54% return -- looking for an internship

I think I overreacted. Sorry, Thank you for pointing it out. :) anyway, l believe large fund is completely different from small money.

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Quote from luojun:


The only thing I lack is the experience to run a large fund. I have to consider whether the order I put will influence the market price. This is also the most I expect to learn from an investment company.

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Who wouldn't hire you with an attitude like that? Make sure you say that in the interview.
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Speedracer:

The first, I think you haven't read it carefully. It's not leveraged, and with maxium % restriction. It follows mutual fund rules.

the second, I don't expect to run any fund now. I still consider I am a student. Ameircan is new to me.

the third, do you think sixty thousand dollars is enough? I don't think so. I expect more.

My suggestion to cut your loss is to use stop order. Generally, people are greedy. They always expect make profit even the market tells they are wrong. So put your stop order where the price should not be there.

I haven't experience'd options a lot. In fact, I only did one options trade. I don't know whether my suggestion is practicle. But from "Market Wizard", I think you can learn a lot.
 
Quote from luojun:

Hi,

I am a first year Washington University Olin School of Business MBA student. I have been doing paper trading for seven months, and the return of my virtual fund is 54%. The return of my real money investment is 50%. I am looking for an internship now. Please introduce me to your friends who need an intern.

Thanks.

My homepage:
http://students.olin.wustl.edu/~luoj
More...

Well ... Its good to see that you appear to have an interest in your area of study. Also, you appear to be experimenting with various creative marketing ideas - a good thing.

I wish I could give you more encouragement.

My vantage point: I have one summer intern that I hired from Stanford. I received more than 1000 applicants from various top tier universities. The final selection pool revolved around people with significant experience in the securities/derivatives business.

The situation right now is bleak for new business school graduates that need to make a living - working for nothing or next to nothing might get you an opportunity. If you are a non-us citizen then your best bet is to stick with multi-nationals that do significant business in your home country. For US based operations the pool of applicants is so large that they need not consider foreign nationals except in rare circumstances of people with exceptional qualifications.
 
Thank you for your suggestion, Sir.

It's true that knowledge about China might be my advantage. In fact, the recent profit I made for my virtual fund and my real money is from Chinese stocks trading on American market. I know these companies, and it's very easy to see how they do business.

I also have eight years experience in electric power industry. This is also what I hope to add value for a company.

"working for nothing or next to nothing might get you an opportunity. " I do plan to do this. I don't have to worry how much I can earn this summer. But I hope the company can provide housing if it's in a very expensive area.

The purpose to paste this is to let people know me. I am willing to be in this industry all my life. It's so attractive.

If you know someone needs intern, please introduce me to him. Thanks.
 
On Marketocracy, I was number one of my FIN456 class with returns of 120% for 4 months.
Marketocracy is a joke, I got beat out by two guys that had found a glitch in the system, they had real time feeds and there was a lag between the delayed quote and the real time that enable trading with insight in the future!
Frankly, I'm really not impressed, sorry.
 
Generally, I put my orders in the evening. Most of my trading were executed at next day's open price. I am not a intraday trader.
 
RE> But I hope the company can provide housing if it's in a very expensive area.

RE> But I hope the company can provide housing if it's in a very expensive area.


OK let me get this straight, 1) you never traded any REAL money yet .....2) ALL your "profits" are paper trading...3) your smart ........4) you have no initial capital to share in the risk of a firm taking you on.......AND 5) you "hope" that the company can provide housing???? LOL oh man....I got to give it to you kid you got big stones. Well I work in San Francisco, CA. Do you know what housing costs are like here? Even after the dot.com bust? To pay you to afford any type housing here I would think would involve a salary of around $40K or more.... I don't know of ANY intern program that pays $40K.

My firm got 3 résumé’s yesterday .2 TOP students from Stanford and 1 from Berkeley, all 3 are still living with mommy and daddy and were willing to intern for free for the summer, we passed on all 3, why? We simply don't have the bandwidth to hand hold them and more importantly we have 3 (of a total of 7) traders in our SF office that trade personal accounts of over $1.5 million...you think we want some intern/kid bothering those guys.....hell no....I!!!! was told not to talk to those 3 guys at all under any circumstances, why...because they make a ton of money and are our top clients!

I'm not trying to dampen your enthusiasm and I encourage you to move forward with your passion (I did), I new 8 years ago trading out of my simple Schwab account that someday I would be involved in this great business on a daily basis and now I have accomplished that, but believe you me it was (and sometimes IS) a trial by fire. I’ve blown out my trading account 2 times learning what will work for me and what won’t. I’ve worked in high-tech for 13 years and the last two has been in transitioning to the financial trading field, I work and trade for a firm, more work right now than trading, but that is part of my overall plan. It’s like someone told me about trading “plan your trade…trade your plan” I developed a trading plan to trade daily, well I would suggest you step back and really understand what is possible in this climate RIGHT NOW. Then develop a plan, that may involve taking a job OUTSIDE of this business to build some trading capital to then present yourself to a firm with a stronger position, YES they’ll want your business but you may also find a mentorship program more established as well. I did read that Millennium Brokers has a new trader program on their website last night and it did not mention any capital contribution necessary but their not going to provide housing for you..heheh that one still make me laugh…., so you might want to check them out.

Good luck to you …really….if you are as smart as you say you’ll figure out a way to make it happen. I was certainly not as bright as you by a long stretch but I found a way to work in this wonderful field.

Again, I truly wish you the best.

J-

DISCLAIMER: My firm is in NO way associated with Millennium or do I personally benefit in any way for mentioning them, NOR do I work for them
 
It seems that you are doing great as a trader. If you look for a job as a trader, you should look for a position offering you a good basic salary and a percentage of the profits from trading. Watch out for companies that claim to hire traders and they are actually brokers. These numerous companies need people to churn and generate commission. Some even want you bring in money and pay for training!! Watch out!! If you can not find a real trader position, you could easily start trading from home with no one rushing you into churning!!!!
 
Quote from luojun:

Speedracer:
My suggestion to cut your loss is to use stop order. Generally, people are greedy. They always expect make profit even the market tells they are wrong. So put your stop order where the price should not be there.
More...

I don't even know why I repsond to these types of posts. But am still pissed for not taking advantage of a good trending market last night, so here goes.

I don't remember asking for any suggestions form you master paper trader. I know you think you have it all figured out after trading fake money on a bad simulation that as pointed out can be manipulated. You may, or may not be good. But don't start giving out suggestions like you are a good trader until you are a good trader, and that isn't on paper.

Good luck finding your dream job. In this economy, where funny money is not as available to hand over to every brilliant paper trader, you are going to need it. From the sounds of other posts here, you are going to need luck finding a free internship.

What are businesses thinking, you are great paper trader who turned out a 54% return on a million dollar portfolio in a huge up trend off the lows? Why are they not all running over to your house and offering you great jobs with big bonuses, after all, you did turn a fake account into a fake 54% return? This is why, on paper, you are a dime a dozen.

Good luck.
 
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