best route to becoming a trader in the city (london)

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Old Jun 4, 2008, 8:28pm   #16
Joined Nov 2007
Maybe in Disneyland, this is London. It's not a choice - you don't decide whether or not you get into a bank - they do. At your age you would have a *lot* of trouble getting into a front office job from a target school let alone City.

Pay for training at an arcade, with a few weeks you will have an idea of what your daily routine as a trader will be like and then make a decision. If you do pursue it, it will be another year or so at least before you are consistently profitable - yet another reason not to waste time at uni. If you really want a degree, you can get one while you learn to trade via the University of London's distance program, or from one of their colleges' distance programs - either way I'd say their degrees hold more weight than one from City.
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Old Jun 4, 2008, 8:29pm   #17
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double post
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Old Jun 4, 2008, 10:29pm   #18
 
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dboy007 started this thread Wow! that's some contrasting replies but all useful nonetheless. I agree with alot of you guys, in the sense that i am too old and the odds are seriously stacked against me. Gamma jammer, now worries about your first post pal, this is a debate after all. The reason i never got into trading earlier is because i went travelling round the world when i was 19, came back when i was 21. At 21, when i expressed an interest in trading someone told me i was too old and should've gone into it straight from school. Hence, why i just left it.

Yes i'm cabin crew and earn **** money but i do it because i like travelling, like to stay in 5 star hotels and bang alot of fit air hostesses. i can afford to do this because i subsidise my salary with an up and coming property development business. I got into cabin crew because i was bored of casinos and still didn't really know what i wanted to do with my life. It took me a long time but finally i'm ready to knuckle down and carve out a career for myself.

I can safely say this because i've achieved most of the things i wanted to achieve at this age and had alot more fun than the average person. now i'm ready to get serious and make a **** load more money.

I don't ever work on whims. I make educated and researched decisions and then go for it 100%. i am an all or nothing type of person and do nothing in halves.

From the great responses i've recieved from this post, i'm currently thinking that a job as a trader is unlikely but am going to undertake a degree in finance (or something similar) anyway and try my luck. I am going to play to the fact that i used to be a croupier and am very strong at maths. i've also got alot of connections in the city and as i live in balham and bump into traders all the time will continue to network. If the plan doesn't come together, well then i still have a degree and am generally in a better position in life than if i didn't.

I'm a self made man and have always worked for everything i wanted. people consistently tell me that this or that can't be done and i enjoy(in a non arrogant way) proving them wrong. although i can appreciate this will be a mammoth challenge, as mentioned above, the average career of a trader ends at 33!
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Old Jun 4, 2008, 11:11pm   #19
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Dont bother with the degree!! You almost certainly wont get into a bank as a trader in three years once you are done so what does it get you? Nothing! I'm studying finance at the moment and trust me, it teaches you nothing about trading. If anything, you start to believe the efficient markets hypothesis and convert to the "traders must just be lucky" camp. Then you have to give yourself a good slap to stop yourself slipping over to the dark side.

You would be better off learning the markets from home, paper trading and then once you are confidant starting to risk your own capital. You dont have to get into a bank or even prop shop to become a trader!! You will learn more staring at a live FX data feed than you ever could from a book or finance course, and it wont cost you a penny!!!!
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Old Jun 5, 2008, 12:47am   #20
 
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dboy007 started this thread thanks for the advice christopher. it's good to get a view from someone who's actually doing a finance course. don't think i'll bother with that then.

1. just out of interest why do so many traders have a physics background? i can't make the connection. is it because they're good at using/solving formulas and equations?

2. i've recently read up on the basics of spreadbetting from a website which i found easy to understand. is there a website that teaches the basics of trading from scratch in laymans terms?

many thanks. this thread has helped me a great deal especially as i am a realist and am under no illusions.
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Old Jun 5, 2008, 9:05am   #21
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Originally Posted by dboy007 View Post
thanks for the advice christopher. it's good to get a view from someone who's actually doing a finance course. don't think i'll bother with that then.

1. just out of interest why do so many traders have a physics background? i can't make the connection. is it because they're good at using/solving formulas and equations?

2. i've recently read up on the basics of spreadbetting from a website which i found easy to understand. is there a website that teaches the basics of trading from scratch in laymans terms?

many thanks. this thread has helped me a great deal especially as i am a realist and am under no illusions.
Physics is one of the toughest (mathematically speaking) subjects that you can do. It also gives you skills in modelling and programming that are useful in trading. However, I think that Masquerade probably emphasised the Physics thing a little too strongly if anything. There are plenty of traders who didnt study physics

Your enthusiasm is fantastic and will stand you in good stead as you start off in this journey to becoming a trader. If you are serious about it then you now need to turn your attention to the following steps, which detail my opinion about how a beginner should proceed into the trading world.

1. Reading: You need to read quite a few books, although you can partially make up for this with reading the best posts on here. Different people will recommend different books, but hopefully most would agree that the list might involve the following:

Market Wizards 1 & 2, Trading in the zone, technical analysis of the financial markets, other people will add to this. Also read "the financial spread betting guidebook" if you decide to go down the SB route. You maybe need to set aside a couple of hundred quid for these books (maybe look out for second hand?), but dont worry, think of this couple of hundred quid as money you would have lost if you had gone steaming in anyway, (I know I did, as will the guy who kept buying HBOS yesterday but didnt know why).

