Prop Trader Quitting and Needs Career Advice

Hi guys

I've been trading the past 6 years at a couple of trading arcades in London. The past 18 months haven't been great, particularly the last 6! So I'm calling it a day. Unfortunately I never made the big league and find myself desperately requiring a job fast. I have a mathematics degree from a top level university and have been a Market maker and local during those 6 years of a prop trader.

What career options are now open to me? I've heard people say that Banks won't touch me now as prop experience counts against you. Would I be able to get onto middle/back office or are those paths now cut off to me as well?

Any help would be greatly appreciated, especially from guys who are/were in my situation.

Thanks pp599

pp599 said:

Hi guys

I've been trading the past 6 years at a couple of trading arcades in London. The past 18 months haven't been great, particularly the last 6! So I'm calling it a day. Unfortunately I never made the big league and find myself desperately requiring a job fast. I have a mathematics degree from a top level university and have been a Market maker and local during those 6 years of a prop trader.

What career options are now open to me? I've heard people say that Banks won't touch me now as prop experience counts against you. Would I be able to get onto middle/back office or are those paths now cut off to me as well?

Any help would be greatly appreciated, especially from guys who are/were in my situation.

Thanks pp599

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I mean, do you need our permission to give it a shot? Just apply. The worst will be you being rejected, landing you back at your current state of joblessness.

Ive been in the same situation you should be able to land a role in back or middle office, although now is not the best time to be looking.Do your fsa exams and look for a junior broking spreadbetting or sales role.Be honest at the interviews and state although you failed and prop you have a good understanding of how markets work how they move importance of key figures fundamentals etc.You should be fine you probably know a hell of of alot more than you think and more than most brokers anyway.If you want to trade profitably on the side ill give you a tip learn to trade fx price action on the daily charts it will open your eyes on how to really trade, the J16 chart thread or niall fuller are the placed to learn.

pp599 said:

Hi guys

I've been trading the past 6 years at a couple of trading arcades in London. The past 18 months haven't been great, particularly the last 6! So I'm calling it a day. Unfortunately I never made the big league and find myself desperately requiring a job fast. I have a mathematics degree from a top level university and have been a Market maker and local during those 6 years of a prop trader.

What career options are now open to me? I've heard people say that Banks won't touch me now as prop experience counts against you. Would I be able to get onto middle/back office or are those paths now cut off to me as well?

Any help would be greatly appreciated, especially from guys who are/were in my situation.

Thanks pp599

Click to expand...

In your experience what percentage of people actually make it prop trading? I mean how many can make a decent salary after desk fees and do that mid to long term?

What degree from which university?

My best advice would to research some free-lance websites to see what others in your position might be doing, as well as study your local job market, and find a niche that you don't mind tailoring yourself for, since you're in immediate need of some work.

Also, it's a long shot, but perhaps you may know somebody that could help you get "in" somewhere.

Thanks guys! Appreciate all the feedback.

@TobyDoyle
Have a mathematics degree from Imperial College

Nuclear power is going to be a big growth industry and I'm sure your maths will help there. Maybe contact some investment houses looking for an analysts job, the advantage you've got is you understand markets and of course with a maths degree are no dummy.

As for your past, gloss over some of the bad points, everyone does, just make it 'believable bull****'.

Good luck, don't feel bad about the end of your prop career, a) prop trading is very hard and b) in 2 years time you might find the change of career was the best thing that happend.

I envy you with your math degree. Even if you can't get a wonderful job right away, you should be able to paint some kind of bright future.

Hi pp599,
My advice to you is to take a step back and evaluate what you really want to do. In other words, are you thinking of applying for back office roles because that's what you think you've got the best chance of getting - or is it what you really want to do? I dont know (obviously) but, from what you say, I'm guessing you're in your late 20s or early 30s. If you're going to make a complete change and start a brand new career - now's the time to do it. Don't leave it another 5, 10 or 20 years. Do it now. Believe me, these things become much harder to do later on in life. So, decide what it is that really sends your elevator to the top floor, mows your grass and floats your boat. Commit to it, don't look back and go for it! I guarantee you won't regret it.
Tim.

I share your pain. I'm just starting to come to terms with the reality of my current situation too.

Timsk's post above does make a lot of sense and my 2cents is that you now know how to trade and you will always be able to go back to prop with your contacts and track record if you want to; when the market conditions improve(ie a rate cycle). That being if the HFT algos havent completely demolished the markets by then.

Stepping out for a few years might be a good move for you and you may find an easier way to make a living. Also on Timsk's point, you most definately should go for something you have some interest in and I know thats easier to say than implement at the moment, esp with a 'need' to get work in short term.

Let us know how your job search gets on....be interesting to see how you get on coming from a prop background.

Good luck and be proactive