SERVING THE QUANTITATIVE FINANCE COMMUNITY

 
User avatar
yinaway
Topic Author
Posts: 2
Joined: September 6th, 2008, 8:33 am

How can I be a trader?

October 18th, 2010, 1:55 am

I am recently hunting jobs. I got a bunch of interviews for quant positons. But all applications to trading are doomed. Anybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record. I am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.
Last edited by yinaway on October 17th, 2010, 10:00 pm, edited 1 time in total.
 
User avatar
mynetself
Posts: 187
Joined: March 27th, 2010, 6:40 pm

How can I be a trader?

October 18th, 2010, 7:57 am

Why don't you start off as a quant and then look to move into trading? All the people I've talked to said it is definitely possible and I've also talked to a trader who went quant -> trader -> quant -> trader.
 
User avatar
closdubois
Posts: 64
Joined: September 26th, 2008, 1:12 am

How can I be a trader?

October 18th, 2010, 9:30 am

my guess is that your school isn't prestigious enough
 
User avatar
Anthis
Posts: 4313
Joined: October 22nd, 2001, 10:06 am

How can I be a trader?

October 18th, 2010, 4:42 pm

QuoteOriginally posted by: yinawayI am recently hunting jobs. I got a bunch of interviews for quant positons. But all applications to trading are doomed. Anybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record. I am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.Spot Head Trader's wife. You know the rest...no need to expand further...
 
User avatar
plus
Posts: 78
Joined: May 11th, 2003, 5:21 pm

How can I be a trader?

October 18th, 2010, 7:37 pm

When you get rejected you can ask them for some feedback.
 
User avatar
linguafranca
Posts: 51
Joined: July 1st, 2010, 3:38 pm

How can I be a trader?

October 19th, 2010, 2:59 pm

QuoteOriginally posted by: yinawayI am recently hunting jobs. I got a bunch of interviews for quant positons. But all applications to trading are doomed. Anybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record. I am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.what makes u think u can be a trader, just an MFE degree??
 
User avatar
Anthis
Posts: 4313
Joined: October 22nd, 2001, 10:06 am

How can I be a trader?

October 19th, 2010, 3:20 pm

QuoteOriginally posted by: linguafrancaQuoteOriginally posted by: yinawayI am recently hunting jobs. I got a bunch of interviews for quant positons. But all applications to trading are doomed. Anybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record. I am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.what makes u think u can be a trader, just an MFE degree??I gave him already his most critical test to qualify...
 
User avatar
linguafranca
Posts: 51
Joined: July 1st, 2010, 3:38 pm

How can I be a trader?

October 19th, 2010, 3:43 pm

QuoteOriginally posted by: AnthisQuoteOriginally posted by: linguafrancaQuoteOriginally posted by: yinawayI am recently hunting jobs. I got a bunch of interviews for quant positons. But all applications to trading are doomed. Anybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record. I am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.what makes u think u can be a trader, just an MFE degree??I gave him already his most critical test to qualify...what if head trader is gay?
 
User avatar
Anthis
Posts: 4313
Joined: October 22nd, 2001, 10:06 am

How can I be a trader?

October 19th, 2010, 4:40 pm

Even if he is a sheepshagger, the mission is the same.
 
User avatar
DevonFangs
Posts: 3004
Joined: November 9th, 2009, 1:49 pm

How can I be a trader?

October 19th, 2010, 5:24 pm

QuoteOriginally posted by: plusWhen you get rejected you can ask them for some feedback.which they won't give you
 
User avatar
plus
Posts: 78
Joined: May 11th, 2003, 5:21 pm

How can I be a trader?

October 19th, 2010, 6:59 pm

some do some dont, if you dont ask you will not get
 
User avatar
MatthewHoyle
Posts: 19
Joined: May 31st, 2010, 7:22 am

How can I be a trader?

