Trading Career Advice

T

t boy

I am in need of some advice. I am 37 and have worked on the trading floor as a phone clerk, dealing with insitutional clients at the Chicago Mercantile Exchange since I graduated college. My position just got downsized and I don't know where to go next.

I want to work on a trading desk off the floor, even as a junior trader, but it seems no one wants to hire anyone my age for that job. My alternative is to become a financial advisor and get my CFP, but they start you out for 2 or 3 with a minimal salary and I need some money to take care of my family now. With my market knowledge I would be successful at either task.

All I want is a chance to work hard somewhere and be successful.
Does my experience in the markets from a trading floor count for anything or did I just waste 13 years?

Not trying to sound like a sob story, I just want to see what others think. Thanks.
 
My guess is that you would fit in an investment bank, possibly doing trading support / operational support type of role. Your knowledge of derivative markets would come in handy here. However, this is kind of a "dead end" job (aka Ops), the opportunity for future growth is limited, but with decent starting pay. This is almost a direct opposite of trading, where volatility in income can be unbearable.

Maybe institutional sales? Say working for Refco / Goldenberg / ABN? Dealing with institutional clients (something you said that you did). I know a few people in this area, but they are, well, in sales.

Becoming a FA (financial advisor) is a good way, however, as you pointed out, the limitations are inherent. Little start pay, and at lower ranks, high turn overs.

I spent 12 years on the Street, if you give me something more specific, I would try to be helpful.

Quote from t boy:

I am in need of some advice. I am 37 and have worked on the trading floor as a phone clerk, dealing with insitutional clients at the Chicago Mercantile Exchange since I graduated college. My position just got downsized and I don't know where to go next.

I want to work on a trading desk off the floor, even as a junior trader, but it seems no one wants to hire anyone my age for that job. My alternative is to become a financial advisor and get my CFP, but they start you out for 2 or 3 with a minimal salary and I need some money to take care of my family now. With my market knowledge I would be successful at either task.

All I want is a chance to work hard somewhere and be successful.
Does my experience in the markets from a trading floor count for anything or did I just waste 13 years?

Not trying to sound like a sob story, I just want to see what others think. Thanks.
More...
 
Quote from t boy:

I am in need of some advice. I am 37 and have worked on the trading floor as a phone clerk, dealing with insitutional clients at the Chicago Mercantile Exchange since I graduated college. My position just got downsized and I don't know where to go next.

I want to work on a trading desk off the floor, even as a junior trader, but it seems no one wants to hire anyone my age for that job. My alternative is to become a financial advisor and get my CFP, but they start you out for 2 or 3 with a minimal salary and I need some money to take care of my family now. With my market knowledge I would be successful at either task.

All I want is a chance to work hard somewhere and be successful.
Does my experience in the markets from a trading floor count for anything or did I just waste 13 years?

Not trying to sound like a sob story, I just want to see what others think. Thanks.
More...

I would get a job at one of the growing futures brokerages. They always need help on the electronic brokerage desks. Then you could think about your next move. I would be a futures broker before a financial planner.
 
Thank you for your comments.

My formal education consists of a BA in Economics and I received my Series 3 License in March. Other than that, just keeping up with and discussing the Equity, Bond or FX markets on a daily basis with institutional and retail clients.

I have already sent out resumes to some banks and brokerage houses. Some of these were to job postings, some unsolicited, as well as to some contacts I have gotten through networking.

My goal on the trading side is to be part of an Investment Management trading desk, trading either for the client's or the firm's accounts. I just don't don't have a financial cushion to trade my own money at this point.

Thanks again for your help.
 
Quote from t boy:

Thank you for your comments.

My formal education consists of a BA in Economics and I received my Series 3 License in March. Other than that, just keeping up with and discussing the Equity, Bond or FX markets on a daily basis with institutional and retail clients.

I have already sent out resumes to some banks and brokerage houses. Some of these were to job postings, some unsolicited, as well as to some contacts I have gotten through networking.

My goal on the trading side is to be part of an Investment Management trading desk, trading either for the client's or the firm's accounts. I just don't don't have a financial cushion to trade my own money at this point.

Thanks again for your help.
More...


Bank One was hiring for their electronic futures desk (or at least they did call themselves that --damn banks change names every other day). Also Cargill (Sears Tower) was hiring for something in electronic futures or forex desk. You have a series 3 so you should be able to get an interview at some of these places. And also check groups like RJObrien. I know they are hiring.
 
Why don't you trade remote?
With your education and work exerience you should be able to find a good job.

I live in Canada so things are a bit different here, but if you have your CFP with a good track record, or work exerience, you start off pretty good in terms of salery
 
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