decisions, decisions

[Tubbs]

Right - here its is:

I have a masters in Mech Engineering & eat drink & sleep trading & the markets.

I would ideally like to give up my engineering job because I don't overly like it. The problems are thus:

- I don't have straight As at a level so no bank will even look at me.
- I've been to prop trading companies & seen that the are a bunch of crooks.
- I quite like the fact that engineers don't treat you like a peace of ****.
- No formal trading or finance experience.

Apart from all this it would be good to break into some area of the industry.
Maybe I should just keep it as a pass-time & trade myself rich. I do need some kind of day job. Maybe I have done with it and become a teacher.

Any ideas ( maybe which courses would further any chances with banks/hedge funds)

 

[Racer]

Do you need any qualifications to work in investment banking?

All I know from watching my money being managed is that I can do just as well at losing money as they can....

 

[Tubbs]

I agree - don't know if I even want to work at a bank - but what's the alternative?

 

[Racer]

eat drink & sleep trading & the markets.

That's what I do and trade for myself. Verrry hard work but I enjoy it... most of the time!

 

[Roberto]

Only you can decide what's right for you (unhelpful but true). But I'd suggest that you don't go into teaching unless you feel you have an overwhelming vocation for it. No profession has such a high proportion of people in their 40's and 50's who absolutely hate it, can't wait to retire, and swear that if they had their time again they'd keep well away from it. If you go into it just from the lack of anything else to do, your chances can't be good!

 

[trendie]

hi Tubbs,

I had the same problem. I havent got to the stage where I trade full-time, but I am getting there.
I was an employed Programmer at a software house.
Then I decided I wanted to trade for a living!!

My first step was to become a freelance programmer/analyst.
I now get paid about twice as much for the same job.
( OR, I earn my previous yearly salary in about 7 months )
This means, I can have the same standard of living with less work.
More time to trade intra-day !!!!!
I am ALMOST there. ( I recently took six weeks off to see if I could hack day-trading )

Anyway, my advice, is dont try to do too much in one go.

Could you freelance as an engineer ? ( try jobserve of other specialist recreuitment agencies and see if there is a demand )
If so, chances are you get paid more for freelancing.

That way, you are maximising your current skills ( rather than having to retrain and start again from "no experience" )
If freelancing is an option, then you can afford to take long "breaks" between contracts.
These breaks can be used to day-trade for weeks at a time.
( You are already learning the trading business by reading books at night. )
You can build up expertise and money in these "breaks".
( if you are not making money, you just accept another contract )

You can trade, but also make full use of your current engineering skills.

Step-by-step you can get there.

This long post only has value if your engineering skills can be conducted as a "freelance".
otherwise, forget it !!

let us know if this an option for you. ( it is working for me )
good luck

 

[Tubbs]

Thanks Roberto & Trendie - your comments are much appreciated.

Roberto - I am coming to the conclusion that teaching is not for me, I agree with all of your comments on this subject. I taught in Italy but it was to older students which makes all the difference. Even then I didn't fell it was something I wanted to do for the rest of my life.

Trendie - your thoughts on freelancing are noted. I can't really be a freelande engineer as I'm not a contractor type of engineer (just a silly graduate type engineer). I think my skills lie somewhere else. I'm looking to trade the S&P anyway so working in the day wouldn't be too bad.

Thanks again.

 

[alpha_monkey]

Thanks Roberto & Trendie - your comments are much appreciated.

Roberto - I am coming to the conclusion that teaching is not for me, I agree with all of your comments on this subject. I taught in Italy but it was to older students which makes all the difference. Even then I didn't fell it was something I wanted to do for the rest of my life.

Trendie - your thoughts on freelancing are noted. I can't really be a freelande engineer as I'm not a contractor type of engineer (just a silly graduate type engineer). I think my skills lie somewhere else. I'm looking to trade the S&P anyway so working in the day wouldn't be too bad.

Thanks again.

S&P?
I'd argue that is a nasty first choice of market. minis would be better.
What about doing something most people ignore? (SMI on EUREX for example)

 

[Tubbs]

don't really know what to say to that. Don't know the market well enough. Worth a look though - thanks for advice.

 

[Roberto]

S&P would certainly be my first choice. Especially in your circumstances. PM me if you want a link to a good article on "Day-Trading The S&P", but give me at least 1 day's notice because I'll have to find it.