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Old 08-02-2015, 05:38 PM
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Default Trader job

Hi guys, I'm a local uni Accountancy undergrad. I have been trading leveraged forex for over 2 years, with about 50% ROI. I am keen to work as a trader, but with my 2nd lower honours, I guess banks/major financial institutions are out of the picture?

I am familiar with technical analysis and fundamental analysis in FX. I'm wondering how much does this kind of trading experience helps in looking for a job as a trader? And if banks/major FI are out of the question, what are the next best companies/industries that I could try applying for a trading job? Doesn't necessarily has to be trading in FX since technical analysis is the transferable to other financial instruments, and doesn't have to be trading for speculative purposes. I know for one BP has a trading department and I have applied for an internship there recently, but not hopeful at all given my GPA.

Any bros out there working or worked as a trader can advise?

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Old 08-02-2015, 07:15 PM
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If u are going to be a bank trader, u will probably be given a book where u will have to make a market in - that is, to quote bid/offers to whoever that wants to see. I wouldn't imagine market making activities to be very much like directional trading (although a trader can accumulate/dump at his will), and u probably will need to be very good at hedging ur exposures or u will blow up ur book (since its marked to market).

I dont think TA (cups, shoulders and witchcraft) might be very much applicable especially for making markets in otc products - think submarine warfare, where u can only hear ur enemies and try to make out what they are doing... vs looking at past-data of what the enemy does and their hit/miss records.

A directional trader (presumably with a hedge fund) will of course do whatever he wishes and may be allowed to take copious amounts of risk.

(Not a trader but just my speculations, any real trader can come correct me)

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Old 08-02-2015, 08:40 PM
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Looking at how the industry's doing right now, I'm sure you would know all the regulatory actions taken on the banks are taking prop trading out of the question. Most equities/FX trading desk are driven by automation nowdays, reducing the actual need for physical human traders. And if you do get there, you probably would end up being a market maker more than anything.

You're right about places like BP/Shell though the route to get there is insanely arduous. BP has a 3-5 yr program which doesn't even guarantee you to become a trader. I think what you should be looking at are hedge funds/smaller trading firms but that being said, those are more quantitative in nature (think coding, algos, the likes).

Goodluck for your internship application at BP but I would say if you dont hear from them in 2weeks to a month after your application, you're probably not considered already. Also, keep in mind that applications (FI, MNCs, wherever) are very streamlined nowadays, its hard to prove your trading track records, whichever stage of recruitment you might be at.

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Old 08-02-2015, 09:44 PM
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I am a trader at a foreign bank. I would advise you get an accountant job, work your way up to be a CFO of a company. Trade using your own money in your spare time in your leveraged FX or whatever. Trading sounds sexy but many traders burn out at their 30s. See very few traders above 40 at the bank.
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Old 09-02-2015, 04:04 PM
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Quote:
Originally Posted by emptybottle View Post
Hi guys, I'm a local uni Accountancy undergrad. I have been trading leveraged forex for over 2 years, with about 50% ROI. I am keen to work as a trader, but with my 2nd lower honours, I guess banks/major financial institutions are out of the picture?

I am familiar with technical analysis and fundamental analysis in FX. I'm wondering how much does this kind of trading experience helps in looking for a job as a trader? And if banks/major FI are out of the question, what are the next best companies/industries that I could try applying for a trading job? Doesn't necessarily has to be trading in FX since technical analysis is the transferable to other financial instruments, and doesn't have to be trading for speculative purposes. I know for one BP has a trading department and I have applied for an internship there recently, but not hopeful at all given my GPA.

Any bros out there working or worked as a trader can advise?
I think you will need to provide a bit more context on your performance. 50% ROI over 2 years can be achieved with just a 1 or 2 correct directional bets on movements of <100 pips with enough leverage.

Unless there is some sort of consistency and rigouristy in your trading plan and risk control, I doubt these sort of numbers over such a short period of time is going to impress any hirer. There are many people who can trade leveraged forex and achieve much more anyway over specific periods.

Most type of trading is a closed end old boy's network, you will probably not get any offer unless you have a shifu to bring you in. Trading a lot of times is more about connections in a sales & marketing environment in the professional world then it is about specific technical or fundamental analysis technique.
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Old 09-02-2015, 06:11 PM
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Quote:
Originally Posted by Unregistered View Post
I think you will need to provide a bit more context on your performance. 50% ROI over 2 years can be achieved with just a 1 or 2 correct directional bets on movements of <100 pips with enough leverage.

Unless there is some sort of consistency and rigouristy in your trading plan and risk control, I doubt these sort of numbers over such a short period of time is going to impress any hirer. There are many people who can trade leveraged forex and achieve much more anyway over specific periods.

Most type of trading is a closed end old boy's network, you will probably not get any offer unless you have a shifu to bring you in. Trading a lot of times is more about connections in a sales & marketing environment in the professional world then it is about specific technical or fundamental analysis technique.
Yep. Previous poster is correct. Such returns on a levered basis over the short term doesn't count for anything. You will need to be able to show credibility in terms of consistency in engagement and risk control over a long period of time for anyone to let you take any serious risk.

Believe it or not, the trading circle still operates in the old world of apprenticeship where you start out at the bottom and learn from your mentor. With the tight regulatory environment and push towards electronic trading, good old school traders are a dying breed. If you can get yourself in the door and have the opportunity to work with one, you will learn a lot but such opportunities are very hard to come by these days.

Just having knowledge of technical or fundamental analysis doesn't count. Anyone can learn these off textbooks or reading. People need to be convinced you have a long term track record of making money through trading for them to let you take risk to help them make money. I know the logic is circular but that's the way it has always been in the business.
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Old 11-02-2015, 05:55 PM
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Originally Posted by Trader888 View Post
I am a trader at a foreign bank. I would advise you get an accountant job, work your way up to be a CFO of a company. Trade using your own money in your spare time in your leveraged FX or whatever. Trading sounds sexy but many traders burn out at their 30s. See very few traders above 40 at the bank.
Wow.. Do you mind sharing what you do on a day-to-day basis? What kind of trading do you do?

Also, why accountant job specifically, and not other banking jobs?

Thank you!
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Old 11-02-2015, 11:48 PM
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G7 currencies
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Old 20-03-2015, 10:57 AM
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current market conditions and regulations are making it increasingly difficult to make money like the good old days....

automation is taking over as well. job stability is not good.

not so glam now....
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