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katastrofa
Posts: 9446
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

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December 2nd, 2014, 2:40 am

Contractor, family office, investment advisor, model validation (maths in MV is simple and your advantage over a typical candidate would be the knowledge of all the dirty FO tricks)?
 
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ThinkDifferent
Posts: 659
Joined: March 14th, 2007, 1:09 pm

Lost my job - What's next?

December 2nd, 2014, 7:24 am

almost zero chance to get hired to MV for a 47 y.o. trader....
 
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MattF
Posts: 925
Joined: March 14th, 2003, 7:15 pm

Lost my job - What's next?

December 2nd, 2014, 2:44 pm

QuoteOriginally posted by: royalflush I worked for almost 20 years as an equity derivatives trader in Germany. 10 of those 20 years I was head of Desk in 3 Banks.You're really shattering my illusions about trader pay. Ten years as Head of a Desk and you'd want a crappy 100K/year job? Why don't you have millions saved up?
Last edited by MattF on December 1st, 2014, 11:00 pm, edited 1 time in total.
 
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Gamal
Posts: 2362
Joined: February 26th, 2004, 8:41 am

Lost my job - What's next?

December 2nd, 2014, 3:02 pm

QuoteOriginally posted by: MattFQuoteOriginally posted by: royalflush I worked for almost 20 years as an equity derivatives trader in Germany. 10 of those 20 years I was head of Desk in 3 Banks.You're really shattering my illusions about trader pay. Ten years as Head of a Desk and you'd want a crappy 100K/year job? Why don't you have millions saved up?The word "Germany" is the key. In my young years bonuses didn't practically exist, these days it is better but still not comparable to London or NYork.
 
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mit
Posts: 1169
Joined: February 5th, 2005, 4:52 pm

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December 3rd, 2014, 4:04 am

QuoteOriginally posted by: MattFQuoteOriginally posted by: royalflush I worked for almost 20 years as an equity derivatives trader in Germany. 10 of those 20 years I was head of Desk in 3 Banks.You're really shattering my illusions about trader pay. Ten years as Head of a Desk and you'd want a crappy 100K/year job? Why don't you have millions saved up?thats my point, head of a trading desk for a few years should be able to retire and live happily thereafter. why need to take a shitty risk job.
 
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Strandi
Posts: 60
Joined: May 16th, 2011, 12:46 pm

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December 3rd, 2014, 8:47 am

QuoteOriginally posted by: royalflush- Hedging Delta1-, volatility- and light exotics exposure coming from customer activities in energy (CL, CO, NG), precius metals and softs. Would like to understand how gas and electrcity producer manage their exposure.Sorry to hear. Have you tried approaching some utilities/stadtwerke? No idea where you are located but smaller ones like MVV, Wingas etc. might be an option to get into the market.Good luck!
 
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BankingAnalyst
Posts: 56
Joined: December 18th, 2009, 12:00 am

Lost my job - What's next?

December 5th, 2014, 11:31 am

you sure about it? the electricity market is dying and a lot of people were fired - and the pay for a hedger is v shitty anyway when compared to an executive like you
 
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royalflush
Topic Author
Posts: 64
Joined: August 5th, 2008, 8:11 am

Lost my job - What's next?

December 8th, 2014, 8:08 am

The word "german" is essential - house is payed, have some cash but not tons of it. I need and I want to keep on working :-). I could also think about working in other areas like risk or asset management or so. But if they look for people they ask for dedicated know how. Not the easiest thing to convince people, but I work on it. Keep you posted.
 
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traderjoe1976
Posts: 1544
Joined: May 19th, 2006, 9:50 am

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December 8th, 2014, 6:22 pm

47 is definitely too early to even consider retirement. You would be totally bored for the next 40 - 50 years. You still have 25 years of working life left. I would recommend that you apply for a broad range of jobs and focus on matching your skill sets to the job requirements rather than on targetting specific high-paying jobs similar to the desk head job you had earlier.I also lost my job in my thirties when I got denied tenure at a university. The first 2-3 years is rough because you have to reposition yourself, and start your new career from the ground up as if you are a fresh PhD just graduating from a university. But it eventually works out and you should not get disheartened by this talk about opening a cafe or something like that.
 
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mit
Posts: 1169
Joined: February 5th, 2005, 4:52 pm

Lost my job - What's next?

December 8th, 2014, 10:24 pm

you can start a business
 
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ashkar
Posts: 274
Joined: October 17th, 2011, 9:25 am

Lost my job - What's next?

December 10th, 2014, 9:17 am

You could look into some risk consultancies or banking project management. I have always thought that might be a graceful exit point for senior people in trading.
 
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DominicConnor
Posts: 11684
Joined: July 14th, 2002, 3:00 am

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December 10th, 2014, 11:32 am

Traderjoe is of course right, I occasionally meet people who retired early, they are not happy. Unless you made your money by pure luck, you just don't have the sort of personality to vegetate and play golf.
 
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Gamal
Posts: 2362
Joined: February 26th, 2004, 8:41 am

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December 10th, 2014, 1:44 pm

University is another option but rather not in Germany - our system is closed like a bottle of champagne.
 
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riskguru
Posts: 79
Joined: August 11th, 2004, 4:24 pm

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December 10th, 2014, 4:59 pm

QuoteOriginally posted by: ashkarYou could look into some risk consultancies or banking project management. I have always thought that might be a graceful exit point for senior people in trading.In the US at least, virtually all the regulatory agencies (Fed, OCC, FDIC) are more focussed on understanding trading risks and I have seen some examples of people make the move from trading desks to such roles. The nice thing is that it also positions you well to make the transition at a later date to some of the risk consultancy/project management type roles described above since you also have insight into the regulatory mindset. I am not sure how prevelant this is in Europe??
 
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katastrofa
Posts: 9446
Joined: August 16th, 2007, 5:36 am
Location: Alpha Centauri

Lost my job - What's next?

December 10th, 2014, 8:27 pm

QuoteOriginally posted by: DominicConnorTraderjoe is of course right, I occasionally meet people who retired early, they are not happy. Unless you made your money by pure luck, you just don't have the sort of personality to vegetate and play golf.You don't have a representative sample of those who retired early, because most people who did it went off the wire. I also cannot imagine getting bored when one has time and energy to do whatever they want...
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