Anyone been a Futures Broker?

S

Scapone

Guys, i am interested in becoming a futures broker.

However, after doing some research I am having second thoughts. All the stuff I found on google says that brokers are de facto sales men. And that ur main job is cold calling. Is this true?

What kind of tasks do futures brokers do in thier day to day activities? what kind of commision split do you get? do firms pay you salary on ytop of your commision split?

I heard burnout is high.

Anyway, please post your experiences I am interested.
 
Quote from Scapone:

Guys, i am interested in becoming a futures broker.

However, after doing some research I am having second thoughts. All the stuff I found on google says that brokers are de facto sales men. And that ur main job is cold calling. Is this true?

What kind of tasks do futures brokers do in thier day to day activities? what kind of commision split do you get? do firms pay you salary on ytop of your commision split?

I heard burnout is high.

Anyway, please post your experiences I am interested.
More...

what year are you living in? because everything is electronic and commisions are so low the need for a futures or stock broker is zero. They never provided any benefit other than access to information and an exchange which is now taken care of with th internet and direct market access. If stock and futures brokers still exist, they only churn accounts and rip off people.

If you want to do sales, the money is in institional sales in structuring or something OTC.
 
Sounds like you would be selling managed futures over the phone. The payout is higher than with stocks. It is pure telemarketing. Chances are, you won't even deal with the clients you bring in... churn and burn. There can be good money in it though.
 
exactly my sentiments. I know that being a stock or futures broker is basically a sales job so I doubt id be interested. I mean I also know that the need for a broker these days is about zero with electronic trading.

I am wondering if you still are allowed to cold call because of the now famous do not call list. Obviously the law makes any cold calling illegal.
 
surdo,

I do trade futures and that is what I want to ultimatelyh do for a living.

However, you need to have a decent of amount of capital to really make a living off of it. I dont have that much I am trading with right now but I will continue to do it on the side.

Anyway, I am interested in working as a trader for a firm rather then being a broker now. However trading jobs are hard to find.
 
How bad do you want to be a trader? Get two or three jobs, work your ass of for the next 5 to 10 years and save up a few hundred thousand. It is called delayed gratification. As far as getting a trading job if I was hiring I would have to ask, how successful are you in other endeavors in your life? ie making money!!!! If you are you should be well capitalized and be trading for yourself. If you are not why will you be a successful trader?
 
Quote from rosy2:

what year are you living in? because everything is electronic and commisions are so low the need for a futures or stock broker is zero. They never provided any benefit other than access to information and an exchange which is now taken care of with th internet and direct market access. If stock and futures brokers still exist, they only churn accounts and rip off people.

If you want to do sales, the money is in institional sales in structuring or something OTC.
More...

Not true at all rosy. The demand for advice is huge out there. I realize this is a traders forum, but we are a minority in the grand scheme of things. There are many people out there that want and need advice and as a result, brokerages will always be there and be very profitable.
 
nothing but a glorified telemarketer with a series 3...and you gotta pay for it...


Quote from Scapone:

Guys, i am interested in becoming a futures broker.

However, after doing some research I am having second thoughts. All the stuff I found on google says that brokers are de facto sales men. And that ur main job is cold calling. Is this true?

What kind of tasks do futures brokers do in thier day to day activities? what kind of commision split do you get? do firms pay you salary on ytop of your commision split?

I heard burnout is high.

Anyway, please post your experiences I am interested.
More...
 
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