Trading Sales Job?

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d.weglarz13

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Hey guys. I posted this in the newb section with no luck. Thanks in advance for taking the time to read this quick thread, and voice your opinions. I need some quick advice. Kind of a newbie here. I was wondering something quick. I landed a job for a broker without having any at all backround in anything financial. It is more of a sales job i think, because the boss said its all phone calls all day long and he would train me and make me pass the Series 7.
Is this a waste of my time? Someone else told me it is, and that i would be only making money for the broker while making millions of calls, so please give me your opinions. I don't want to take the job if its the wrong way to get into trading. But, if its the only way to get into the industry without having a degree in it, then perhaps I should take it. It starts soon, so please give opinions asap. The job starts tomorrow. Thanks for your time.
Dave Weglarz
 
In a bank, sales is the easiest money there is, probably the same at a brokerage, but you asked about trading not money. An in is an in, I'd take it, trade part time, if you like trading, and you're good at it, you can try and move within the company or go someplace else, but in the meantime you'll have a salary, learn a bit about the industry, and make some contacts.

If it turns out you suck at trading or you hate it, you've still got your job.
 
How do you know it's not something illegal, like a boiler room scam?
 
Well, the guy seems to have a real nice office. And, he said that I won't be allowed on the phones at ALL, until I get licensed to do so. This off the bat, seemed like the place was pretty legit but I suppose I could always be wrong. The office was filled with phones and desks, and the boss said after I pass the Series 7, I will be opening accounts and he will be paying a 300/week paycheck at the beginning, and I suppose if I don't produce, then I will be let go. And, like I said, I have no real experience with trading, just what i am reading day and night on this forum and other places. I am truly obsessed with trading now I feel, but I don't want to waste my time if it IS a boiler room thing.
And, also to add to the stress in my life right now(which i would gladly take if the rewards are worth it!) if this is not real trading, and more of a sales position, then no good. But, like you said above, if this is a good way to get started in my trading career, and there is no better way of entering with no college backround in this, than I wouldn't want to miss an opportunity to do what i love. But, thats just it. I am not sure if it is, or its just another thing in my life that I thought was, but turned out not to be.
On a side note, one thing i noticed is one of the guys on the phones wasn't wearing a belt, so this concerned me that it might not be as a professional place as it seems on the surface, but again I could definitely be wrong. On the other hand, when i interviewed with the boss, he made a snide comment about my tie being crooked, so this could be just the opposite. I have no way of knowing until I start the job, what it really is, and thats why I need your opinions. Thanks so much again, and keep the opinions coming!
 
Also, the guy said that once i get my license, i can start on the phones trying to open accounts, and that there will be some type of residual income on those accounts from clients, I guess.
He did not say that once I pass the test, I will be given a sum of money to start trading with.
Now, I am not exactly sure that thats the way it works, but maybe that can tell you guys something.
Thanks so much again.
Dave
 
Dave, thats much shorter and better.

Are you unemployed? Do you have anything to lose by going for a week or so to suss it out?
 
Not wearing a belt is unprofessional?

I would suggest googling is more effective than going by fashion to determine it's legitimacy. Jason is right, a week won't do much harm if you're unemployed atm.
 
Hotch said:
Not wearing a belt is unprofessional?

I would suggest googling is more effective than going by fashion to determine it's legitimacy. Jason is right, a week won't do much harm if you're unemployed atm.
Click to expand...

He probably wasn't wearing a belt because he uses it to whip the a$$es of all the new b!tches on the phones...... ooooh yeah who's your daddy?
 
Ha ha, yea. But, the thing is that I have a real crap job now, but its paying the bills, barely, and I do mean barely. I would be sacrificing that to go for this job, but I do really really want to pursue this as a career. I just don't want to go into a boiler room type thing making unsolicited calls trying to open accounts for clients. I would rather go into it more professionally, but again, I don't have the college backround. For a while now, I eat,sleep, and breathe trading. But, I am still learning the simpler basic parts of the industry, as I am relatively new to it.
Also, I live in the U.S., and havn't found such a great forum as this one to learn as much as I can from. And, if the only way to go into this, IS to start making hundreds of phone calls a day, I will. I just want to know if its my only option, and will I ever get the chance to find a broker to train me for the Series 7 again or not.
Thanks again for everything so far.
Dave
 
d.weglarz13 said:
Ha ha, yea. But, the thing is that I have a real crap job now, but its paying the bills, barely, and I do mean barely. I would be sacrificing that to go for this job, but I do really really want to pursue this as a career. I just don't want to go into a boiler room type thing making unsolicited calls trying to open accounts for clients. I would rather go into it more professionally, but again, I don't have the college backround. For a while now, I eat,sleep, and breathe trading. But, I am still learning the simpler basic parts of the industry, as I am relatively new to it.
Also, I live in the U.S., and havn't found such a great forum as this one to learn as much as I can from. And, if the only way to go into this, IS to start making hundreds of phone calls a day, I will. I just want to know if its my only option, and will I ever get the chance to find a broker to train me for the Series 7 again or not.
Thanks again for everything so far.
Dave
Click to expand...

from what you've described this jobs sounds like it is exactly that
 
I hope so. It seemed a bit too easy to land the job, and yea, most of the guys seemed a bit unprofessional, except for the boss. So, I don't think Im going to take it. Im going to continue to read and read, and hopefully find a better approach to my career in trading. Thanks everyone for the replies. I am almost done with the stickies, so you will be hearing more from me in the near future. I can only hope to attain half the knowledge some of you other guys have on here, and will be consistently studying. Thanks again for helping me out with my decision.
Dave Weglarz
 
As someone else said, get on a sales desk at a bank and you have a great career opportunity. Cold calling retirees to invest their nest egg with you is a million miles from that. Ask yourself, would you put a couple of grand into a stock after someone you dont know just told you to? Its a mugs industry. BUT, if youre a fast talking salesman there is potentially good money in it. Getting your broker license could lead to better things. But its nothing to do with trading, its double glazing salesman with a nice suit
 
Why not google the company online to find out more? I am sure if it is a scam/boiler room operation, something would come up anyway.

How old are you buddy? If it is your first job? If so any experience is good experience but it does sound a bit to easy to get into.

Re belts,
Personally I hate them and never wear them at all.
Side adjusters for me, trying to put on enough weight for braces....


Also 1st post!
 
The point about someone not having a belt on is moot (MOOOOOT) and very random IMO.

I don't understand why you would think taking a job making lots of phone calls would lead to becoming a trader directly? A good route into industry is just that but I've never heard of any trading job that starts off with hard selling for any decent period of time...

Beware them asking you to pay money before you 'become a trader'...
 
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