54% return -- looking for an internship

Quote from trader99:



... After 5yrs in the institutional world, I said hell to it once I figured my own strategy. Now, I trade and potentially make MULTIPLES of what I made before if my strategy continues to work. That's the upside in prop trading. You can rake in a lot IF you really believe in your strategy and it works.

However, as a "beginner" you should start working at established place so you can have something to fall back. Like if I don't want to do prop tradingl, I can always go back and be fund manager or back to research.
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Exactly. If you are good and know what you are doing then most people will hit a ceiling at some point: at that point you either accept your lot in life - a good salary/bonus which you can stay at until something changes in the industry or company - or you go off on your own and if successful make many times your salary. If you accept the risk and feel it is acceptable then entrepreneurship is the way to go ......
 
Quote from FishSauce:

What's OP?



Like I said before: low-alpha would not get you an offer.
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Getting a job has NOTHING to do with high or low alpha! Luojun has an MBA. Investment firms regularly hire MBAs as entry level position in their firms. Maybe as an analyst or jr analyst or whatever. He can start out doing research etc. he doesnt' need to to have kickass portfolio. Firms understand that. They will train him, pay salary, bonuses. And in a few hard working years maybe he'll be good enough to get to jr portfolio manager or assistant portfolio manager position.

luojun, i suggest you start SERIOUSLY sending your resume out to those firms if you want to go into money management. I don't understand how come your CAREER center is not helping you? For us, there was no problem lining up internships since Wall St CAME to us! They recruit every year. I assume that they would do the same at your b-school.

You don't need to go on a message board and try to ask these simple questions.

good luck!
 
Quote from CalTrader:



Exactly. If you are good and know what you are doing then most people will hit a ceiling at some point: at that point you either accept your lot in life - a good salary/bonus which you can stay at until something changes in the industry or company - or you go off on your own and if successful make many times your salary. If you accept the risk and feel it is acceptable then entrepreneurship is the way to go ......
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Yeah, while I agree that you agree with me. hehe. I still think the VAST MAJORITY of the newbies traders/wannabes on this board should go get themselves a real trading job in the financial industry to learn the ropes for a few years before just blowing out their accounts just trying do this and that on $2K trading acct ( a la GG). $2K isn't even enough to make a living off. And they will be always pressured to perform and can't learn good trading habits that will carry with them for the rest of their trading careers.

there are just way way too many hurdles and pressures if you are new, starting out, no salary, no knowledge, no market understanding, and extremely LOW capitalizations. In addition, to poor market conditions in the last few years can be brutal to total beginners.

but good luck everyone!

happy trading

99
 
Quote from luojun:

I think Wallstreet is my Jerusalem. I prefer to spend a few years learning from these smartest people in the world.
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Dude,

You have serious misconceptions about this country and Wall Street. Unless you open your eyes, you are going to sell your labor very cheap to one of these Wall Street "geniuses".
Wall Street still is a somewhat exclusive circle. It's not what you know but who you know and where you come from. Just learn about NYSE and the "fair and orderly" market made by the specialist.

As someone stated, take your degree and start promoting yourself as a link to China. Although I (and many others) believe that the China hype is long over, there are still many many smaller firms that want MBA who have experience in China and are Chinese. They WILL pay you more to go there rather than stay here.

Thats it. I do not know what else are you looking for. Forget about your fund unless you want to make money for yourself. Why do you want to work for a fund so badly anyway? Just make some money with your skills and start your own.
 
Quote from Sarasota:



You losers are a complete joke, and have nothing better to do than to rip on a guy that is new to the US and is looking for advice. All of these responses literally make me sick.
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My gut feel is that a lot of the negative posts are from guys who got smoked trading after having paper traded themselves and having delusions of kicking ass when they started with real money. Anyone who truly wanted to help the original poster would offer constructive criticism and/or advice ... and not berate him. Last, successful traders know how to keep their emotions in check. Angry bitter ex-wanna be traders are a different story IMO.
 
Mr. Trader99

Thank you for your suggestion. I am contacting a very large company here in St. Louis. Maybe their analysis department need hands. It's just too late to get in. Many companies don't want to hire foreigners now.

I think might my strategy was wrong. I gave up the opportunities to apply for those top companies which I thought I won't have a chance. But I did send some applications to Morgan Stanley, Fidelity, Deutsch Bank, and other multinational investment companies. I think maybe I was just too ordinary with my plain cover letter among those competitors. Some alumni are very willing to help me, but they can't help me much.

Career center provides me contact database. I have to do myself. It's my own duty, I can't blame them. :)
 
I am sorry to hear about your situation. Usually internship application is DUE in January.


Its now June. ... and the number of available internship is quite small. With regard to Morgan Stanley, etc. IT is very very hard to get an internship (MBA level) if you're not from the top ten list (i.e. Harvard, Sloan, etc). I know for a fact that they dont actively recruit at second tier school....


Its unfair, but that's reality.


Goodluck anyhow.
 
I know. I even couldn't find my school in their online application list.

That's why I gave up them. I know how hard it is, unless I have a very good relationship with someone. But I know no one here.
:(
 
Top 14 best-fit matches -- End of Day data only.


Symbol Name Phone Price 1-Alp

ATCHX AMERINDO FDS INC TECHNGY FD CL D (212-371-6360) 6.370 101.5%
JAMFX JACOB INTERNET FD INC SHS (212-698-0782) 1.190 98.3%
FLVCX FIDELITY SECS FD LEVERAGED CO ST (800-544-8888) 14.700 72.2%
FLVIX FIDELITY ADVISOR SER I LEVER CO ST INS (800-522-7297) 15.510 70.0%
FLSAX FIDELITY ADVISOR SER I LEVER CO STK A (800-522-7297) 15.430 69.6%
MNNAX MUNDER FDS INC NETNET FD (800-468-6337) 14.250 65.1%
MNNBX MUNDER FDS INC NETNET FD CL B (800-468-6337) 13.730 63.9%
MII STREETTRACKS SER TR MORG STAN INTNT (800-223-1200) 10.400 63.2%
REYFX REYNOLDS FDS INC REYNOLDS FDS (800-773-9665) 5.010 57.3%
RIAFX RS INVT TR INTERNET AGE FD (800-766-3863) 4.830 57.2%
MNNKX MUNDER FDS INC NETNET FD CL K (800-468-6337) 14.260 53.7%
TBTBX TIP FDS TRNR NEW ENTERP (800-224-6312) 3.850 48.7%
RSIFX RS INVT TR INFORMATION AGE (800-766-3863) 11.190 48.7%
FOCTX LEGG MASON FOCUS TR INC (800-822-5544) 22.260 46.7%

These are 14 funds whose1-Alpha greater than 45%, my alpha isn't so bad.

alpha/beta vs. S&P500

Alpha 49.97%
Beta 0.82
R-Squared 0.19

I know this doesn't mean anything. I can't be better than those funds. But, at least, I am not so bad. :)
 
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