None so Blind

Stockjunkie

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A lot of people want to enter the financial world , and the image that you get from the outside trying to get in is that it is nigh impossoble to get a foot in.

As someone who has been a proprietary broker , and an employed market player , I say that this is true BUT only to outsiders !

So after you've been to the careers centres and the presentations and all the gloosy hype , what are you left with apart from the usual " get a 1st class degree from a top uni " blab ?

Let me tell you that this isn't even true , I know a number of people in senior positions like head of trading , CEO who don't even have a degree! never mind a top university.

How ??? you may clammer : simple like I say trick and sneaks , not only what you know but how you know , who , when and where .

One chap told me that he had a friend who was in the business , he was desperate to join the game BUT get this he was too apprehensive fo approaching this guy. this is the sort of atmosphere purposely cultivated to creat barriers upon barriers . imagine you can't even approach a friend .

people now reduced to thinking that they can join arcades to get " training or knowledge ".

what a load of you know what .

But the fact is I tell you from experience that the pasty faces of the city CEOs are not the truth . the truth is many , many " Underqualified " and " over aged " people get great jobs in the Fin. world . I was one of them .

So how do you get the tricks and sneaks ? My answer get it from someone who has been there and is offering it . Is there likely to be a price for it ? well hell , yeah , do you get something for nothing , is there such a thing as a free lunch ? NO ! we can all testify to that .

And let's think about this , lets' think about the big picture for all you newcomers out there . if a guy charges say 1000 for the sneaks and tricks , and the potential reward is a lifetime career at your dream job sitting at some big bank anywhere in the world's glamour cities punting away , with a net possible salary of 100's of 1000's per annum .

And let's just say this guy has contacts with the big guns : goldmans , UBS , Merrill , ING and even small hedges .

well that 1000 is looking like peanuts now ain't it ? that like R:R of 200:1 , pretty DAMN good . someone who refuses to look at such an offer would be foolish to say the least.

when I was at this stage in the game I wish there was something like this .

And let's face it , if you are outside of the " elite " groups and you don't have access to the sneaks and tricks , your chances are drastically reduced .

Don't be pennywise but pound foolish .
 
bundbaby said:
sorry Stock,
was there a point to that?
Yes, there are several very valid points that are made in this post.

If you do not understand his meanings at the first read, then read it again until you do.

A blind man ought to see this, and a deaf man ought to made to hear it.

My compliments to you Stockjunkie.
 
SOCRATES said:
Yes, there are several very valid points that are made in this post.

If you do not understand his meanings at the first read, then read it again until you do.

A blind man ought to see this, and a deaf man ought to made to hear it.

My compliments to you Stockjunkie.

Cripes - even I can extract the message from Stockjunkies excellent post ;)
(gizzajob) :)
 
give him a grand he'll get you in.

should have first months wage as a bonus too :)
 
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I sincerely hope that this thread is not going to go down the route that it looks like it might, or it will be a really short thread, with a really short existence :).
 
Socrates ,

well at least YOU know what I'm on about .

Bund ,

the point is you can try to get in by the usual methods but this is like banging you head on a brick wall til it breaks . Or you can try an out of the box way , anymore I can't elaborate .

fxmarkets,

well Ican't disagree :)
 
sorry rossered ,

I am not aware I have broken any rules can you please PM to tell me if I have .

thanks .
 
No, you haven't broken any rules as yet, but previous experience suggest that it won't be very long before you do. I'll be very pleased if you prove me wrong, and equally pleased if I have the wrong idea.
 
To be honest mate thats how a lot of business is done throughout isn't it. and if it does get people in at some level, then its cheap. Introducing fee's kickbacks all business expenses. In fact you are offering a service that I'm sure a few will want more discrete details of. Fair play mate. :)
 
Stockjunkie said:
Socrates ,

well at least YOU know what I'm on about .

Bund ,

the point is you can try to get in by the usual methods but this is like banging you head on a brick wall til it breaks . Or you can try an out of the box way , anymore I can't elaborate .

fxmarkets,

well Ican't disagree :)
Yes of course I know what you are on about.

And it is a great pity that the naive blunder along in the way they do.

