transitioning into an institutional career from prop

bigbeech · Sep 11, 2003

what you do sounds very interesting. how did you educate yourself to manage a portfolio and what is your background in the markets?? how long have you been managing money??

SoxxClinton · Sep 11, 2003

I PM'd you. I don't want to bore the crap out of anyone LOL!

facultus · Sep 16, 2003

Nah, we won't be bored.

Ron In-a-sauna · Sep 17, 2003

Quote from bigbeech:

you have to say that you were prop before- what if you get hired and then they see you had your 7 at a prop shop??? it would be lying not to say I have been a prop trader

excellent point, and liek stated here, you cant hide any experience when they look at your 7 records... trust me you do not want to lie or exclude anything when it coems to the securites industry, especially anything as easy as this to find

Ron In-a-sauna · Sep 17, 2003

Quote from bigbeech:

what you do sounds very interesting. how did you educate yourself to manage a portfolio and what is your background in the markets?? how long have you been managing money??

you can PM me, if your track record is legitimate, and im not throwing any judgements either way, id be surprised you cant fint clients or money to manage... what is your background? i know people in the carolinas

facultus · Sep 17, 2003

I think prop trading is alot like reality TV shows.

It finally allows all the people who have the ability and drive to trade or become a TV star take a different route to achieve what they wanted to do.

murray t turtle · Sep 17, 2003

Quote from BOSS_HOG:

I have been a prop trader for 3 years now and have been thinking about applying my knowledge/ skills towards an institutional career- getting involved with a successful hedge fund or asset management firm. I feel that I would benefit from a more focused and professional environment than is found at many typical prop shops and I would be excited at the prospect of working with a dedicated team. I have been successful in my trading and am very hard working and ambitious. I have my series 7,63 and 55 and am currently studying for the chartered market technician certification. I know that I would fit very well into one of these types of firms as an analyst or trader and need to know what is the best way to go about procuring one of these positions. It is very difficult to find even a list by locale of hedge funds/ asset management firms, if I did, I could begin to canvass the firms in my area- does anyone know of somewhere where I could find a list like this??
And if anyone with a hedge fund/ asset management background can give me some insight into what working at one of these firms is like in terms of culture, salary and advancement potential, I would appreciate it very much.

Good trading to all,
bosshog

===
Boss;
Realize this will reflect my market bias;
but that is all right,George Soros said the market has a bias.

''The New Investment Superstars '' by Lois Peltz is a good hedge read.

Honestly dont know why a 3 year trader would want to work for someone else???;
''more focused and professional envirement'' as you say takes place in my home office every day,partly nights.

Realize some want more people around than others;
personal time nights ,Saturday,Sunday hits that target.

I would rather be a wise boss than work with a bunch of ''hedge-hogs''

''In all labor there is profit''-Solomon trader king [ wise,discreet boss]

sle · Sep 17, 2003

Quote from murray t turtle:
Honestly dont know why a 3 year trader would want to work for someone else???;

I can quote two reasons - more interesting products to trade (for derivatives folks like myself) and fatter paycheck. Since it sounds like the fellow in question is in equities, it must be the second one.

Diamond Geezer · Nov 5, 2003

I see some excellent points made here.

However I would disagree with the get an MBA and/or CFA designation. I have both and they helped me hugely in my previous corporate fixed income career, but now that I'm prop trading, they don't help nearly as much.

The top guy in our shop is a Phd from an Ivy League physics program. Now he has the requisite skills (he is very consistent) and will morph into a hedgie.

Lastly, I can confirm that "prop trading" is rightly or wrongly, toxic on your resume.

mdl060374 · Nov 5, 2003

Quote from fkeane:

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Lastly, I can confirm that "prop trading" is rightly or wrongly, toxic on your resume.

Why is this? Is it toxic

a) If you dont have an other trading experience for an IB or related firm?

b)Is it toxic regardless of circumstances: ie layoffs, bad job market, etc..

In my case, I got laid off from an IB when our branch basically shut down its NASDAQ MM branch. I did prop b/c after waiting for 5 months, there was nothing else out there, and I wanted to at least try to make $$$, and at least "stay in the market" as opposed to sitting on my ass...

I cant see how that is a bad thing, under the circumstances. Or does HR or recruiters just not care about the excuses?