If you have the discipline self teach yourself. It may take longer to get going and you'll use/lose your own capital but the rewards are worth it.
Trader Assistant / Clerk job in Chicago
- Thread starter Econ-grad
- Start date
If you have the discipline self teach yourself. It may take longer to get going and you'll use/lose your own capital but the rewards are worth it.
Do not listen to the posters who told you to go stand outside the exchange and approach floor traders. This is old fashioned and sounds ridiculous to me. Further, they think you are wanting to clerk for a floor operation or screen/floor arb operation. You don't want that. You'll waste your time learning how to do something very technical that has no application outside a trading floor.
You need to focus on groups that trade these markets on the screen. Also, what specifically interests you about trading? Answering this question will help you to pursue and find a group that is doing what fits your interests. Are you interested in fundamentally valuing or researching a company or exch traded market? If so a research position at a fund or group might be your focus. If you are talking about daytrading that's a whole other game and skillset. You'll have to find a firm that's business model is to train blank slates and teach the clerk how to trade like that.
Continue to send your resume out. Send it out multiple times. The firms you hear back from will be those with the business model I described above and who are hiring. If you aren't hearing back from certain firms take that as a sign that they either aren't looking for people with your background, want experienced people, aren't set up to train newbees, or aren't currently hiring. Don't bang your head against the wall over it. Some of these firms might not be growing as rapidly as others and as such might not be aggresively pursuing new people or even hiring.
Good luck and pursue the groups you hear back from, forget the others.
You need to focus on groups that trade these markets on the screen. Also, what specifically interests you about trading? Answering this question will help you to pursue and find a group that is doing what fits your interests. Are you interested in fundamentally valuing or researching a company or exch traded market? If so a research position at a fund or group might be your focus. If you are talking about daytrading that's a whole other game and skillset. You'll have to find a firm that's business model is to train blank slates and teach the clerk how to trade like that.
Continue to send your resume out. Send it out multiple times. The firms you hear back from will be those with the business model I described above and who are hiring. If you aren't hearing back from certain firms take that as a sign that they either aren't looking for people with your background, want experienced people, aren't set up to train newbees, or aren't currently hiring. Don't bang your head against the wall over it. Some of these firms might not be growing as rapidly as others and as such might not be aggresively pursuing new people or even hiring.
Good luck and pursue the groups you hear back from, forget the others.
First, anyone that says the floor is dead, please, what product do you trade in.
Second, to make money on the screen, serious money, it helps to have a floor operation ( CTC, DRW, Susquhanna and smaller local groups) so that the communication of what is trading onthe screen helps market makers on the floor and vice versa.
Second, to make money on the screen, serious money, it helps to have a floor operation ( CTC, DRW, Susquhanna and smaller local groups) so that the communication of what is trading onthe screen helps market makers on the floor and vice versa.
Agreed but having an ear to the floor is becoming unceasingly less and less significant because of the serious lack of paper down there. Sure it can't hurt to know what is going on in the bond pit if you trade bond futures on the screen but this isn't 2004 and most of the transition to electronic markets has already occured. Less and less arb there.
The firms you cited make their money trading options for the most part correct me if I'm wrong. Either way, are you suggesting that itd be a good opportunity for the op to find a job as a clerk and stand in a pit with a headset on and quote markets to someone upstairs? That's lame, and what's his upside if he does that? That isn't trading, that's earning a small salary and playing a very specific role for a group that does something that involves the floor in some capacity with the hope of moving into some other role that doesn't involve the floor. I see the floor at least the futures as something that only exists anymore as a backup for if and whe technology goes down and as a safe last resort for execution.
Granted, I've never traded in any capacity down there so my impression of it's use could be off to some extent. Educate me. Why would a new college grad want to seek work down there or as a clerk for a group that assigned him to work down there?
The firms you cited make their money trading options for the most part correct me if I'm wrong. Either way, are you suggesting that itd be a good opportunity for the op to find a job as a clerk and stand in a pit with a headset on and quote markets to someone upstairs? That's lame, and what's his upside if he does that? That isn't trading, that's earning a small salary and playing a very specific role for a group that does something that involves the floor in some capacity with the hope of moving into some other role that doesn't involve the floor. I see the floor at least the futures as something that only exists anymore as a backup for if and whe technology goes down and as a safe last resort for execution.
Granted, I've never traded in any capacity down there so my impression of it's use could be off to some extent. Educate me. Why would a new college grad want to seek work down there or as a clerk for a group that assigned him to work down there?
The floor is dead, or dying for any market except for energy....
Equities is done. Futures/commodities are dying.
Basically, anything a human can do, a computer can do better as far as "executing a trade."
lets differentiate b/w trading and sales trading first of all. "trading" needs no formal human in an "exchange." Handling customer accounts (sales trading) is also becoming extinct since algorithims are cheaper and more effective.
so the futue is needed on decision making behind the screen.
Read pyramid's post.... He sums it up quite well.
so, just keep sending out my resumes out to the same companies?? i got a list of about 20 or so firms that trade on the screen, and i have emailed them a few times now, but there has to be a few dozen more firms out there, how would i get their names and contact info??
why do i want to trade? isn't the million $ question that all firms ask you? i do have the answer rehearsed fairly well by now, but honestly, i just have a passion for it. played a competitive sport professionally for a couple of years, so there's the competitive nature of the profession, and then i just happen to be really good with numbers, and just have an interest in the futures and options market.
anyway, if there's a way to find out the name of other firms that trade on the screen let me know.
and thank you all for all your suggestions and posts. if anyone of you is working at a firm and might be interested in hiring a trader's assistant, let me know
why do i want to trade? isn't the million $ question that all firms ask you? i do have the answer rehearsed fairly well by now, but honestly, i just have a passion for it. played a competitive sport professionally for a couple of years, so there's the competitive nature of the profession, and then i just happen to be really good with numbers, and just have an interest in the futures and options market.
anyway, if there's a way to find out the name of other firms that trade on the screen let me know.
and thank you all for all your suggestions and posts. if anyone of you is working at a firm and might be interested in hiring a trader's assistant, let me know
Fancy popping across the pond to London?
There are plenty of prop futures trading arcades over there, who may be willing to let you have a crack.
However, you may require a small deposit to put down.A few grand should see you Ok to start off with and " learn the ropes" etc...
Hope this helps.
There are plenty of prop futures trading arcades over there, who may be willing to let you have a crack.
However, you may require a small deposit to put down.A few grand should see you Ok to start off with and " learn the ropes" etc...
Hope this helps.