Then when they cannot make any progress irrespective of their efforts it can be very frustrating, can it not ?

And that is why I agreed with you.
 
There is nothing odd about it. You get in either through who you know or what you have done in the past, just like any other job. Most people in the city do not have glamorous jobs, there are far more relatively boring, support or administrative roles than trading/broking roles. The surprising thing is that many many of the people who are here actually hate their jobs but are stuck in the money rut. You come to the city for one of two reasons and that is either to work your balls off to make lots of money or because there is no other choice.
 
Socrates ,

Or do they in the long run accept their frustrations by conning themselves that " that's the way it is " , whilst ignoring what may be good oppurtunities by pass them . And willingfully ignoring fact that their paltry breakeven scores are very poor compared to the possibility of making 4/5/6 X that .

Walker ,

Well , not to diss your experience , but for the great bulk of applicants out there , of which there many talented people, the usual milk round , presentation , application form is the only way they will even get a glimpse of what this is all about. And 90% of them will be banging their heads on the wall.

Yes, you are right as I have said , a lot of people in the money game get in due to people they know .

But it is HOW to know them that counts , that is the key that very few have and are able to offer to others who need it.

This kind of knowledge is far different from knowing your pal from an ex public school or from cambridge Blues rugby . Even if you have this type of know how , in this day and age , that counts for less.

It counts for a lot less than someone like me for Eg ) who was a proprietary broker and then a proprietary trader for a fund myself.

You see the Cam Blue guy is probably very senoir but not hands on trading related , he is probably not a the head of the trading floor - he doesn't want that type of pressure . Whereas the guys I knew are NOT ONLY the head but the chief traders themselves . these guys will be the ones choosing new people .

The general application process is there to " massage " the egos of the Human resource personnel and the CEO . the illusion of power that they alone control the fate of thousand turns them on I guess .

you have to bypass this lot . I mean think about it ho can a HR guy or even a CEO know what is a good trader ? Most CEOs I've encountered haven't traded a day , never mind know the intracacies of risk control and trading psychology . So there OTHER ways in .

Sad but from my experience - true .
 
Stockjunkie said:
Socrates ,

Or do they in the long run accept their frustrations by conning themselves that " that's the way it is " , whilst ignoring what may be good oppurtunities by pass them . And willingfully ignoring fact that their paltry breakeven scores are very poor compared to the possibility of making 4/5/6 X that .

Walker ,

Well , not to diss your experience , but for the great bulk of applicants out there , of which there many talented people, the usual milk round , presentation , application form is the only way they will even get a glimpse of what this is all about. And 90% of them will be banging their heads on the wall.

Yes, you are right as I have said , a lot of people in the money game get in due to people they know .

But it is HOW to know them that counts , that is the key that very few have and are able to offer to others who need it.

This kind of knowledge is far different from knowing your pal from an ex public school or from cambridge Blues rugby . Even if you have this type of know how , in this day and age , that counts for less.

It counts for a lot less than someone like me for Eg ) who was a proprietary broker and then a proprietary trader for a fund myself.

You see the Cam Blue guy is probably very senoir but not hands on trading related , he is probably not a the head of the trading floor - he doesn't want that type of pressure . Whereas the guys I knew are NOT ONLY the head but the chief traders themselves . these guys will be the ones choosing new people .

The general application process is there to " massage " the egos of the Human resource personnel and the CEO . the illusion of power that they alone control the fate of thousand turns them on I guess .

you have to bypass this lot . I mean think about it ho can a HR guy or even a CEO know what is a good trader ? Most CEOs I've encountered haven't traded a day , never mind know the intracacies of risk control and trading psychology . So there OTHER ways in .

Sad but from my experience - true .
Agreed yet again. Spot on.
 
I have to take great care how i write this one, because it is not so easy on face value.
 
RUDEBOY said:
Sad but true? How do you evaluate a person?
Only by his or her character.

This is something that cannot be feinged or bought or sold.

Looks, stature, race, creed, background, even academic achievement do not count.

The true key to a person is that person's character.
 
You need a person who is capable? What are you looking for? What are your needs? What do you think you want?
 
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