2. Personalisation: You will need at some point to make some decisions about:

* What instrument(s) you want to trade: FX, equities, bonds, futures, etc etc. I am biased towards FX but you need to decide for yourself.
* What time frame you want to trade on. This is an important one. Do you want to sit in front of your screen all day (short time frames) or do you want to just trade for an hour or so at the end of the day (long term trendfollowing). The shorter the time frame, the more potential there is for higher profit, but it is probably harder to do and definitely more time consuming. You could "swing trade" which means that you would be doing something in between, and holding your positions for a few days.
* How are you going to place the trades? Spread betting may be a good option for you.

3. Getting to grips with the market: Once step 2 is done, you need to learn everything about your specific market. This means getting a data-feed, (free for FX, maybe not for others unless end of day), and studying the market movements. Look at the way the moving averages behave, look at the general behaviour of the market. What is driving the price? What (if anthing) can give you a good indication of what it may do? What effect does unexpected news have on the price?

4. Developing a methodology: Not a rigid mechanical system, but a methodology. Look at some very basic ones, eg. Can the 10 period MA crossing the 50 period MA tell you anything? At this point you will start to get some ideas about what may work. Write them down in as much detail as possible. Write down: entry criteria, exit criteria etc. Then you can move on to step 5.

5. Paper trading: (trading under real conditions with non-real money). This is your chance to put some of the systems you found in part 4 into practise. Even when paper trading, take it seriously, stick to the methodology and record the result. Remember, if a trade loses money, it want a bad trade unless you cant justify why you did it. If it was part of your methodology, it was a great trade.

6. Real trading. Only proceed to stage 6, when you are consistently profitable at stage 5. You should have a clearly defined methodology that you are pretty sure has a positive ecpectancy over a large number of trades.


Note that the only things that you should be paying money for at any stage are books and possibly data. No miracle systems, no signal generators, no nothing.

Take your time with steps 1, 2, 3, 4, they are important and will save you money later on. The quicker you rush through these early steps the more you will lose later. Steps 1-4 may take you up to 4 to 6 months of hard work, its worth it. Step 5 should take the same again really. Then you can move onto step 6 after a year or so with the confidance to succeed and you may be one of the few who is a winner from the start!!

I really hope that this helps you, I wouldnt normally write such a detailed reply to anyone but for some reason from reading your posts I felt like helping you out.

In return I want you to introduce me to 5 dirty air hostesses who are up for a gangbang.

Good luck mate

Chris
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Old Jun 5, 2008, 9:22am   #22
 
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Why pay chocolate, get sponsored ... Try to make it to STA for instance, training program or FUTEX???? This is Disney London.....

I personally donít think that University of London distance program will help him get a job in an IB (you need more than that).
By the time he will finish the course he will be around 31.

But then again maybe I am wrong.
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Old Jun 5, 2008, 11:53am   #23
 
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One quick word... you keep saying that Spread betting is Interesting etc. etc.. .... perhaps you need to look around at some of the other posts on this site before entering into this as a first option...

BE Warned... SB can seriously damage your wealth.... quickly.... dont want to lecture you etc... I am sure you are more than capable of looking after yourself ... but this is why you ask the questions of others who might have a bit of experience...
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Old Jun 5, 2008, 1:47pm   #24
 
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dboy007 started this thread normbeef i don't intend to dive straight into spreadbetting, as i know from others the losses can be big. i was just pointing out that this is the first aspect of trading i had learnt about.....and found it interesting.

Christopher i appreciate that post must've taken you some to write and can honestly say i will start working through those points right away - thanks for the advice.

I couldn't encourage this gangbang because i'm going for promotion at work and this would be unprofessional and seriously jeopardise my chances. However, one good deed deserves another, so i'm going to give you some insider knowledge:

Go long the crew night on Tuesday, it's a bullish market.

If you're intent on meeting a **** load of air hostesses (and who'd blame you), then go to a place called Bar Med in Crawley (Gatwick) on Tuesday nights. It's crew night so it's full of hosties but is also open to the rest of the public. Bring a broom though, as you'll clean up....figuratively speaking.

Last edited by dboy007; Jun 5, 2008 at 3:28pm.
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Old Jun 5, 2008, 3:24pm   #25
 
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dboy007 started this thread it's not about the club but the huge volume of air hostesses that fill it.
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Old Jun 5, 2008, 3:46pm   #26
 
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I checked the website... I can admit it sounds nice
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Old Jun 28, 2008, 8:09pm   #27
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read a few books, open up a spread betting account, trade £1/point and see how u like it. trading sounds glamorous (and it is if u r making it big) but its definetly not for everybody.
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Old Jun 29, 2008, 8:36pm   #28
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If you got enough money any arcade will be happy to sign you on.

Many charge you £1000-2000 desk fees per month.

50/50 profit split. Often the losses only go out of your half to start with.

If you know how to trade you can run the same setup arcade has for much lower cost.

The training provided might not turn you into a profitable trader. Additional charge for training likely.

Baldur
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Old Jul 2, 2008, 1:42pm   #29
 
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50/50 profit split.... ????
+ charging the guy, THATS JUST WRONG
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Old Jul 3, 2008, 1:19pm   #30
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are some arcades now charging people for training?
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