Advice Please

[Darth_Trader]

Hi All,

Firstly, im a newbie on this forum so please go easy on me!!!

Im looking for some much needed advice please if anyone could be so kind to do so.

A little about who and what I am about, im a 26 year old man, currently working in engineering which I have done since I left school, in the process of my career I have gained a BSc Mechanical Engineering Degree and would currently be classed at supervisor level within my current company.

My interest in trading began nearly 2 years ago now when I was introduced by a friend to a virtual trading simulator where by you get given a virtual amount of money to invest on equities at 15 minute delayed prices.

I became excited by the proposition of trading and wanted to expand my knowledge of how things work so I purchased various books and began reading content online.

Approx 9 months ago I decided to open a nominee account and begin investing any spare money I have, whilst I haven't suddenly become a millionaire!!!, I haven't lost my money in which I have invested.

So to where I am now, I read the FT daily and watch Bloomberg and CNBC in my spare time, I have become sucked in by the excitement of trading so much so that it is now a big part of my life and started making me question my current career path.

I have started researching potential positions within the industry and noticed many mention the FSA regulation exams.

Which brings me to here looking for advice, ive done some research and found I can study some units towards required certification through organisations such as 7City and BPP.

Do you think for someone seriously wanting to change career and enter trading without any financial or sales experience that by taking some exams would improve my chances of entering the industry??

If so which particular units would be seen as industry minimums??

What I am currently considering starting are the CISI certificate units on Financial Reulation Principles, Securities and Derivatives, but not sure this is a good route to take.

I am very serious, passionate and excited by the potential opportunites outhere, although im currently in a steady job (£40k) I feel that currently I just exist and really want to start working in a career that excites me.

Any advice would be much appreciated.

 

[sk1105]

Hi Darth,

You don't really need any specific qualification to get yourself through the door of a trading firm. Somewhere on this site, or elsewhere on the web, exists a list of proprietary trading firms in the UK. Pretty much all of these guys hire in fresh blood all the time, put them on training programmes and (if they do well) give them a job.

I'd say your best bet is to start applying to prop firms. Let them know how much you love trading and want to get in to it, and ask if you'd be considered for their next training programmes.

 

[pboyles]

Darth,

I'm not sure qualifications alone will get you into a real prop shop. Any of the ones that I spoke to only cared about whether you had profitable statements to show them. You should also be very careful who you deal with. There are a lot of companies who are pretending to offer jobs but are in fact just training companies. Some have been taken peoples money and disappeared (TCA) whilst others have no trading background and are charging 3 or 4 times the Market price for pretty worthless qualification.

Assume everyone is out to rip off until you prove otherwise to yourself. The whole pay to get a job thing is now very big and there are a lot of horror stories.

 

[SusanBean]

Darth,

I'm not sure qualifications alone will get you into a real prop shop. Any of the ones that I spoke to only cared about whether you had profitable statements to show them. You should also be very careful who you deal with. There are a lot of companies who are pretending to offer jobs but are in fact just training companies. Some have been taken peoples money and disappeared (TCA) whilst others have no trading background and are charging 3 or 4 times the Market price for pretty worthless qualification.

Assume everyone is out to rip off until you prove otherwise to yourself. The whole pay to get a job thing is now very big and there are a lot of horror stories.

That is some sound advice, pboyles! The scheme you mentioned is taken out of the page of a very large book of scams. Many fake jobs are being offered that claim to require a surcharge for "training" before they hire you. I've had some fraudulent companies ask for me to fill out a credit report on a third party site to verify my "success". All of it is a load of balogna!

 

[ohollihan]

Hey Darth trader if you dont mind me asking what was the virtual trading simulator your friend recommended to you? Quite fancy doing something similar

 

[xx765]

It depends on which specific FSA exam you were talking about but I think if your trading is not involved with any client you don't need to take most of them. I trade for a prop shop so only risking the partners' capital, all I'm required to do by FSA is the so called anti-money laundering exam. With most prop shops professional qualifications are not going to impress as they don't help trading at all. Ibanks send their rookies to these exams anyway.