apr 5, 2011 4:15pm Apr 5, 2011 4:15pm
Quoting seawinde
well , mr Ronald , i am sorry for the delay in reply , yes i will be my boss in the future , but i need to gain some experience through a job , which will give me exposure and connection . exposure to the trading system how do they operate , trading platform , big position sizing , at least thats what i believe , i am going for Series 3 , then i will register as a CTA/CPO
May I suggest that "a high paying job within the industry" may be a bit optimistic with your qualifications, or even a trainee programme with a major institution.

But if you want exposure to the things you mention, you could try to get accepted to the training programme of a prop trading firm with an fx desk. If you pick the right firm (and get accepted!) you may learn some useful things.
  • #15
  • Apr 5, 2011 4:50pm Apr 5, 2011 4:50pm
Hi,

it depends what do you want, if it is prop fx trading it means that nowhere they are going to hire you unless you have strong track record with reasonable wr, rrr, max drawdown and so on...

if you want to be fx market maker in bank, you do not need track record(it's not absolutely about prop trading but about market view and common sense, you are usually not choosing if to enter or not, somebody calls and you have to quote:-) ) but usually you need to have a lot of experience in instituton (as a trader), be lucky, get it through some intern programme(more ussually you will get sales or some "not important" trading positon) or have very good connections. At all good education is very important - I'm studying financial maths which i can recommend for such position, and with 4 years of fx trading at age 20 i've got such job(been lucky also) now working for a year already, but i hope i will move to London to some major bank's spot desk in 5 years.

Mike.
  • #16
  • Apr 6, 2011 7:08pm Apr 6, 2011 7:08pm
Quoting medici
May I suggest that "a high paying job within the industry" may be a bit optimistic with your qualifications, or even a trainee programme with a major institution.

But if you want exposure to the things you mention, you could try to get accepted to the training programme of a prop trading firm with an fx desk. If you pick the right firm (and get accepted!) you may learn some useful things.
i am trying to go with the last , worst case scenario is a training with no paycheck in a bank's dealing room, i am starting to study for series 3 , then i will enter CMT level 1 in november
  • #17
  • Apr 6, 2011 7:12pm Apr 6, 2011 7:12pm
Quoting katrooo
Hi,

it depends what do you want, if it is prop fx trading it means that nowhere they are going to hire you unless you have strong track record with reasonable wr, rrr, max drawdown and so on...

if you want to be fx market maker in bank, you do not need track record(it's not absolutely about prop trading but about market view and common sense, you are usually not choosing if to enter or not, somebody calls and you have to quote:-) ) but usually you need to have a lot of experience in instituton (as a trader), be lucky, get it through some intern...
thanks mike , it a little bit early for me to be a propriety FX trader , but i think a bank is all i need to head for , i am trying to pass my CV and using some connections to get a training at one of the top3 here in Egypt .

where r u studying fin maths ?
  • #18
  • Apr 8, 2011 8:21am Apr 8, 2011 8:21am
Quoting seawinde
thanks mike , it a little bit early for me to be a propriety FX trader , but i think a bank is all i need to head for , i am trying to pass my CV and using some connections to get a training at one of the top3 here in Egypt .

where r u studying fin maths ?
hi,

Comenius university in Bratislava, Faculty of maths, physics and informatics

mike
  • #19
  • Apr 9, 2011 6:22am Apr 9, 2011 6:22am
Quoting seawinde
Hello traders ,...

All you need to do is show consistent returns month on month with a very low
Adverse excursion ratio or draw-down per trade, then people will run to you to have their funds invested. Problem is people like that don't really exist.

Your net gain is not that important, anything above 15% a year would be good. Making 500% with massive draw-downs would not be sustainable in the long run and merely indicate a random account making a gambling profit.

One scam for example is where a trader opens hundreds of accounts and only shows us his winning account. One would need to carefully investigate a trader for this potential fraud, to avoid it.

Alpari New Zealand/Russia only allows a trader ONE account to prevent such misrepresentation. All the other brokers in contrast allows a trader many accounts so they can churn through as many fools as possible's money .
  • #20
  • Apr 9, 2011 7:17am Apr 9, 2011 7:17am
Quoting StephanusR
All you need to do is show consistent returns month on month with a very low
Adverse excursion ratio or draw-down per trade, then people will run to you to have their funds invested. Problem is people like that don't really exist.

Your net gain is not that important, anything above 15% a year would be good. Making 500% with massive draw-downs would not be sustainable in the long run and merely indicate a random account making a gambling profit.

One scam for example is where a trader opens hundreds of accounts and only shows us his winning...
Hi StephanusR,

ussually it is done in way that you are proving your skill with track record and then if you are applied you firstly trade demo account in dealing room for a month or so, so that they can be sure you are not a scammer and then you are starting with very small ammounts - in my experience hf manager where i've been on interview told me sth like this and the start of trading would be only 1 contract on eu futures - it's equivalent of only 125k usd without leverage traded on the spot

Mike.
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