Any possibilities?

[Tubbs]

Sorry about the class rant. I merely am implying that nepatism is very important in all walks of life, especially so of banking. With class comes connections. A bank historically would employ Willie Saint-John-Smithe for investment banking or a salt of the earth londoner for trading. A bit generality I know, but that's what I was getting at. My current job was only got by knowing the boss business partner. No job I have ever got has been through a successful interview process.

As for the arcades - I lean towards stockjunkies view of them. I can lose my own money perfectly well myself without paying a prop firm first!

 

[dwaddell]

Hi,

It seems to me that this only goes to prove that making it yourself is the most 'likely' way to get into this business.

For me, trading is an opportunity to make it on my own (have always been self employed) in a different arena to the one in which I'm currently operating, which has turned out to be no better than a 9-5.

I dont want to go from that to another 9-5, albeit in the area I want to be in.

If its a means to an end, then fine, but I reckon that what you need to know can be learned - it's the success in applying it that is the deciding factor.

Dave

 

[Parky]

Arcades are arcades are arcades , how many ways is there to diguise them ?

Those socalled training shemes are nothing more than telling you what bar charts and candle sticks are . Big deal , you could get all of that on countless sites on the net . What they pretend to teach you is a REAL trading edge , which it is patently NOT .

The socalled schemes are effectively nothing more than trading your own money in the end .

No one has or can so far show me any real advantage of arcades.

Its a very blinkered view and how can you loose your money if you are trading the house money??? The three training schemes I have seen are nothing like you describe, for the fresh out of school types, sure you teach the fundamentals "what is non farm payroll, how does it effect the markets etc", we send our trainees to exchange run and recognised courses in the city. If they want to know about charting and technical analysis we have on site a member of the "statistical Analysis association" who has been running charts and analysing data since the 1970's. The training schemes I approve of take on three or four trainees at a time, they are guided onto front end trading simulators and mentored one too one where they learn from the experienced trader and each evening are debriefed. Depending on whether they lean towards scalping , spreading, arbing or even if there style suits options trading they are given aid and assistance until both they and their mentor believes they are ready to go live.
The training is free, they are given thier trading capital , if they make money they take a percentage ontop of their monthly retainer, if they loose they owe nothing and still get paid a retainer.
Arcades as you insist on calling them have direct conectivity too the exchanges, current front end trading systems that give spreading tools, market eyes, quote machines and are constantly evolving.
Seems to me you know only about the bad training schemes and mincing machine arcades. if they were all as bad as you think they wouldn't survive.

 

[Stockjunkie]

Sorry about the class rant. I merely am implying that nepatism is very important in all walks of life, especially so of banking. With class comes connections. A bank historically would employ Willie Saint-John-Smithe for investment banking or a salt of the earth londoner for trading. A bit generality I know, but that's what I was getting at. My current job was only got by knowing the boss business partner. No job I have ever got has been through a successful interview process.

As for the arcades - I lean towards stockjunkies view of them. I can lose my own money perfectly well myself without paying a prop firm first!

Right , I do see exactly what you are saying and I confirm my experiences were the same .

What you have described unfortunately reflects vividly what is UK society in general. Management jobs for the old aristicratic class and floor jobs for the boys .

If you don't fit these 2 groups in these 2 egs) and there are many that don't , then it's hard lines for you.

Having said that , there are tricks and sneaks that can get you in . I knew a number of top management people w/o even a degree , and people who have lost tons when it was easier to win go on to top US banks and resume trading for them !

 

[Latecomer]

Having said that , there are tricks and sneaks that can get you in . I knew a number of top management people w/o even a degree , and people who have lost tons when it was easier to win go on to top US banks and resume trading for them !

My first post here and this thread is very relevant. I'm 27, bored stiff of being an accountant (surprise, surprise!!) and looking to break into trading. Would have gone for it after uni but too much messing about meant I got a crap degree- I tried to forget about the idea of trading since there was basically no chance but I'm looking again now with a vengeance after being unable to shake the desire. Needless to say, this is verging on mission impossible.

I am, however, quite interested in Stockjunkie's 'tricks and sneaks' as I'm all eyes to any tips for getting in. Obviously, proving a 'real' interest (i.e. books, paper trading, etc) as well your ability somehow (no idea how?) is a given....but what of these 'tricks and sneaks'?