Starting Again At 27-Work Related
Discussion
daveco said:
louiebaby said:
I joined a company specialising in being Market Makers of Options as a Trainee. I learnt the skills related to it, but found myself not truly suited to trading. (I hated "taking a position home" in my head. I couldn't relax.)
Cheers for the info, LB this interests me greatly. What do you have a degree and masters in? I've highlighted a section of your text that I'd be grateful if you could expand on (i.e. I don't understand it!)When you go to the bookies to bet on a horse, there is a transaction which results in a winner and loser. If you choose the right horse, you win, the bookie loses. If the bookie makes the odds for each horse correct, he will take more in bets than he will pay out to the winners.
A Market Maker is like the bookie. The trick is not to win every trade, but to win more on the ones you win than you lose on the ones you lose.
If you want to know about Financial Options, have a look at Wikipedia to start, but know the weapon before / if you start using it.
When it comes to "Taking a position home" I mean not being able to switch off from work. I'm a bit of a control freak, and when the markets were closed, I worried about how my position would be in the morning, as I had no control over it. Now, doing project work, I still "Take problems home" but at least I can think them through on the Tube or when cycling and formulate solutions.
I hope that all helps, but feel free to ask questions.
Education wise I have a Masters in Pharmacy, and a Masters in Financial Management. These have certainly not harmed my progression, aren't the only factor employers consider.
To be a trader, you will need a proficiency with numbers, strong drive, desire to succeed, and the right risk attitude for the establishment you will be trading for.
For me, the fact that I had been a reasonably high level athlete held more weight for becoming a trader than any qualifications. At least one of the guys in my final interview have no formal qualifications beyond a few o levels, and is a very successful, multi millionaire trader. I don't know about the qualifications of the other guy, but he isn't short of a few quid either.
A final piece of wisdom from someone wiser than me:
An interviewer is only trying to answer 3 questions, CAN he do the job, WILL he do the job, and will he fit into the existing team.
If you can answer those questions how they want them answering, you've got a great chance.
Munter said:
I wouldn't say Zero then. You have A-Levels / a GNVQ that was good enough to get you to Uni even if you didn't stay.
You might want to get to a Local Uni open day (rule out Law
), but see what other more practical courses they have, that your current qualifications will get you on to. Even if it just gives you a bit more direction it might be worth 1/2 a day of your time.
Cheers Munter, I appreciate the advice! Uni Open days have been ignored up to this point so that's definitely something I'll pursue You might want to get to a Local Uni open day (rule out Law
), but see what other more practical courses they have, that your current qualifications will get you on to. Even if it just gives you a bit more direction it might be worth 1/2 a day of your time.
louiebaby said:
Maybe I went into too much detail, but I explain it to my friends who aren't in the trade like this:
When you go to the bookies to bet on a horse, there is a transaction which results in a winner and loser. If you choose the right horse, you win, the bookie loses. If the bookie makes the odds for each horse correct, he will take more in bets than he will pay out to the winners.
A Market Maker is like the bookie. The trick is not to win every trade, but to win more on the ones you win than you lose on the ones you lose.
If you want to know about Financial Options, have a look at Wikipedia to start, but know the weapon before / if you start using it.
When it comes to "Taking a position home" I mean not being able to switch off from work. I'm a bit of a control freak, and when the markets were closed, I worried about how my position would be in the morning, as I had no control over it. Now, doing project work, I still "Take problems home" but at least I can think them through on the Tube or when cycling and formulate solutions.
I hope that all helps, but feel free to ask questions.
Education wise I have a Masters in Pharmacy, and a Masters in Financial Management. These have certainly not harmed my progression, aren't the only factor employers consider.
To be a trader, you will need a proficiency with numbers, strong drive, desire to succeed, and the right risk attitude for the establishment you will be trading for.
For me, the fact that I had been a reasonably high level athlete held more weight for becoming a trader than any qualifications. At least one of the guys in my final interview have no formal qualifications beyond a few o levels, and is a very successful, multi millionaire trader. I don't know about the qualifications of the other guy, but he isn't short of a few quid either.
A final piece of wisdom from someone wiser than me:
An interviewer is only trying to answer 3 questions, CAN he do the job, WILL he do the job, and will he fit into the existing team.
If you can answer those questions how they want them answering, you've got a great chance.
That info helps LB. I've had a look at the wiki page for Finance Options and it seems to be a very stuctured way of buying/selling (I'll have to read it a few more times though).When you go to the bookies to bet on a horse, there is a transaction which results in a winner and loser. If you choose the right horse, you win, the bookie loses. If the bookie makes the odds for each horse correct, he will take more in bets than he will pay out to the winners.
A Market Maker is like the bookie. The trick is not to win every trade, but to win more on the ones you win than you lose on the ones you lose.
If you want to know about Financial Options, have a look at Wikipedia to start, but know the weapon before / if you start using it.
When it comes to "Taking a position home" I mean not being able to switch off from work. I'm a bit of a control freak, and when the markets were closed, I worried about how my position would be in the morning, as I had no control over it. Now, doing project work, I still "Take problems home" but at least I can think them through on the Tube or when cycling and formulate solutions.
I hope that all helps, but feel free to ask questions.
Education wise I have a Masters in Pharmacy, and a Masters in Financial Management. These have certainly not harmed my progression, aren't the only factor employers consider.
To be a trader, you will need a proficiency with numbers, strong drive, desire to succeed, and the right risk attitude for the establishment you will be trading for.
