I would like some advice re getting into trading. As background to this, my situation is the following: Currently I work at an ECN, basically running 20% of the biz in cash credit and CDS markets for the company. Prior to this 4yrs at Bloomberg selling, implementing and supporting OMS (sellside and buyside) systems and implemented and supported fixed income electronic trading platforms on the sellside. I have good futures and options knowledge in terms of the products and some technical analysis skills (used to support the relatively basic BBG product and train traders at investment banks on it). Good understanding of markets as a whole and fixed income and derivatives in particular.
I have 4 questions and would really welcome any advice here:
1) Currently as I see it you have 3 options when starting out: Investment bank, Arcade, Solo w/ a broker. Given the risk involved in moving from a lucrative job into futures/options trading I would assume the investment bank would be the best route to go as I don't think Arcades or brokers (such as Saxon, Man etc..) pay any kind of salary? Are there any good avenues for non-graduates as such (I am 28, 4yrs at BBG, 1 at ECN) or would I have to go through the graduate programme at an IB? I am somewhat loath to do this given that I have experience, though not necessarily relevant and good systems knowledge (i.e. BBG, Tradestation etc..)
2) Within an IB or a broker there appears to be filling of client orders and advice as distinct from prop business. Do people generally do both or are the roles generally distinct? Would cash fixed income traders have their hedge orders filled or just trade these directly at current price? Arcades appear to be soley prop
3) Which IBs or Brokers have the best reputation at the moment on the street in London as places to start out?
4) Do the IBs have any kind of presence in commodities markets or is this essentially brokers and arcades/boutiques?
Any help at all re the above would be very gratefully received.
I have 4 questions and would really welcome any advice here:
1) Currently as I see it you have 3 options when starting out: Investment bank, Arcade, Solo w/ a broker. Given the risk involved in moving from a lucrative job into futures/options trading I would assume the investment bank would be the best route to go as I don't think Arcades or brokers (such as Saxon, Man etc..) pay any kind of salary? Are there any good avenues for non-graduates as such (I am 28, 4yrs at BBG, 1 at ECN) or would I have to go through the graduate programme at an IB? I am somewhat loath to do this given that I have experience, though not necessarily relevant and good systems knowledge (i.e. BBG, Tradestation etc..)
2) Within an IB or a broker there appears to be filling of client orders and advice as distinct from prop business. Do people generally do both or are the roles generally distinct? Would cash fixed income traders have their hedge orders filled or just trade these directly at current price? Arcades appear to be soley prop
3) Which IBs or Brokers have the best reputation at the moment on the street in London as places to start out?
4) Do the IBs have any kind of presence in commodities markets or is this essentially brokers and arcades/boutiques?
Any help at all re the above would be very gratefully received.
