How to become a trader
Discussion
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
Do you know what a derivatives trader does?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
Are you FSA approved?
have you been on any of the courses (look up BPP for some not too abd ones).
have you read around the subject?
Will they give you all the training you need?
If not go get the FSA approved section of the training and you are in a better prospect straight away.
You do not need to be FSA approved to be a derivatives trader, even the 'manditory' Eurex qualification isn't that important.
It depends if the role includes a good salary or not. If it does then go for it you have nothing to lose. If it is a self employed position then be wary, you can easily go for months without receiving a bean despite working your nadgers off.
I started as a group of 7 graduates on a derivatives trading training program at the start of 2006, not one of those 7 that started continued a career in trading. It's very easy to make money, but even easier to loose lots of it.
It depends if the role includes a good salary or not. If it does then go for it you have nothing to lose. If it is a self employed position then be wary, you can easily go for months without receiving a bean despite working your nadgers off.
I started as a group of 7 graduates on a derivatives trading training program at the start of 2006, not one of those 7 that started continued a career in trading. It's very easy to make money, but even easier to loose lots of it.
Dupont666 said:
Do you know what a derivatives trader does?
Good question, yes I do, although practical experience is zero (although I have supported the trading function as part of my role).Dupont666 said:
Are you FSA approved?
No it's not been required for the role, so I would have to do the exams in order to trade.Dupont666 said:
have you read around the subject?
Part of my function is as a business analyst, so yes and I also studied derivatives at the business school I attended in France.I'm doing as much revision and reading as possible, before I apply for the role.
Dupont666 said:
Will they give you all the training you need?
Remains to be seen. It would be an internal transfer, so I'm going to start discretely networking and finding out as much background as possible. I may take the advice and go get the training myself if that is what it takes.Thanks for the response.
carter711 said:
You do not need to be FSA approved to be a derivatives trader, even the 'manditory' Eurex qualification isn't that important.
It depends if the role includes a good salary or not. If it does then go for it you have nothing to lose. If it is a self employed position then be wary, you can easily go for months without receiving a bean despite working your nadgers off.
I started as a group of 7 graduates on a derivatives trading training program at the start of 2006, not one of those 7 that started continued a career in trading. It's very easy to make money, but even easier to loose lots of it.
Even as a trainee trader, it would be a slight increase in salary.It depends if the role includes a good salary or not. If it does then go for it you have nothing to lose. If it is a self employed position then be wary, you can easily go for months without receiving a bean despite working your nadgers off.
I started as a group of 7 graduates on a derivatives trading training program at the start of 2006, not one of those 7 that started continued a career in trading. It's very easy to make money, but even easier to loose lots of it.
PS Loved the comment re: Jerome Kerviel ;-))
If anyone can recommend any specific books then that would be great.
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
smithsi said:
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
e.g.
Single name CDS
Indices
Tranches
Strucutured
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
e.g.
Single name CDS
Indices
Tranches
Strucutured
Thanks for your help.
PS Interesting web site Noel. I come from a IT tech background, in particular familiar with SQL Server and C#.
smithsi said:
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
e.g.
Single name CDS
Indices
Tranches
Strucutured
Thanks for your help.
PS Interesting web site Noel. I come from a IT tech background, in particular familiar with SQL Server and C#.
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
e.g.
Single name CDS
Indices
Tranches
Strucutured
Thanks for your help.
PS Interesting web site Noel. I come from a IT tech background, in particular familiar with SQL Server and C#.
smithsi said:
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
NoelWatson said:
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
What type of derivatives?Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
e.g.
Single name CDS
Indices
Tranches
Strucutured
Thanks for your help.
PS Interesting web site Noel. I come from a IT tech background, in particular familiar with SQL Server and C#.
NoelWatson said:
The volumes/liquidity have dried up, meaning that there are a lot of people left twiddling their thumbs, especially in the structuring areas.
Yes, I've being made redundant from an IT development role supporting a structured area.Good point on liquidity, I see from your blog that you did the Certificate in Quant Finance. Perhaps that could be advantageous for me in accomplishing my goals, think I will definitely need to refresh my maths!!!
smithsi said:
NoelWatson said:
The volumes/liquidity have dried up, meaning that there are a lot of people left twiddling their thumbs, especially in the structuring areas.
Yes, I've being made redundant from an IT development role supporting a structured area.Good point on liquidity, I see from your blog that you did the Certificate in Quant Finance. Perhaps that could be advantageous for me in accomplishing my goals, think I will definitely need to refresh my maths!!!
smithsi said:
Any advice.
Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
Depends on what sort of person you are and what sort of traders your company prefers (old hands or up and comers).Position has come up within my company to be a trainee derivatives trader.
I've within IT for financial companies for 10 years and am interested in a career change. Any hints, there must be a few City traders on here from time to time.
The thing that this depends on is how quickly you'll think they're all cocks. Pure traders (not people trying algo trading etc) are a breed as are some I.T. people. They're breeds that were born to hate each other.
There are exceptions obviously and I'm lucky to know a couple of traders that I really get on with, but it's best to know what it can be like. If you like expensive shirts and shoes, thought Audi TT's were cool and have a 100% (or more) mortgage on a flat just outside the worst part of town you'll fit in fine
Unfortunately the answer is it really depends.
Is this a sales trader job, or a market making trader job ?
Depending on the technology/setup/etc. your level of IT knowledge could give you quite an edge on the desk. Just be ready to hack out rapid prototypes and improve them on the fly.
Even if it doesn't work out, front office developers who have spent time trading are nearly always valuable.
Is this a sales trader job, or a market making trader job ?
Depending on the technology/setup/etc. your level of IT knowledge could give you quite an edge on the desk. Just be ready to hack out rapid prototypes and improve them on the fly.
Even if it doesn't work out, front office developers who have spent time trading are nearly always valuable.
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