Spread betting as a full time occupation...

[NoelWatson]

ZondaMark said:

NoelWatson said:

I've known people do the following

Someone come from Middle Office to become head of flow desk
Chap in product control ended up trading structured credit products
Another chap in middle office currently in trade support will have a good chance of ending up on the desk

So the fact that you are already in trade support is a good start - can I ask how old you are?

Thanks - always good to hear these stories (they're what got me into this - thinking of the long term and future prospects, it was essentially either this or go to a prop house and trade now, but I know it can be difficult moving from that into IBs, IBs being where I want to end up anyway).

I'm 23 (just). From what my boss has said I guess it gives me a 2-3 year window. Would you say the same?

Edited by ZondaMark on Saturday 18th June 17:33

23 - the world is your oyster! Never underestimate the potential you have by already being in an IB at that age. I would stay in the banks (at least for next few years) and see how it pans out. As for learning products - if you are friendly with a few of the traders get them to help get a simplified model working in a spreadsheet (depending on what area you are in), and use Google etc to expand your knowledge - that is what I would do if i were in your position.

You mentioned Monte Carlo - I have built a few basic ones - should be easy to build, and you can add more exotics structures reasonably easily.

http://noelwatson.com/blog/2011/03/10/MonteCarloOp...

[NoelWatson]

DonkeyApple said:

However, he is back.

Where?

[limpsfield]

NoelWatson said:

DonkeyApple said:

However, he is back.

Where?

Here:

http://www.wealthtrainingcompany.co.uk/livetrading...

[DonkeyApple]

NoelWatson said:

DonkeyApple said:

However, he is back.

Where?

Back where he always was but I got the nod last week on a new venture but didn't bother taking note.

There still places for the seminar next Tuesday if you are quick.

http://www.wininvesting.co.uk/freetradingvideo/

[DonkeyApple]

limpsfield said:

NoelWatson said:

DonkeyApple said:

However, he is back.

Where?

Here:

http://www.wealthtrainingcompany.co.uk/livetrading...

That's the one. He needs a shave and a haircut or people my think he's been on the run.

[ZondaMark]

NoelWatson said:

23 - the world is your oyster! Never underestimate the potential you have by already being in an IB at that age. I would stay in the banks (at least for next few years) and see how it pans out. As for learning products - if you are friendly with a few of the traders get them to help get a simplified model working in a spreadsheet (depending on what area you are in), and use Google etc to expand your knowledge - that is what I would do if i were in your position.

You mentioned Monte Carlo - I have built a few basic ones - should be easy to build, and you can add more exotics structures reasonably easily.

http://noelwatson.com/blog/2011/03/10/MonteCarloOp...

Thanks for the tips! It's an opportunity that I really want to make the most of, so I really appreciate the advice. I shall be following the blog intently - programming is another thing I'm getting into, so it looks like it'll be a big help.

Thanks very much again.

Edited by ZondaMark on Sunday 19th June 15:21

[DonkeyApple]

I don't wish to panic anyone on such a lovely Sunday evening but it is clear we are all about to die:

A huge financial threat is gathering strength…

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MoneyWeek is authorised and regulated by the Financial Services Authority. http://www.fsa.gov.uk/register/home.do FSA number: 509798. MoneyWeek Ltd, Registered Office: 7th Floor, Sea Containers House,

[NorthernBoy]

ZondaMark said:

As someone who's been involved in the exotics world perhaps you could advise on this: just how essential is it to have Mathsy/Physicsy educational backgrounds for trading roles on exotics desks, or are they mainly for quant roles?

Cheers.

It's never a bad thing to have an Oxford Physics degree in your back pocket, but it's far from necessary. Do the support job excellently, and that's as good a route in as any. If you're already in a bank, I'd tend to counsel against more higher education, as it rarely pays dividends. Spend the time going the extra mile at work, instead.

[ZondaMark]

NorthernBoy said:

It's never a bad thing to have an Oxford Physics degree in your back pocket, but it's far from necessary. Do the support job excellently, and that's as good a route in as any. If you're already in a bank, I'd tend to counsel against more higher education, as it rarely pays dividends. Spend the time going the extra mile at work, instead.

Ah, just what I was hoping. Thanks very much.

Apologies for the thread hijack btw!

[NoelWatson]

Those Agora chaps are on a roll with their trading systems - these two are new to me

http://www.moremoneyreview.com/100-fx-review-8263....
http://forums.moneysavingexpert.com/showthread.php...

[wolves_wanderer]

NoelWatson said:

Those Agora chaps are on a roll with their trading systems - these two are new to me

http://www.moremoneyreview.com/100-fx-review-8263....
http://forums.moneysavingexpert.com/showthread.php...

Fantastic, signed up. Thanks for bringing it to my attention, see you from my yacht peasants.

[DonkeyApple]

wolves_wanderer said:

Fantastic, signed up. Thanks for bringing it to my attention, see you from my yacht peasants.

