Cant break in this business

Quote from riskarb:

:D If he is, we won't hold it against him. I assume since he's 10y out of HS he's probably not wearing his varsity jacket anymore. You think?

Friggin' New Trier sycophants [j/k]
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Has anyone found those weapons of mass destruction yet?

I wasn't lying when I said they exist north, south, east and west of Baghdad.

Happy Apocalypse,

Donny Rumsfeld
 
Quote from mdl060374:


I honestly think networking is the single best way to go.
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I think it is the only way to go. Even if you know how to trade.
I am a top level analyst and without references, nobody would talk to me. If I was seeking position with some fund that is.
 
Quote from acrary:

Standard path to becoming a trader is a BSBA from a good university, a MBA from a top 5 school, a SAT min. of 1250, and a competitive spirit that won't quit.

Everybody on wall street uses this for basic education:

http://www.nyif.com/

You find find specific requirements for most trading positions here:

http://jobs.efinancialcareers.com/Trading.htm

If you can't meet the requirements, your best bet is to go for it on your own. Trade part-time and do your own research. Get a notebook, write down every question you can think of and spend your research time developing the answers. Trading books from well known authors are mostly garbage.
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An MBA really doesnt hold much weight in the trading world. Too many have them. Some of the best traders I have been around have 4 yr degrees from "good" schools...thats it....some of the worst traders I Have seen are Ivy league grads..problem with some of these guys is they cant admit when they are wrong...and that is death in the trading world....trading is a whole lot more than SAT scores and where ya graduated from.....a lot of of these people fold like a tent when under the intense pressure of trading...
 
Quote from mdl060374:

I agree with this. I would also recommend as a 3rd option to newtowkr through freinds and family.

Most guys at hedge funds that I have met are donkeys that got the job simply by knowing someone in the industry. (dad's country club buddy, or his older brother is in the business, etc)

They went to average schools and are of average ambition, but had the contactst to get their foot in the door. Now with the bigger more well known h. funds, this isnt true, but you dont need to be working at a SAC, etc...

I honestly think networking is the single best way to go.
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Networking is THE BEST way to go.....trading firms/hedge funds get a gazillion resumes....whenever leaving a firm, try and go out on as good a terms as you can...and stay in touch with as many other traders as you can....
 
If you are in Chicago, you need to go get a job on an exchange.
Then go to the library and grab some free books and stay at home on Fri night. Sat night too.

Lack of education should only hinder your ability at the front door. Just keep knocking, VERY LOUD! Once you're in, you'll realize your education will have little to do with your success. I know english majors, prelaw grads and engineers who are all consistently profitable.

Good luck!
 
Also look at equity prop shops like Bright, Schonfeld, First New York Securities, etc. Those 3 provide training and make there money from commissions (so entry is easier). I only mentioned these 3 because I know they provide training.

Out of the 3 above listed firms I know Bright will take anyone with money to put down and a desire to trade. First New York does not require a capital contribution (and provides good training from what I hear). Schonfeld offer training as far as I know.

Good luck.
 
Quote from EPrado:

An MBA really doesnt hold much weight in the trading world. Too many have them. Some of the best traders I have been around have 4 yr degrees from "good" schools...thats it....some of the worst traders I Have seen are Ivy league grads..problem with some of these guys is they cant admit when they are wrong...and that is death in the trading world....trading is a whole lot more than SAT scores and where ya graduated from.....a lot of of these people fold like a tent when under the intense pressure of trading...
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I think what acrary was describing is the standard way to step into the door of I-banks and other major hedge funds. Who ultimately succeed in this business is a different story.
 
Join a reputable brokerage firm that allows you to trade your book the way you want to... start cold calling and developing clients...trade your clients money - why risk your own??

That way you can learn a little more about the biz while still working in a competitive atmosphere...
 
Quote from PohPoh:

Join a reputable brokerage firm that allows you to trade your book the way you want to... start cold calling and developing clients...trade your clients money - why risk your own??

That way you can learn a little more about the biz while still working in a competitive atmosphere...
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NICE....FUCKING NICE.......Risk someone else's money when you have no clue WTF you are doing, and are most likely to lose their money in the process. What firm do you work for?
 
Quote from mschey:

NICE....FUCKING NICE.......Risk someone else's money when you have no clue WTF you are doing, and are most likely to lose their money in the process. What firm do you work for?
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How do you think a broker becomes a broker??? You think they all have intimate knowledge of the market when they start???
You and I both know that even people who know what they are doing, well, they still lose their ass...
Becoming a broker will teach you money management, trade selection, risk tolerance, etc...if you are working with a reputable firm that trains you properly....
You and I also know, if you were ever a broker, that when your clients lose their ass, you lose too...a book that generates CONSISTENT legit commissions is USUALLY a healthy one...
 
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