How to be a trader for a company?

[jason_kbs]

Does anyone know how to be a junior trader for a company? I mean I know there’s a lot of positions for senior traders who earn a lot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no experience...a stockbroker?

[aiki14]

Originally Posted by jason_kbs

Does anyone know how to be a junior trader for a company? I mean I know there’s a lot of positions for senior traders who earn a lot...but require so much experience.

I guess I m asking how do traders who want to make trading their job get started? what position do they take up when u have no experience...a stockbroker?

Get a degree in finance or mathmatics, graduate high in your ivy league school class and impress a bunch of vice presidents, then score really high on the psych test especially on the game theory part.
Most of the traders are doing stat/Arb (statistics and arbitrage) or analysis. They aren't going to let you trade equities any time soon.

[aiki14]

If anyone is really serious about trading for a living there are a couple outfits that will give you an effective 10x leverage. Here's the details.:
You put up a substantial sum of money (50k+), and go through the background checks etc.
Then they set you up with a trading platform, like a Thompson workstation or similar system and a T1 line. You'll be renting it. You can in some cases do it from their locations (they are in NY and a few other cities around the country)
They add 20x your investment.
You trade the acct and pay the commissions, then you split the profits 50-50. That's the way you get 10x leverage. If you take losses you split those as well, and you must keep the minimum amount of your own money in the acct all the time.

[Svenwulf]

failing the method aiki describes, try-

1. have a family member who is a trader. even today most traders likely get the foot in the door thanks to dad or an uncle.

2. save/ acquire your own capital. generate sustainable, documented gains. if in some way this has not cured your desire to work for another, consider simple licensing and incorporation constraints, secure some OPM, and open your own hedge fund. heck, its so easy, they even have books on it now.

[Patrick01]

I never did understand how being a math wiz applies to successful trading.

[madcowdisease]

Couldn't earning an MBA from a large institution with a strong alumni network and going through the traditional channels (working your way up) be just as good.

Aiki, your second post sounds extreme. Where might one learn more about this process?

[aiki14]

Originally Posted by madcowdisease

Couldn't earning an MBA from a large institution with a strong alumni network and going through the traditional channels (working your way up) be just as good.

Aiki, your second post sounds extreme. Where might one learn more about this process?

Don Bright was doing it for a while but I haven't seen anything from him in a couple years. There was also a guy named Schoenfeld out of NY who was doing it. It's been a few years since I was interested so I don't have the links.

[madcowdisease]

Originally Posted by aiki14

Don Bright was doing it for a while but I haven't seen anything from him in a couple years. There was also a guy named Schoenfeld out of NY who was doing it. It's been a few years since I was interested so I don't have the links.

Should I be familiar with these guys you mentioned?

[aiki14]

Originally Posted by madcowdisease

Should I be familiar with these guys you mentioned?

Maybe not as it's been a while. Brights website is not working
www.stocktrading.com
And I spelled Schonfeld incorrectly, the current guy to speak to there is Bob Nardone,
http://www.schonfeld.com/

[madcowdisease]

Your thoughts on the traditional route? I'm actually appplying for grad school this winter for fall 2008.