Trading for a Investment bank

[gooseman]

sh1t reason-no deal

 

[Technically Fundamental]

I'll pay for your lunches out of my bottom line and skivvy about?

 

[gooseman]

plenty of those around

 

[GammaJammer]

Not seeing any value added Aaron. I think that's what Goose is trying to say. Do you have a useful and relevant USP?

 

[nile_croc]

hey guys,

if you have a good track record of profitability, what are the chances of getting a position as a trader with an investment bank?

does anyone have experience working as a trader for a bank as opposed to a prop house, are there any differences and which do you prefer?

A couple of things:

I worked as a market maker for a major bank trading NASDAQ and OTC stocks back during the days of the tech bubble, so I have a little inside scoop.

First of all, the majority of jobs that exist in the investment banks that involve trading are SELL-side trading. Most will involve market-making of some kind, and have very little to do with speculation trading (BUY-side trading), which is what most of us do. There are, however, proprietary jobs at some investment banks which are involved in speculation trading, however, these seem as though they are "good ol' boy" jobs and are very difficult to get.

Second, the big investment banks, that is the prestigious banks that are likely to have proprietary desks (Morgan Stanley, Goldman Sachs, etc) won't even give you the time of day unless you have an ivy league education, and are from pedigree of some kind. Even if you have an MBA from Princeton, you will have to work for 2-3 years as an analyst before even getting a job working on the desk.

It was only buy pure, dumb luck that I was able to get on a market-making desk at a major bank. I was never hired directly by the bank, rather the minor company that I worked for was purchased by the big bank later on! Luck!

Happy trading!

 

[Skill Leverage]

SL that's because most people don't fully understand what trading is.

Yeah, glorified prop shops they are not. I still think that the two jobs are an entirely different set of skills. Let me break it down in a suitably offensive/incorrect way:

Jiggly if you were born lucky and enjoy sticking a wet finger in the air for a good punt you should apply for my job; if business cards give you wood and you get a kick out of 'trading' based on what an Excel sheet tells you to do, go for IB.

There should be an emoticon of a guy stirring with a massive spoon.. note how I have managed to simultaneously alienate myself from both sides, a rare talent indeed.

 

[arabianights]

what if you like sticking wet fingers up your fundament?

 

[gooseman]

what if you like sticking wet fingers up your fundament?

apply to an IB

 

[Skill Leverage]

or apply to be Mayor of London

 

[arabianights]

I am Mayor of London

 

[Skill Leverage]

In that case stop leaving taxis outside the pub for 6 hours you twat

 

[arabianights]

no

 

[gooseman]

it has been quiet today arabian-were you knocking on the pub door at 11 again?

 

[arabianights]

nope, although my PnL is literally 1 tick at the moment. And I have a whole 12 lots on...

 

[Technically Fundamental]

Only got accountancy experience? I can help you dodge personal :-S

I'm all heart.

 

[arabianights]

I'm all heart disease

 

[Technically Fundamental]

I'll be meeting you there if I don't get off these death sticks lol.

 

[arabianights]

Why don't you take up heroin instead?

 

[Technically Fundamental]

Cant afford it.

 

[Skill Leverage]

Heroin is much cheaper than smoking.