For me, the fact that I had been a reasonably high level athlete held more weight for becoming a trader than any qualifications. At least one of the guys in my final interview have no formal qualifications beyond a few o levels, and is a very successful, multi millionaire trader. I don't know about the qualifications of the other guy, but he isn't short of a few quid either.
A final piece of wisdom from someone wiser than me:
An interviewer is only trying to answer 3 questions, CAN he do the job, WILL he do the job, and will he fit into the existing team.
If you can answer those questions how they want them answering, you've got a great chance.
You said that one of the guys in your final interview had no formal qualifications and that this wasn't a deciding factor for your employment either; how did you/they get proficient enough in the trade in the first place?
daveco said:
You said that one of the guys in your final interview had no formal qualifications and that this wasn't a deciding factor for your employment either; how did you/they get proficient enough in the trade in the first place?
The guy who took me on is from a different era. He started trading when it was still in a pit environment like you see in "Trading Places" with Dan Akroyd and Eddie Murphy. I guess he's still trading because he has managed to adapt to the more analytical screen based trading environment we have now.The degrees and sporting achievements covered the numerical proficiency and drive to succeed they were looking for. The fact that one of the degrees was in Financial Management helped in that I knew the basics of what an Option is, but little more. One of the guys taken on at a similar time to me had a degree in Occupational Therapy, another very successful trader I know has a degree in the history of art.
I became proficient through the training they gave me, (not that proficient though, I never got promoted much.)
For yourself, were you customer facing in your previous role? Having dealt with people from all walks of life has helped me immensely in the past. Well developed communications skills and the ability to talk about your work ethic, (with examples,) will really set you apart and above from the younger kids fresh out of uni.
Also, if you have big boobs you could go into brokerage / sales...?
louiebaby said:
The guy who took me on is from a different era. He started trading when it was still in a pit environment like you see in "Trading Places" with Dan Akroyd and Eddie Murphy. I guess he's still trading because he has managed to adapt to the more analytical screen based trading environment we have now.
The degrees and sporting achievements covered the numerical proficiency and drive to succeed they were looking for. The fact that one of the degrees was in Financial Management helped in that I knew the basics of what an Option is, but little more. One of the guys taken on at a similar time to me had a degree in Occupational Therapy, another very successful trader I know has a degree in the history of art.
I became proficient through the training they gave me, (not that proficient though, I never got promoted much.)
For yourself, were you customer facing in your previous role? Having dealt with people from all walks of life has helped me immensely in the past. Well developed communications skills and the ability to talk about your work ethic, (with examples,) will really set you apart and above from the younger kids fresh out of uni.
Also, if you have big boobs you could go into brokerage / sales...?
How did you hear about the job? Apologies for all the questioning but this is something I'm genuinely interested in getting into.The degrees and sporting achievements covered the numerical proficiency and drive to succeed they were looking for. The fact that one of the degrees was in Financial Management helped in that I knew the basics of what an Option is, but little more. One of the guys taken on at a similar time to me had a degree in Occupational Therapy, another very successful trader I know has a degree in the history of art.
I became proficient through the training they gave me, (not that proficient though, I never got promoted much.)
For yourself, were you customer facing in your previous role? Having dealt with people from all walks of life has helped me immensely in the past. Well developed communications skills and the ability to talk about your work ethic, (with examples,) will really set you apart and above from the younger kids fresh out of uni.
Also, if you have big boobs you could go into brokerage / sales...?
I deal with my clients everyday; whether on the phone, by e-mail or in person. Whatever is necessary to make them feel taken care of. I have a strong work ethic.
How does brokerage differ?
daveco said:
How did you hear about the job? Apologies for all the questioning but this is something I'm genuinely interested in getting into.
I deal with my clients everyday; whether on the phone, by e-mail or in person. Whatever is necessary to make them feel taken care of. I have a strong work ethic.
How does brokerage differ?
I found out about the job from the eFinancial Careers website. Others career based websites are available.I deal with my clients everyday; whether on the phone, by e-mail or in person. Whatever is necessary to make them feel taken care of. I have a strong work ethic.
How does brokerage differ?
What you've done already sounds a lot like a sales / brokerage role. If you want to get into financial brokerage, whether it's stock, options or whatever, it helps to have some rich friends. If you can take a client to them, they'll have a lot more time for you.
If not, you may well have to start by making tea and doing the s
tty jobs. Try watching the following films, they all have elements of dressing it up for the camera, but might give you some ideas of what it takes.Wall Street
Boiler Room
Trading Places
The Pursuit of Happyness
louiebaby said:
I found out about the job from the eFinancial Careers website. Others career based websites are available.
What you've done already sounds a lot like a sales / brokerage role. If you want to get into financial brokerage, whether it's stock, options or whatever, it helps to have some rich friends. If you can take a client to them, they'll have a lot more time for you.
If not, you may well have to start by making tea and doing the stty jobs. Try watching the following films, they all have elements of dressing it up for the camera, but might give you some ideas of what it takes.
Wall Street
Boiler Room
Trading Places
The Pursuit of Happyness
Cheers LB. I've watched those films multiple times and pursuit of happyness is very close to the bone in how it shows how desperate he gets to snag a prospective client!What you've done already sounds a lot like a sales / brokerage role. If you want to get into financial brokerage, whether it's stock, options or whatever, it helps to have some rich friends. If you can take a client to them, they'll have a lot more time for you.
If not, you may well have to start by making tea and doing the s
tty jobs. Try watching the following films, they all have elements of dressing it up for the camera, but might give you some ideas of what it takes.Wall Street
Boiler Room
Trading Places
The Pursuit of Happyness
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