Yes this is fine, once you know how to trade your own funds....then you can move on to trading for others on your terms (just as I do).Quote from romik:
Even though I currently trade my personal capital, my goal is to trade other people's capital and only partially mine. There is no right or wrong regarding the issue though. Sorry, it's not on subject, just in response to 5Pillars
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Pit trader looking to move off the floor
- Thread starter fpuppet
- Start date
I think this is a somwhat tough spot, there are lots of ex-pit traders looking for a job. I can say from the hiring at my firm that they are reluctant to hire pit traders cause the skills don't transfer readily to electronic trading. You have to be to demonstrate ability well beyond buying the bids and selling offers. I am a former pit trader, I took the first crummy job I got, built up my resume and then moved on. Best of luck to you.
you can do it, people are transitioning. You have a ton of experience, you can find a way to make it work for you.
The best thing to do is to learn to program. It will make things much easier for you.
Programming C# and .net would help you a lot. If you look in the website I provided earlier most trading jobs nowadays require you to be fluent in those languajes.
Also, get yourself a playstation 2, or a cuople of good computer games [like quake] that would help you become faster with your fingers... it helps when trading electronically.
Also, get yourself a playstation 2, or a cuople of good computer games [like quake] that would help you become faster with your fingers... it helps when trading electronically.
The biggest difference in the transition is that order flow dosen't come to you. What you first have to develop is a strategy which isn't reliant upon getting that execution edge. Once you get that strategy down, you can work on getting more edge.
Trading like an upstairs trader on the floor made the transition easier for me. Everyone I know who traded on the floor and just went off of order flow is out of the business.
Start upstairs trading small and not the same size you used to swing in the pit. Good luck!
Trading like an upstairs trader on the floor made the transition easier for me. Everyone I know who traded on the floor and just went off of order flow is out of the business.
Start upstairs trading small and not the same size you used to swing in the pit. Good luck!
That's a good question. I think it's got something to do with the logical thinking requierd to program computers, as well as being able to transmit your ideas to an automated trading system, and thus becoming more efficient.Quote from fpuppet:
I have noticed that a lot of traders' resumes contain some programming background. Why is that? I don't see how the two go together?