Brainstorm career options (military to trading)
- Thread starter baggerlord
- Start date
From what I've observed, myself, of the industry, many people do that for four nights per week (Monday to Thursday), and then significantly compensate for it on at least two of the other three nights. I think it's possible, more or less to get away with that, more or less indefinitely. It's if/when cumulative sleep-deficit builds up over the months and years that there are adverse neurophysiological consquences.
Apologies for side-tracking the conversation, here.
Start a finance diploma. Price some derivatives. See if you like it / are good at it - psychology ramblings aside.
@baggerlord,
first of all I would suggest thinking about your desired income structure.
Do you like to get paid on a fixed salary + bonus or are you comfortable with performance compensation only.
This is a prime decision you have to make first in case you want to jump into it.
If you like to have a salary, you basically have no other option than to apply for a job at top tier firms like Renaissance, Jane or similar. The entry criteria are pretty tough though, so keep that in mind. So your chances are pretty slim in this case.
In case you are comfortable with no salary but a split of your profits, the situation is different.
You can apply at real prop shops and if you accepted, expect that you wont be making a dime during the first 1 - 2 years. That's how long it is usually going to take the average person to pull out $$ from the market. After year 5 you are probably good enough to make serious cash...if you can stick around that long.
As already mentioned, you need to look for shops that are taking the risk for you. If someone asks you for a deposit or a training fee, run away!
With regards to your background, I'd say that your military background will help you in terms of staying disciplined and keep up a routine. But performance under heavy stress is not necessarily needed, to be honest. Trading is not and should not be stressfull, especially not if you are spending an entire day in front of the machine untill your ass gets numb.
If you have stress during trading, you either trade too much size or don't know what you are doing. The key to become profitable is tenacity,patience, building routines, journal every day and developing strategies from it again and again. It has nothing to do with hyperactivity like you see in the movies: Like answering 100 phone calls in two hours while punching in 500 orders into your machine.
It's more like sitting and watching for hours until you find your spot to execute and do so without hesitation and flaw.
Which again leads to the compensation topic i talked about in the first place. Are you ok with the fact, that you might sit for days or even weeks, make no money and staying calm? If you freak out and be like "I have to make $$ to pay rent" and fuck up because you punch in a hail mary trade, that can end your career.
Just my 2cts.
first of all I would suggest thinking about your desired income structure.
Do you like to get paid on a fixed salary + bonus or are you comfortable with performance compensation only.
This is a prime decision you have to make first in case you want to jump into it.
If you like to have a salary, you basically have no other option than to apply for a job at top tier firms like Renaissance, Jane or similar. The entry criteria are pretty tough though, so keep that in mind. So your chances are pretty slim in this case.
In case you are comfortable with no salary but a split of your profits, the situation is different.
You can apply at real prop shops and if you accepted, expect that you wont be making a dime during the first 1 - 2 years. That's how long it is usually going to take the average person to pull out $$ from the market. After year 5 you are probably good enough to make serious cash...if you can stick around that long.
As already mentioned, you need to look for shops that are taking the risk for you. If someone asks you for a deposit or a training fee, run away!
With regards to your background, I'd say that your military background will help you in terms of staying disciplined and keep up a routine. But performance under heavy stress is not necessarily needed, to be honest. Trading is not and should not be stressfull, especially not if you are spending an entire day in front of the machine untill your ass gets numb.
If you have stress during trading, you either trade too much size or don't know what you are doing. The key to become profitable is tenacity,patience, building routines, journal every day and developing strategies from it again and again. It has nothing to do with hyperactivity like you see in the movies: Like answering 100 phone calls in two hours while punching in 500 orders into your machine.
It's more like sitting and watching for hours until you find your spot to execute and do so without hesitation and flaw.
Which again leads to the compensation topic i talked about in the first place. Are you ok with the fact, that you might sit for days or even weeks, make no money and staying calm? If you freak out and be like "I have to make $$ to pay rent" and fuck up because you punch in a hail mary trade, that can end your career.
Just my 2cts.
Thanks for the feedback here and via pm. I think for now I'm going to learn Python and see if I can program my trading approach. One of the perks of my job is free access to education. I already found a great Python course that should keep me busy for a while. I'm also in the process of training my wife in my approach. Maybe she could be the bot manager while I'm gone. Thanks again.
While I can't give you any advice beyond the usual (sellside/buyside etc), I can give a strong endorsement to military background as desirable in finance.
This business has plenty of young, energetic and smart people who know programming and math aplenty. Even calm under stress is abound. What this business lacks is loyalty, first and foremost. It's a big deal and very hard to find. I'd take a loyal guy/gal over the hottest, smartest most mathematical guy who is an ambitious asshole (granted, some background is needed).
PS this is my personal experience, I've been around a little
This business has plenty of young, energetic and smart people who know programming and math aplenty. Even calm under stress is abound. What this business lacks is loyalty, first and foremost. It's a big deal and very hard to find. I'd take a loyal guy/gal over the hottest, smartest most mathematical guy who is an ambitious asshole (granted, some background is needed).
PS this is my personal experience, I've been around a little
In my own opinion, do not waste your wife time by training her to whatever:
work together to get your CV and a LM explaining your situation well, and why you want to jump into the trading industry. Then get your wife to start firing your CV - worldwide - to HF, as well as Venture Capitalists.
work together to get your CV and a LM explaining your situation well, and why you want to jump into the trading industry. Then get your wife to start firing your CV - worldwide - to HF, as well as Venture Capitalists.
I work in the industry and sleep a solid 10 hours a day. Not kidding.
"Eventually -- no matter how *stupid* they are -- they all fall back on training. That's where *we* come in..."
Truth truth truth; a thousand times, truth.
That, and Vitamin BComplex. Woot!
Your military network is far more powerful than you think. If you haven't already, set up an account on LinkedIn and link up to everyone you know who has some contacts outside the military. Then use people you know to get you intros to former military folks in the companies you're interested in. Give them the 30 second version of what you told us in an email, then ask them if they're willing to schedule a 10 minute call to give you some advice. Don't ask for a job, just genuinely ask for advice when you talk to them, and at the end of every call try to get two more people they recommend you call.
This is not easy, but you'll be very surprised at how receptive former military are to helping someone out in your shoes. I've cold called other former military folks dozens of times over the past few years for a variety of stuff and am almost never ignored or turned down. You'll get great advice and you'll not only network your way into a job but have a better chance it's the right job for you.
This is not easy, but you'll be very surprised at how receptive former military are to helping someone out in your shoes. I've cold called other former military folks dozens of times over the past few years for a variety of stuff and am almost never ignored or turned down. You'll get great advice and you'll not only network your way into a job but have a better chance it's the right job for you.