Trader wannabe with no money. Work for free?
- Thread starter HRT
- Start date
hrt2,
"Why would they trust you with their money when you have proven you couldn�t handle what little money you had?"
Any fund or business that is in the custody of other peoples funds (hedge fund, every financial firm or many other employers today) is going to check your credit history before hiring you. Wouldnât you if you were hiring someone to manage or have access to client funds? That is what I meant.
I am not talking about anything specific. Also, consider you are blaming your circumstances (why your business failed, etc.) on things beyond control. Sure, a crashing economy here in the US may be a factor but it certainly isnât the only or the most important reason. As a trader, the buck stops with you. PERIOD. If you canât take responsibility for your previous life experiences or failures, how can you believe you will all of the sudden take responsibility for your trading decisions if you get that far (donât get me wrong, I hope you do reach that point)? Traders who transfer blame when things donât work out in a position donât last long. If you have the tendency to do that in the past, you will tend to do the same in the future (and trading). Most people donât change for better or worse. Also consider that the biggest reason most people fail at trading is undercaptialization before they learn what they are doing (and no plan). Something else to think about.
Lastly, the reason education and schooling is important is because the odds are severely against you being a successful trader on any level. Therefore, it is best to have some idea or some type of passion (whether a tradesman type position or college or tech school or whatever) to do if things donât work out in the trading field. Be prepared.
Just saying. Best of luck.
BM
"Why would they trust you with their money when you have proven you couldn�t handle what little money you had?"
Any fund or business that is in the custody of other peoples funds (hedge fund, every financial firm or many other employers today) is going to check your credit history before hiring you. Wouldnât you if you were hiring someone to manage or have access to client funds? That is what I meant.
I am not talking about anything specific. Also, consider you are blaming your circumstances (why your business failed, etc.) on things beyond control. Sure, a crashing economy here in the US may be a factor but it certainly isnât the only or the most important reason. As a trader, the buck stops with you. PERIOD. If you canât take responsibility for your previous life experiences or failures, how can you believe you will all of the sudden take responsibility for your trading decisions if you get that far (donât get me wrong, I hope you do reach that point)? Traders who transfer blame when things donât work out in a position donât last long. If you have the tendency to do that in the past, you will tend to do the same in the future (and trading). Most people donât change for better or worse. Also consider that the biggest reason most people fail at trading is undercaptialization before they learn what they are doing (and no plan). Something else to think about.
Lastly, the reason education and schooling is important is because the odds are severely against you being a successful trader on any level. Therefore, it is best to have some idea or some type of passion (whether a tradesman type position or college or tech school or whatever) to do if things donât work out in the trading field. Be prepared.
Just saying. Best of luck.
BM
Ahhh, about credit. Ok, I get it. Sure, they would be stupid if they didn't check everything.
About the blaming thing, I pointed out the economy and lack of credit. But I know that I was 100% responsible for blowing up my xbox games business, the dollar going from 1.6 to 2.5 was only a detail since I could have bought more games before the crisis if I had more credit, which I didn't because I was very, very naive and let my parents screw it up, still my fault. (and my business model was doomed from the start, I learn a lot though, which was awesome)
About responsibility, well, I say you can't blame your superior for "having" to kill a pow because it was you that pick that stupid job to begin with. My opinion is a very unpopular one but I don't care, it's true after all.
I have a very simple but tested trend-following system and I know I can't win without enough capital, with my position sizing strategy I would only blow it up very, but very slowly (not counting on eventual psychological issues that may appear).
My struggle now is only with off-topic work and lack of practice, in theory I can't see any flaws with my system, and I will only notice them when I started trading with real cash.
But now I got an idea of what to do... it may work wonderfully!
or fail miserably... but I have a time stop-loss for that too, the last one, after that, start sending resumes...
---
Thank you all for the input
About the blaming thing, I pointed out the economy and lack of credit. But I know that I was 100% responsible for blowing up my xbox games business, the dollar going from 1.6 to 2.5 was only a detail since I could have bought more games before the crisis if I had more credit, which I didn't because I was very, very naive and let my parents screw it up, still my fault. (and my business model was doomed from the start, I learn a lot though, which was awesome)
About responsibility, well, I say you can't blame your superior for "having" to kill a pow because it was you that pick that stupid job to begin with. My opinion is a very unpopular one but I don't care, it's true after all.
I have a very simple but tested trend-following system and I know I can't win without enough capital, with my position sizing strategy I would only blow it up very, but very slowly (not counting on eventual psychological issues that may appear).
My struggle now is only with off-topic work and lack of practice, in theory I can't see any flaws with my system, and I will only notice them when I started trading with real cash.
But now I got an idea of what to do... it may work wonderfully!
or fail miserably... but I have a time stop-loss for that too, the last one, after that, start sending resumes...
---
Thank you all for the input
I am kinda in the same situation but with a undergrad degree. I say use your family connections to get you in contact with various investment banks and go ask questions and learn from these people. If you seem intelligent and eager they will most likely hire you for a basic job and if you are successful you can work your way up. I dont know exactly what you mean with a "start up" but if your thinking of trying to raise money to just trade on your own i would say forget it at this time.
The way I am going about it is:
1. Keep a full-time evening job. This way I live off of my job and have access to the markets in the mornings.
2. No Debt! (unless it's a morgtage) - NO EXCEPTIONS! Credit cards must be paid in full each month. Car loans are not allowed!!! If I get into debt, liquidate my trading account and get out ASAP!
3. Each month, allocate $500.00 toward the trading account. This way my learning curve will be funded and my account will grow at the same time.
I honestly think you are going to have to take the job route as a wage slave, especially with your credit. On your applications, make your availablity to ALWAYS AVAILABLE to increase your chance of getting hired in this economy. Make sure to tell them you will always be available to fill in for other people's shifts if needed too. Overtime is rare. It's not given out much at all. Take it when you are offered it.
Good Luck!
1. Keep a full-time evening job. This way I live off of my job and have access to the markets in the mornings.
2. No Debt! (unless it's a morgtage) - NO EXCEPTIONS! Credit cards must be paid in full each month. Car loans are not allowed!!! If I get into debt, liquidate my trading account and get out ASAP!
3. Each month, allocate $500.00 toward the trading account. This way my learning curve will be funded and my account will grow at the same time.
I honestly think you are going to have to take the job route as a wage slave, especially with your credit. On your applications, make your availablity to ALWAYS AVAILABLE to increase your chance of getting hired in this economy. Make sure to tell them you will always be available to fill in for other people's shifts if needed too. Overtime is rare. It's not given out much at all. Take it when you are offered it.
Good Luck!
Network every single possible contact, and then network their neighbors and relatives afterwards, try and bang a few hotties with money, that never hurts if they have a rich papa too!
You may have to move to SP if your "passion" is trading on the Bovespa upstairs.
The fact that you are fluent in both languages should open a few doors?
DO NOT offer to work for free.
It sounds like you have no clue if you want to trade or like the way it reads in some book. It is no picnic, trust me, get a paying job!
surdo