Aspiring trader career advice needed

[zuidie]

Hi

I am a South African chartered accountant working my way towards residency on a 5 year visa. For the past year I have been working at one of the top investment banks in the fixed
income product control department. I followed the CA route due to the limited career opportunities in South Africa at the time (if only I was in the UK, I would've enrolled in one of the trader trainee programs).

I have been immensely interested in trading and technical analysis since age 12. Recently I have successfully completed CMT1 level 1 (Chartered Market Technician) and I am building a mini library on all the books on trading and technical analysis I have read. I follow the FX market at night and have built a good understanding on chart patterns and profit levels.

Currently I have three options

1) Stay at the investment bank for numerous years to get onto the trading floor
2) Break away to a smaller firm on a dedicated trading course
3) Day trade from home

I decided on option 2, but have been turned down by Mako and Mettraders after they did as much as have a quick review of my CV. Option 2 is in itself a big sacrifice as I will be taking a pay cut of 60%. I must admit that the salaried option suits me best due to my financial obligations, but option 3 seems to be coming to the fore. I realise the risk of day trading, but surely trading is about taking risks.

I would appreciate if anyone could give me some advice on good companies out there or general advice, even if it is a one-liner

Appreciate your help!

Apologies for the long thread

Regards

 

[roguetrader]

I realise the risk of day trading, but surely trading is about taking risks.

I would be careful of that viewpoint, trading inherently involves risk but that is far removed from it being "about taking risks" If I were to summarise the relationship between trading and risk, I would probably say it is about seeking to control and minimise risk.

 

[charliechan]

try www.optiver.com and a load others.

if you give up or start to question yourself after 2 rejections from prop firms, then id hate to think what a small string of losing trades may do to you when you start the learning curve

all the best.

 

[Priceman]

Hello there, didn't know where to put this article but I like the first topic 'The Left Side of the Quadrant'.

What type of trader are we....

enjoy, feedback welcome too if you think it's lame then let me know.

http://www.tradingeducation.com/newsletter/

 

[Charlton]

Take time - think

Hi

I am a South African chartered accountant working my way towards residency on a 5 year visa. For the past year I have been working at one of the top investment banks in the fixed
income product control department. I followed the CA route due to the limited career opportunities in South Africa at the time (if only I was in the UK, I would've enrolled in one of the trader trainee programs).

I have been immensely interested in trading and technical analysis since age 12. Recently I have successfully completed CMT1 level 1 (Chartered Market Technician) and I am building a mini library on all the books on trading and technical analysis I have read. I follow the FX market at night and have built a good understanding on chart patterns and profit levels.

Currently I have three options

1) Stay at the investment bank for numerous years to get onto the trading floor
2) Break away to a smaller firm on a dedicated trading course
3) Day trade from home

I decided on option 2, but have been turned down by Mako and Mettraders after they did as much as have a quick review of my CV. Option 2 is in itself a big sacrifice as I will be taking a pay cut of 60%. I must admit that the salaried option suits me best due to my financial obligations, but option 3 seems to be coming to the fore. I realise the risk of day trading, but surely trading is about taking risks.

I would appreciate if anyone could give me some advice on good companies out there or general advice, even if it is a one-liner

Appreciate your help!

Apologies for the long thread

Regards

Option 1 - have you talked with the HR dept at the bank to discuss how you would really like to progress your career with them. If talks are encouraging then you might get what you require. If not then you know that if you really want to pursue the trading route then you either continue to do it in your spare time or you choose the other options

Option 2 - as charliechan said 2 rejections is not many. Maybe you need to review your CV rather than give up. Have you placed your CV with any recruitment agencies ? They may be able to help present it in a better light. In any case if your ultimate aim is option 3 then I would not advise going down the option 2 route until you have successfully filled the 60% income gap by spare time trading. This is the proof of the pudding.

Option 3 - last resort at this stage, unless you can prove to yourself that you can fill the income gap. Also I am not sure that this would help you with your residency status.

You've made no indication in your message about whether you actually trade and whether or not you are successful at it. Everything you mention is theoretical - books, courses, "follow" the fx, "good understanding", but is there any good practice ? This is not intended to be negative, but is concern that you may jump to option 2 or worse option 3 before you are ready

Charlton

 

[neil]

Keep the day job and aspire to Option 1. Trade as a sideline to your job and see if you can hack the life of a trader. 95% fail as traders which, given your circumstances, leads to ruin.

 

[rog1111]

zuidie

My firm advice to you is to stick with your investment bank for the time being and try to work your way into the departments that you want. Many wannabee traders would love to have had this start, there is huge scope within IBs and tons of opps within trading depts for those people with prior decent investment bank experience, but it's very difficult for outsiders to get in. As long as you can put up with the corporate working life, commute etc. The other two options are too risky for someone in your advantageous position IMO.

Good luck
rog1111 (ex-Durbanite RSA)

 

[forexmaestro]

I would try to stay at your bank for the meantime. Earn a salary, and all the meanwhile you can be honing your skills in the market. Later, you can begin trading some of the money you are earning, and see how it feels. Soon enough, you will be trading your own money for a living.

 

[Charlton]

Option 4 of course is get a product control job at a smaller firm that's more likely to promote from within. That's what I'd do personally if I were in your position.

Good luck either way.

GJ

Mind you GJ, since Zuidie has not responded in public to any of the suggestions made since the posting about 3 weeks ago, he has either given up, become extremely successful or thought the combined wisdom of T2W was not worth responding to


Charlton

 

[rols]

Mind you GJ, since Zuidie has not responded in public to any of the suggestions made since the posting about 3 weeks ago, he has either given up, become extremely successful or thought the combined wisdom of T2W was not worth responding to


Charlton

As per Charlton I'm singing from your song sheet!
He be gone....

 

[zuidie]

Hi All

Apologies for the late reply. I must admit that I have been quite perplexed lately with all the choices at my disposal. I have been so busy reading other threads, I forgot about my own! What a great site!

Thank you for all the replies, especially Charton. Although it is quite difficult to supress my passion I realise the safe route here (by staying at the investment bank) is probably best. I must admit I am adding £1500 a month in savings to my trading account currently and looking at a firm bonus at the end of the year.

My only concern is that if I will be able to succesfully trade EOD style, not being able to touch my trades during the day. I know I can use stop losses and trailing stops, but the FX market around fundamental
news can wash anybody out of the market (unless I trade during times of no data)

I am now doing researh on best trading platforms and data feeds. At the moment I am looking at Metastock4, but willing to invest in the v9 version. Oands seems to be reliable with the best spreads

Hopefully when I speak to you again, I can quote some profit numbers!

Thank you all for the good advice!

 

[DanBlystone]

This is a good list of proprietary trading firms, many of them will allow you to trade remotely:

http://www.traderslog.com/proprietarytradingfirms.htm

 

[magten]

Hello Zuidie
Fascinating read
Ca SA - Trading, 5year visa etc...
So my friend Zuidie what happened in the end? Please post a long elaborate story and do tell us how you decided on the best option. I hope it all worked out well but there again you have solid academic qualifications so at worst you went back to your day job. Look forward to reading your reply.