Quote from gunslinger:
Lotsa typical ET responses. My suggestion if you want to get on a major trading desk is to be persistant. I would get the name of the person in charge of the specific area of trading you're looking to break in . Send a 1 page resume with a short cover letter stating that you will contact this person next week.
Next week comes, call once pre-market (around 7- 7:30 AM) and once after the mkt. always leaving your name (this way at least he will know ur name). Do this for the week.
By chance if you get him on the phone, you have about 2 mins. to sell yourself and to set up an interview (so think very carefully about what you are going to say). I would refrain from telling him ur track record over the phone. Basically just say you have always wanted the opportunity to beak in on a successful trading desk such as _____. Tell him you're willing to do whatever it takes (12 hrs/day 6/wk etc...), and want to set up a meeting so he can see what youre all about.
If you cant get him on the phone after the first week of calling, put on your best suit and go there in person (either premkt, lunch or aftrmkt). Do that every other day for the week. This should at least get u in the door.
The point of doing it this way is that the Man. Dir. of trading usually worked his way up through the trenches and will def respect your persistance and tenacity, at least enough to interview you.
Do this with ten firms and you should be able to get a few interviews and very possibly your dream job.
Best of luck and dont let anybody say you cant do it. Oh yeah, this approach works a lot better if you are young (early 20's).
Quote from cvds16:
How on earth is this possible, how many contracts can you write far out-of-the-money with 3000 as margin: maybe three or four on a normal stock, for which you will receive in total something like 200 USD a month if they expire worthless. This is a total bs story.
Quote from gunslinger:
Lotsa typical ET responses. My suggestion if you want to get on a major trading desk is to be persistant. I would get the name of the person in charge of the specific area of trading you're looking to break in . Send a 1 page resume with a short cover letter stating that you will contact this person next week.
Next week comes, call once pre-market (around 7- 7:30 AM) and once after the mkt. always leaving your name (this way at least he will know ur name). Do this for the week.
By chance if you get him on the phone, you have about 2 mins. to sell yourself and to set up an interview (so think very carefully about what you are going to say). I would refrain from telling him ur track record over the phone. Basically just say you have always wanted the opportunity to beak in on a successful trading desk such as _____. Tell him you're willing to do whatever it takes (12 hrs/day 6/wk etc...), and want to set up a meeting so he can see what youre all about.
If you cant get him on the phone after the first week of calling, put on your best suit and go there in person (either premkt, lunch or aftrmkt). Do that every other day for the week. This should at least get u in the door.
The point of doing it this way is that the Man. Dir. of trading usually worked his way up through the trenches and will def respect your persistance and tenacity, at least enough to interview you.
Do this with ten firms and you should be able to get a few interviews and very possibly your dream job.
Best of luck and dont let anybody say you cant do it. Oh yeah, this approach works a lot better if you are young (early 20's).
Quote from FaderTrader:
I definitely appreciate the below response, but I'm sorry to say this guy has watched the movie Wall Street one too many times.
Here are a few reasons why this wouldn't work as outlined below:
1. It makes you look wierd - driven possibly - but wierd. It's highly likely your boss would get contacted and that you would be told to stop bothering that MD.
2. Morgan has a firm policy of no internal transfers to other groups without being at the firm, in your current position, for at least 18 months - after which you need permission from you boss to even attempt an application elsewhere. Investment banks are well aware that most people want to be traders (albeit Sales Traders).
3. If you spend all your time doing what the person below described, you'll mostly likely get fired for not focusing on your job. And, speaking from experience, being fired by a reputable firm - without the ability to just leave it off your resume (since it was your first job and probably occupied several months of your time) will make getting the next job seem like an insurmountable task.
Quote from lasner:
I was trading in commodities. I leveraged all of my returns.
I started with $3,000, leveraged all of it, got control of 10 contracts in five different markets for options worth about $150...made a return of $1500. Then did the same thing with $4500, leveraged all of it got control of 15 contracts each worth about $150...made $2250. Now I'm up to $6750...leveraged all of it got control of 22 contracts made a profit of $3300...Now I'm at $10000, leveraged all of it...and so on and so.
Quote from segv:
Lasner,
You were not asking for trading advice in this thread, but I wanted to chime in with the others to say that a blowup is inevitable with uncontrolled risk. Yes, the probabilities are in your favor, and you can win on 95% of trades or better. The 1% catastrophe will wipe you out, and maybe more. Point the gun at your foot, not your head.
That being said, no (reputable) option prop firm will allow you to trade this kind of strategy. Proprietary firms that specialize in options typically focus on market-making, and they hold limited risk option portfolios as a consequence of this activity.
-segv
Quote from gunslinger:
A few things, first this was how a obtained to entry level jobs at oppenheimer and bear sterns. First time I went to Bear the trade mngr. interviewed me right on the spot at 1 in the afternoon.
Second this advice was for if he didnt take the sales job.
Third entry level jobs on desks DO NOT require a business degree. The MD's like to see aggressiveness.
Finally if you're going to give advice or make comments with any credibility, you should learn when you type the word "wierd" you shpuld spell it "weird".
Quote from gunslinger:
Lotsa typical ET responses. My suggestion if you want to get on a major trading desk is to be persistant. I would get the name of the person in charge of the specific area of trading you're looking to break in . Send a 1 page resume with a short cover letter stating that you will contact this person next week.
Next week comes, call once pre-market (around 7- 7:30 AM) and once after the mkt. always leaving your name (this way at least he will know ur name). Do this for the week.
By chance if you get him on the phone, you have about 2 mins. to sell yourself and to set up an interview (so think very carefully about what you are going to say). I would refrain from telling him ur track record over the phone. Basically just say you have always wanted the opportunity to beak in on a successful trading desk such as _____. Tell him you're willing to do whatever it takes (12 hrs/day 6/wk etc...), and want to set up a meeting so he can see what youre all about.
If you cant get him on the phone after the first week of calling, put on your best suit and go there in person (either premkt, lunch or aftrmkt). Do that every other day for the week. This should at least get u in the door.
The point of doing it this way is that the Man. Dir. of trading usually worked his way up through the trenches and will def respect your persistance and tenacity, at least enough to interview you.
Do this with ten firms and you should be able to get a few interviews and very possibly your dream job.
Best of luck and dont let anybody say you cant do it. Oh yeah, this approach works a lot better if you are young (early 20's).