October 22nd, 2010, 5:34 am

Best way to get into trading if you are willing to take the risk involved, join a private proprietary trading firm; but no, not "day trading" firm don't get me wrong. Firms like GETCO, Jane Street, Optiver, Chicago Trading Company, Labrache, Peak 6, etc. These are examples of the bigher ones, there are some smaller ones that give you the potential to join big guys later. You can PM me for more details. You need to get into a firm that gives you training, support in research and IT system, and gives you money to trade. There should not be any desk fee/accounting opening fee involved. These firms care less about your degree than your actual potential in trading. Actually very few of them like to consider PhD except Jane Street, or unless it is for a ultra high frequency trader/developer position. You'll have to go through tests, brain teasers, technical questions, not to see how skills you are in quant or numeric skills; but to determine if you are fit for trading. For firms like Optiver, they hire dozens of traders each year, these people will learn trading for a few weeks to few months, then start trading real money. After 1 year, half of them will be fired because of below-standard performance. By the end of 2nd year, another half will be fired for for the same reason. The 1/4 that remains are considered worthy traders. Not the best by all means (a few of them are the best, in the market) but these people certainly have the record to show it as well. Trading is all about track record, as a recruiting consultant in proprietary trading space, I care about traders' pnl more than anything. Of course their trading styles have to fit whatever trading firms I am hiring for. Also as a trader, 1 year of bad trading record can potential ruin your career, 2 years then you are pretty much done. If you can make big numbers, even at a small firm, the big guys would dive to get you on the team. I know a guy who traded European options for one year, made EUR 10mil, quitted because the bonus were paid as much as he expected. Traded his own account for 2 years, and then was hired into Citigroup's Principal Strategy. It's all about track record.
 
User avatar
twofish
Posts: 4944
Joined: February 18th, 2005, 6:51 pm

How can I be a trader?

October 23rd, 2010, 12:07 am

QuoteOriginally posted by: yinawayAnybody know possible reasons for my jbad job hunting in trading? since like no prop trading firms like me. I have a quantitative background and a fe master degree . I want to be a trader very much yet I don't have track record.The big problem is that you've demonstrated no particular expertise in trading. The second problem is that trading desks are not expanding.QuoteI am an international student in US. I really want to know how to break into this field without previous exp. Thanks in advance for your reply.The standard path is to get a quant-ish job, in which you get exposed to trading and then move yourself to a trading position. Note that this is not an easy thing to do, but a difficult strategy is better than an impossible one.
 
User avatar
KackToodles
Posts: 4100
Joined: August 28th, 2005, 10:46 pm

How can I be a trader?

October 23rd, 2010, 4:36 am

if you get into a trading position and don't cut it, you'll be out of the business faster than you can say "bonus".
 
User avatar
farmer
Posts: 13479
Joined: December 16th, 2002, 7:09 am

How can I be a trader?

October 23rd, 2010, 12:02 pm

Take Tommy Angelo's advice for how to become a professional poker player: quit your job.What do you have to lose? Probably nothing, it's all in your head.But here is a test: Look at somebody with the job you want. Ask yourself, if I could suddenly be him instead of me, would I do it? If you answer no, then you think you are special. But you are not, it is in your imagination. What you have to lose is being somebody you just said you don't want to be.The world will not stop if you don't work 12 hours a day to pay to borrow somebody's little box to sleep in. All you have to lose is mediocrity. Fuck these stupid people and their jobs. Just get out of bed and do what the heck you feel like every day.If you have no money to trade, then play trade using the stock section from a discarded newspaper and match sticks. If that doesn't interest you, then you don't really want to be a trader. You want something that you feel goes along with being a trader, something that is based around you thinking you are special and which is only in your head.Given the choice between actually trading, as a homeless person using matchsticks, or chasing the illusion your are special doing something else, I know which you will choose.
ABOUT WILMOTT

PW by JB

Wilmott.com has been "Serving the Quantitative Finance Community" since 2001. Continued...


Twitter LinkedIn Instagram

JOBS BOARD

JOBS BOARD

Looking for a quant job, risk, algo trading,...? Browse jobs here...


GZIP: On