Tell us about your job

[mal_noles]

I am well-suited to my job because I perform well under pressure and have the ability to lose large amounts of money and not let it effect my judgement and mindset. A huge part of trading is how you deal with adversity and pressure. At times I can be a little to much of a gambler which luckily the other people on my trading desk realize and reign me in at times.

I currently work European hours so I go into work between 12-1am. The first few hours of work before the European market opens I research what I want to do for the day, review the positions we have on as a group and evaulate other more macro factors. From 2-8am I am pretty much sitting on the trading desk, it really depends on what kind of positions on and how the market is trading. Some days I take 2 hours to go to breakfast with the gf, other days I dont leave the desk for more than 30 seconds and sit around till we close at 1:30pm.

Probably the biggest frustration in trading is software or technical issues. I have worked for several very highly regarded firms and you still at times will encounter technical problems that can be incrediably frustrating.

Trading can have extreme ups and downs, you can be utterly right on how you feel the market is going to move and still lose money. Other times you will be utterly lost and still make money. But their isnt much that can compete with going into work knowing how the market is going to move and just completely killing it.

I am very well paid, a salary in the 80-100k range with the majority of my compensation coming from a bonus based on how my group performs and individual PNL. The bonus is usually 6 figures and can be several multiples of my salary.
In trading your initial salary or pay can be low but the upside potential is virtually unlimited. I have friends under 30 that have been trading at high tier hedge funds making well over $1 mil a year.

[rsliu]

How did you break into trading? This is a job I'm thinking about trying to get into some years down the road.

[Jeffmet3]

[ QUOTE ]
I have been meaning to reply to this post but its been a few days because work has been hectic. I know before I got a job in trading I was hungry for knowledge so if anyone has any questions feel free to ask or PM me.
I went to a [censored] public school in Florida(FSU), did terribly in school. Played poker to pay the bills for 2 years after graduating.
Got super lucky that a highly regarded options trading firm in Chicago decided to take a chance on me as an assistant trader. From there I jumped ship and now trade oil for a hedge fund.
Feel free to ask any anything, trading is by far the best career I can imagine so I would like to help anyone trying to get into it.

[/ QUOTE ]

i'm curious, did you go around applying to different companies, or what did you look for in trying to decide where to work?

also, do you want an intern for the summer, i'll work for free. <font color="white"> kidding, kinda. </font>

[RedJoker]

mal_noles,

you said your firm trades options. How do they decide what to buy, quantitive models, etc.? How long do you usually hold positions for. What returns does your company make p/a?

dopp,

You said in the suggestions thread that you are 80% fee based, where does the other 20% come from?

[dopp16]

[ QUOTE ]

dopp,

You said in the suggestions thread that you are 80% fee based, where does the other 20% come from?

[/ QUOTE ]

Insurance, retail accounts, pensions. I started doing health insurance and employees benefits and am trying to faze that out. You get much more out of your career when you genuinely feel that you are doing whats best for them and not driven by commission

[edtost]

have been debating whether to post this for a while ... thought I'd keep the discussion going:

Well, I've still got half a semester of school left, but I'll be working in the same group as this past summer once I graduate, so I'll start things off....

What do you do?

Quantitative Research, in a group in the Asset Management arm of an Investment Bank. (Basically,our group is separate from the rest of the bank, and we think of ourselves as a really big hedge fund.)

Do you like it?

Yes (at least, I did last summer, and I hope I will going forward)

What makes you in particular well-suited or poorly-suited for your work?

An intuitive knowledge of financial markets, econometrics, data analysis, and basic computer science.

What kind of people do best in your work?

People with a good grasp of markets, statistics, and computers, the ability to work well in groups, and the discipline/motivation to get research done on their own. Also, having enough confidence in your abilities to trust that the research you've done is accurate enough to trade a ton of money on.

What qualifications are necessary for people considering work in the same field as you?

A bachelor's in some combination of Math/Stats/Econ/Comp Sci, Master's in Financial Math, or PhD. in Econ/Finance/Stats

What is a typical day like?

Get to the office around 8:30. Most of the day is spent doing data analysis, though some time would likely be spent meeting with coworkers and preparing/making/listening to presentations about ongoing research. Usually take off between 8 and 9, though as early as 5 on a Friday or as late as 11 or 12 before a deadline wouldn't be that uncommon. Going in on weekends seemed to be pretty rare, but would be expected if you needed to get things done.

What kind of problems do you encounter?

Dealing with data. Debugging code.

What are the biggest (most common) sources of frustration and elation?

Spending a lot of time researching something that doesn't work. Finding something that does work.

How much do you make?

Same signing bonus/salary as any other first-year analyst at a bank. Year-end bonus TBD.

How much can one expect to make in your position?

If they start their own fund, a ton. If working for someone else, still a bunch after a while.

How old are you and what is your education level (from what school)?

21; B.S.E. in Operations Research and Financial Engineering from Princeton.

How long have you been in the workforce?

Will join it in July [img]/images/graemlins/smile.gif[/img]

[soliq]

[ QUOTE ]
Question: Do you need to have a degree in business, finance or economics to be a stockbroker?

Answer: The FACT is that there is no particular education requirement. Successful stockbrokers have come from all backgrounds and walks of life, ranging from the high school drop-out to the Harvard M. B. A. One of the positives about our business is that the stock market is the great equalizer". Integrity and tenacity are far more important than where you came from or what school you went to.


[/ QUOTE ]
Is this really the case? I am still a student studying in an unrelated field (engineering) however, seriously considering getting into this. If this is the case, what companies would be good to go after a summer intern, or even start a new career with. If this is not the case, what is the best route to go with in terms of education?

[dopp16]

[ QUOTE ]
[ QUOTE ]
Question: Do you need to have a degree in business, finance or economics to be a stockbroker?

Answer: The FACT is that there is no particular education requirement. Successful stockbrokers have come from all backgrounds and walks of life, ranging from the high school drop-out to the Harvard M. B. A. One of the positives about our business is that the stock market is the great equalizer". Integrity and tenacity are far more important than where you came from or what school you went to.


[/ QUOTE ]
Is this really the case? I am still a student studying in an unrelated field (engineering) however, seriously considering getting into this. If this is the case, what companies would be good to go after a summer intern, or even start a new career with. If this is not the case, what is the best route to go with in terms of education?

[/ QUOTE ]

It sure helps to have a good background in finance to secure a good job. I have a biology degree with a minor in history and a separate degree in nuerology. The common denominator is that I have no education in finance, however
the guy who hired me knew that I had initiative. Just finish college with the highest GPA possible and you can get a job anywhere

[soliq]

ok, I will throw out a few resumes right now and see if there is anything. Who kinds of companies do I want to target? Or is there just a better way I can get into this? (I just dont know anyone personally who is doing this as a career)

[dopp16]

[ QUOTE ]
ok, I will throw out a few resumes right now and see if there is anything. Who kinds of companies do I want to target? Or is there just a better way I can get into this? (I just dont know anyone personally who is doing this as a career)

[/ QUOTE ]

I have no idea exactly what field that you want ot get into. I am (nearly) CFP. I like to do planning, not trading. I could give you great firms to apply to if you would like to do fee-based planning, but not stock trading. Dont change your life because it sounds glamorous...you can make money in any field you are in. If you have an entrepenuerial flare, field work can be very rewarding...the most intelligent person in the world can fail if he is nt a people person