FX Dealer

[JackSmack]

Hello all

I realise this is not strictly a trading related question but any ideas appreciated.

I've seen a role advertised as an fx dealer at a tier 1 bank working in their corporate & commercial sales department. I really want to get into a trading role but am so far finding it difficult & thought that getting some general fx experience in this position might help & also open up doors to moving into trading in the future.

I'd imagine as a trainee I'd be quoting rates & executing orders and doing that pretty much all day.
I've heard the money will generally be quite competitive for a trainee but given the long hours more on par with a job at McDonalds etc.

Any ideas what to expect in terms of salary, hours etc. & if i'm wasting my time thinking this might eventually help me moving into trading?

any thoughts appreciated!!

 

[GammaJammer]

You would be the trainee jubbo on a sales desk. You would be passing on rates made for you by the market makers I'm guessing (having not seen the job ad - feel free to let me know where it is if you want a more detailed opinion). Sales people in a bank are the link between market makers and clients. They are usually multi-product, and more articulate (allegedly) than the market makers. They will engage clients and try to add value to the business they do (for the bank) by either increasing the amount of business the client does, or increasing the breadth of this business. They will also be the ones who will have a deeper knowledge of what that client is trying to achieve, how they like to trade etc, enabling the bank to make maximum use of the information gleaned by that client trading (or even asking a price, when they don't deal on it).

In return they will give the client a good flow of market relevant information, bad jokes, etc etc.

It's a people job. It's also not a market making or prop job, although the best sales people could also trade well and the best traders are, imho, articulate enough to act as salespeople.

What I wouldn't do is approach it as a stepping stone. Firstly the bank will smell that a mile away, and secondly you won't end up doing the job any justice so it'll be self defeating anyway. And besides, being in the middle and getting paid without taking so much risk is a good option sometimes these days. FX is at times unplayable if you're a market maker.

GJ