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Entry level trading jobs
- Thread starter Jgills
- Start date
Quote from mastacoli71:
There is a reason why you are having a hard time. First off, institutions are not hiring traders, they are firing them.
You need a track record to get a job at a fund. What you are looking for is no longer available. Times have changed. Either document your 300% return and be prepared to show how you did it or get some start up capital and try your hand at a prop shop.
I've been at a prop shop for 4.5 years now. Don't be fooled to think you can succeed with start up cap of 5k and 30:1 intraday lev. You will blow up quickly and be right back on the street looking for employment in an economy that is not hiring.
Sorry for being so blunt but that is the way it is. Btw, 300% return is pretty darn good especially if you are just out of college. Sounds like you have something so if it is legit, you could probably raise your grub stake from family member or friends. Get creative if you have the desire. Remember, there are no free lunches.
Good luck to you.
I won't ask family for money, I don't want to be doing that.
As for outside capital, I would do it, but I can't do that and be working at the same time. I wouldn't have the time to put into analysis/research to feel comfortable with the work I'm doing for someone else.
I've also thought long and hard about a prop shop and it may be the option I choose. My issue regarding it is that I'm not accustomed to trading at an intraday level and I don't want to just go in and lose my contribution, but of course no risk no reward.
I'm trying to look at some of the top ones around here, I've applied to them, but we'll see if they give me the time of day.
Quote from Jgills:
I'd rather not get into the specifics, but yes of course I will be trying that option to get on the trading team there when I have the opportunity to do so.
Why not. There are thousands on analysts on the street. Are you in front office? Are you in research? Are you in middle office? What asset class? No information will single out who you are, but if you are asking this question it matters because it will affect your opportunity set. At the bank I used to be at we took analysts from middle office all the time. But they had to fit a certain criteria. We also took analysts from research and the on divisions but they fit a different criteria.
The responses you will get here are "trade for yourself" and "join a prop firm" when you should be asking how will my bank hire me to trade. The third question is worth potentially millions of more dollars than te first two. PM me if you want.
Quote from Jgills:
I appreciate the replies.
I have an issue asking for money from family members, I won't do it. I'll take outside investors money, but currently I can't do that since I'm working at a bank, albeit entry level, I still can not because I don't have the time to put in to feel comfortable with it.
A prop shop is my next thought, but I'm worried about the exact problem you mention, especially since I don't typically trade intraday.
How did you start at the one you're at and what is the name of it?
Started with 25k in account, had 100k saved up to cover 2 years of living expenses. The 2 reputable firms are Bright and Echo.
Prop can get expensive if you are carrying positions long term leveraged. Commisions as well with less volume. I guess it all depends on what you are looking for. At the end of the day, you got to have (or have access) to money to make money.
I know what you are saying on asking family members for money. Just a suggestion.