Education to prepare for trading career

[psytrade]

I would suggest going into a "normal" career outside of investing/trading.

 

[fogut]

Quote from nazzdack:

Timing is more important. To enter the "business" in the middle of a bull market is best.

Would you say then, now is a really good time to get into trading since we are in the middle of a bull market.

Thanks.

 

[ProfLogic]

Quote from Anaconda:

This is near worthless if he is trying to get into a true prop shop.

Physics is actually a valued major, only due to the math requirements.

Business Econ is simply for the foundation. I solid understanding of the environment is important but it is worthless from a "trading" standpoint.
The trading success is based on the physics, logic and problem solving skills.

 

[nazzdack]

Quote from fogut:
.....is now a really good time to get into trading......

1) Any time is a good time to be involved with trading, especially if you can "control your destiny" by not being somebody else's employee.
2) It depends on how you measure a bull market. If you believe March-2009 was a "final bottom", then you should feel confident about longer-term prospects.
3) If you concentrate more on the "top" from late-2007, then you may believe there's more downside before things get better. :eek:

 

[fogut]

Quote from nazzdack:

1) Any time is a good time to be involved with trading, especially if you can "control your destiny" by not being somebody else's employee.
2) It depends on how you measure a bull market. If you believe March-2009 was a "final bottom", then you should feel confident about longer-term prospects.
3) If you concentrate more on the "top" from late-2007, then you may believe there's more downside before things get better. :eek:

Thanks.

Any suggestions as to how one can transfer from another field to trading if I have few years of profitable experience ? In other words, what is the most likely place that would want to hire someone like my background - Prop. firm, BB firms, Hedge fund.. ?

Thanks again.

 

[TraderZones]

Quote from fogut:

Thanks.

Any suggestions as to how one can transfer from another field to trading if I have few years of profitable experience ? In other words, what is the most likely place that would want to hire someone like my background - Prop. firm, BB firms, Hedge fund.. ?

Thanks again.

first, separate "becoming a trader for myself/prop trading" from "getting a job as a trader"

The reality is, after the disaster in the financial arena:

1) huge numbers of financial employees were let go
2) With little background, it is now even much harder for an entry-level to get into trading for a real company. There are lots of experienced people in line ahaead of you, and they will be hired first.
3) many more jobs as traders have been replaced by algorithmic trading (ie, by computers) at major financial houses
4) many other financial jobs have offshored to Hyperabad & Bangalore, India
5) Many of the exchanges have gone electronic, so working on a floor is not an option for most

Prop trading is generally not really a trader job. It is just a twist on trading for yourself. And new people rarely get much interaction with the few profitable traders at a prop firm.

 

[christian903]

To get into a Prop. firm all you need is 5-10k and a heartbeat!!

 

[fogut]

Quote from TraderZones:

first, separate "becoming a trader for myself/prop trading" from "getting a job as a trader"

The reality is, after the disaster in the financial arena:

1) huge numbers of financial employees were let go
2) With little background, it is now even much harder for an entry-level to get into trading for a real company. There are lots of experienced people in line ahaead of you, and they will be hired first.
3) many more jobs as traders have been replaced by algorithmic trading (ie, by computers) at major financial houses
4) many other financial jobs have offshored to Hyperabad & Bangalore, India
5) Many of the exchanges have gone electronic, so working on a floor is not an option for most

Prop trading is generally not really a trader job. It is just a twist on trading for yourself. And new people rarely get much interaction with the few profitable traders at a prop firm.

What do you think of the prop firms that gives you training, pays you a small salary and provides firm's capital for you to trade ? I know there are very few firms that are like that. However, they do seem legitimate on the surface.

 

[TraderZones]

Quote from sprinter:

please do not listen to traderzones. He hasn't a clue and exists merely to confuse.

A sad failed system seller and trader who only wants to destroy.

He truly has no idea of what he talks about

fine, pigeon brain

I am sure you said that because you have commanding knowledge yourself

DISPROVE the above, point by point. Don't just demonstrate that you are learning how to use your keyboard for the first time...

 

[annaland]

Quote from 2Rip764:

I am currently a graduate student at a top US university (private, non-ivy). I was wondering what particular skills and classes would be looked upon as most helpful when applying to prop shops post graduation- programming? mathematics? economics? My program is in quantitative finance/risk management and I have the opportunity to take a few other graduate level courses that are quantitative based. Also, in terms of programming skills, what types of languages do most firms like to see for incoming traders/recent grads?

Hello mate,
I assume you're completing a Master degree and not just a certificate program. In which case, make sure you take Financial Modeling courses (any decent program will offer I & II. Take both and go above and beyond each model. Learn how to derive each model and then how to program it from scratch in C++). Take a stochastic processes, operations research models and numerical analysis course (you will likely learn Matlab/R in these courses). Take as many of these courses with Russian professors – no joke, if their last name ends in ski, they are your friends when it comes to learning. As electives, take options, fixed income and credit derivatives. I would also recommend an advanced financial econometrics course (particularly if Greene’s book is used).

Hope that helps...