Trading for a Investment bank

[jiggly]

Most bank traders aren't prop traders - they are sales, securities lending, market makers, etc.

Also, I doubt that even if you had a good track record it would matter. Most banks make their cash from services and not punting around - especially, since their recent screw up in the sub prime market.

so you think prop is the way to go?

 

[Masquerade]

so you think prop is the way to go?

Depends if you can trade and like trading....

 

[jiggly]

credo of working at bank/HF in previous life.

i would say at least 90% of HF traders have either been in a bank/asset/fund management position. i realise i am sticking my head on the block but that is my experience.

sure, this is partly why I am asking the question,

how do you get experience if you dont have any in such a capacity, everyone started somewhere.

how can I/someone get in.

 

[Technically Fundamental]

My comments carry as much value as the thread. You have zero work experience and zero trading related qualifications and you want to become a trader in a bank when there are thousands of qualified, experienced recently laid off traders scratching at the doors every bank from here to Russia. Plus you dont actually know what traders in banks do. Then to top it off someone with inside experience said you're going to have difficulty and you argued with him. As I said it seems like you just want someone to say yes you will get a job.

 

[gooseman]

graduate. back office. middle office. that sort of thing.

 

[Technically Fundamental]

graduate. back office. middle office. that sort of thing.

I've heard its hard to break out of back/middle office. Any truth to that?

 

[jiggly]

My comments carry as much value as the thread. You have zero work experience and zero trading related qualifications

your a d@ck mate.............

 

[Masquerade]

I've heard its hard to break out of back/middle office. Any truth to that?

More chance of breaking through from middle office than back office. Just depends if you're personable and lucky. If you serve the coffee you have a chance. Chances are you'll be stuck in back office for years and years and some young kid will come out of university and **** on your desk whenever he feels like it within the first week of being there.

 

[jiggly]

graduate. back office. middle office. that sort of thing.

is that the route you went through?

 

[gooseman]

one of the above.

if you tell us more about yourself then you might get more forthcoming answers. that is of course you don;t mind splashing it about the net.

 

[jiggly]

so a trading record of profitability doesnt have much weight in exporing this avenue, to become a trader.

 

[Technically Fundamental]

your a d@ck mate.............

I was only saying mate. No need to get personal. Out of curiousity what trading related quals do you hold.

 

[gooseman]

not unless your profitabilty background is institutional, no.

 

[jiggly]

nope.

what did you do then?

 

[rawrschach]

It could make a difference when it comes to actually being selected for interview and getting through the interview.

 

[jiggly]

one of the above.

if you tell us more about yourself then you might get more forthcoming answers. that is of course you don;t mind splashing it about the net.

dont mind telling more about myself, because I am just looking to explore the possibilities of what i can do with a profitable track record from trading consistently, I have about 5 years trading experience. I can demonstrate profitability for the past year.

in all honesty, i got into trading to be financially independent and free, but I have come to a point where i want to kickstart my 'profitable' career with capital. I have spent this time studying the markets and refining my methods, but in the process have obviousy blown several accounts and am now sitting on a skill with limited capital to trade.

building my bank roll will take 'time', or I can (potentially)speed it up by taking bigger risks. I have looked into getting a loan and continue doing what i am doing, but, I just dont like the idea of doing that.

I do not necessarily want to trade for an IB, am just keen for the experience with either a IB or a prop house, if it means I could trade larger sooner, otherwise i will just continue what I am doing becuase the end goal is not to be answerable to anyone anyway.

 

[fifty2aces]

From the sound of things, prop would suit you better than an IB. You'll have far less freedom in a bank, and they're less likely to be doing the same kind of trading that you have experience in. The best way into an IB job is an oxbridge 1st and a lot of interesting things on your CV.

 

[gooseman]

if you want to not answer to anyone then a bank isn't for you. red tape everywhere. as someone said above most bank traders are flow traders/treasury etc, not actual prop. Sure they will have a risk book book most are just offsetting risk in one form or another.

you can try perhaps to hit algo funds/indpendent locals etc but i suspect opportunities will be limited.

worst thing you could do is take a loan to trade mate. may as well switch off the lights.

 

[blancspa]

Jiggly - methinks IB is a lifestyle not a job, would you be willing to give up all your goodies?
I would like to work in IB too, but so far I think they have a special code there, not necessarily better but they have a huge backing from ordinary taxpayers people money so they can **** around whether they feel like... they loose 1 mil so what , the system allows that... Is of corse the dreamland to work for but you gotta be made for it, they don`t take people from the street

 

[gooseman]

Jiggly - methinks IB is a lifestyle not a job, would you be willing to give up all your goodies?
I would like to work in IB too, but so far I think they have a special code there, not necessarily better but they have a huge backing from ordinary taxpayers people money so they can **** around whether they feel like... they loose 1 mil so what , the system allows that... Is of corse the dreamland to work for but you gotta be made for it, they don`t take people from the street

not sure that is quite true by a long way.