Well be careful because according to the same people you are about to lose it all:

 
16 June, 2011
This report could save you £19,400
in the next 12 months

Dear X

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In fact if you’re really unlucky it could cost you as much as £19,400 or more this year alone.

The latest ‘special situation’ report from my team here at MoneyWeek focuses on a powerful and growing investment story ... what we believe could be the biggest threat to your money in 2011 and 2012.

Now let’s get this straight. I’m not here to shock or scare you.

But I do want to get this report in your hands right away so you can see for yourself why your money is in danger... ...money you could easily save, if you put a simple plan into action today.

Take a look at our latest report right here.

Regards,

Toby Bray
Managing Director, MoneyWeek

PS: There are 3 popular investments – 2 of which I can virtually guarantee you are holding – that are in particular danger right now. Find out exactly why here.

PPS: I’ve got exciting news too. Because, as you’ll see, we have identified a unique portfolio of investments that won’t just protect your money in 2011, but could also make you some handsome gains. That includes a big story unfolding in commodities... and the one investment we’d urge every UK investor to buy today. Hold on to it and it could reward you for years to come.

It’s all in this report.

[DonkeyApple]

wolves_wanderer said:

Fantastic, signed up. Thanks for bringing it to my attention, see you from my yacht peasants.

Well be careful because according to the same people you are about to lose it all:

 
16 June, 2011
This report could save you £19,400
in the next 12 months

Dear X

Forget the government cuts, the greedy bankers, the taxman... there’s an even bigger, darker threat to your money right now...

In fact if you’re really unlucky it could cost you as much as £19,400 or more this year alone.

The latest ‘special situation’ report from my team here at MoneyWeek focuses on a powerful and growing investment story ... what we believe could be the biggest threat to your money in 2011 and 2012.

Now let’s get this straight. I’m not here to shock or scare you.

But I do want to get this report in your hands right away so you can see for yourself why your money is in danger... ...money you could easily save, if you put a simple plan into action today.

Take a look at our latest report right here.

Regards,

Toby Bray
Managing Director, MoneyWeek

PS: There are 3 popular investments – 2 of which I can virtually guarantee you are holding – that are in particular danger right now. Find out exactly why here.

PPS: I’ve got exciting news too. Because, as you’ll see, we have identified a unique portfolio of investments that won’t just protect your money in 2011, but could also make you some handsome gains. That includes a big story unfolding in commodities... and the one investment we’d urge every UK investor to buy today. Hold on to it and it could reward you for years to come.

It’s all in this report.

[ringram]

It often doesnt need a scam artist to rip yourself off.

My first cfd trade today, market dipped on open before taking off and hitting my limit which was set to have doubled my money.
Sadly the dip on open took out my mandatory stop. Shuzbot!
Lesson learned, have enough room to handle variance.
Still if it wasn't for the stop I would have hit what I was aiming at. The market had to trade higher today. (I said to myself)

Next time, smaller steps so I dont burn myself too bad. Still at least now I have something extra to offset my tax liability against. Something spead betting wont do while you are learning..

[RemainAllHoof]

ringram said:

My first cfd trade today, market dipped on open before taking off and hitting my limit which was set to have doubled my money.
Sadly the dip on open took out my mandatory stop. Shuzbot!
Lesson learned, have enough room to handle variance.
Still if it wasn't for the stop I would have hit what I was aiming at. The market had to trade higher today. (I said to myself)

Plenty more of those to come.

[ringram]

Yeah, I think Ill take it a bit easier next time.. Blowing what I did in 1hr is not sustainable!

[anonymous-user]

some trading lessons are more expensive than others...

[NorthernBoy]

ringram said:

Still if it wasn't for the stop I would have hit what I was aiming at. The market had to trade higher today. (I said to myself)

Coulda shoulda woulda...

Bad, bad things to start telling yourself. The trade lost, that's pretty much all there is to it. You've posted that had it not, you'd have made money.

Well yes, yes it would. Had it done what you wanted, it would make a profit.

They all do.

And edited to add, I'm not being facetious, this is a serious point; don't start telling yourself that you were nearly right, on trades when you lost. On the next one, you might have a wider stop, and then just watch it trend down to hit it. Will you tell yourself then that you'd have been better with a closer stop?

You can always say afterwards what you should have done differently. Unless the market is going to do the same next time, it's not much use.

Edited by NorthernBoy on Wednesday 20th July 19:55

[g4ry13]

The two best things you can do is manage your leverage and keep it low and minimise your exposure to risk on events where you have no edge speculating on the outcome.

[FishFace]

If you use the mobile applications, don't press the wrong button on a March 2012 future and sell for -£70 Especially not when the stock has since risen above the future spread and could have have profit locked in.

Unless you enjoy launching you iPhone, of course, and being pissed off for a few hours.