Ways into Trading?

[David Hagan]

I have recently graduated from University in Economics and Politics in England. I am now looking for the best ways to get into the trading market. I have always been a natural risk taker, someone who enjoys taking a calculated gamble who analyzes and does not fear loses.

I am just looking for some advice from those in the know of the best way to get into trading. I have started to study the Securities and Investment Institute's exams on the advice of some trading friends and am now looking for the best way to get into the London's proprietry broking houses. I am not overly bothered to which markets I go into as I know that I will throw myself into anything as soon as I manage to get my foot in the door of the market.

This is the first time that I have posted on these forums and hope to get some well needed advice.

Regards,

David

 

[tommac]

Do not admit that you don`t fear losses.!

 

[BJ21]

What have you been doing since you graduated?
Did you apply anywhere while your were studying?

 

[David Hagan]

Since I graduated I have lived in Norwich (where I studied) working in different types of financial institutions such as Norwich Union and Swiss Re, just temping though. I did not apply anywhere whilst I was in Norwich as I had a 'gap year' last year from my career as I realised i needed a short revitalising break since completing studying-which has served me very well. Now I am ready to start making inroads to my career.

RE: 'not fearing losses' i mean of course they do annoy me greatly, but i know that i have the mental strength to get over any losses that i make and still succeed in the future.

I have been advised to make a few 'well targeted speculative c.v.s and covering letters' would this be the best option?

 

[BJ21]

Its an option !
I find speculative c.v.s and covering letters rarely get noticed unless you have something to bring to the table ie&L why would they want to hire you even though they have no open positions !! what type of companies are you targeting?
get on to eFinancial and look for open positions and apply there for grad intake.

 

[David Hagan]

Where do trading houses generally advertise for jobs?

Thanks for the guidance to eFinancial. There are a few jobs on there which really do interest me. What type of attributes are generally held in high regard within the city? I would say that I am a confident, out going person, with a real desire to succeed, but I know that is not enough to stand greatly. What else should i mention? And are there any 'buzz-words' which are liked in applications?

 

[fifty2aces]

Where do trading houses generally advertise for jobs?

Thanks for the guidance to eFinancial. There are a few jobs on there which really do interest me. What type of attributes are generally held in high regard within the city? I would say that I am a confident, out going person, with a real desire to succeed, but I know that is not enough to stand greatly. What else should i mention? And are there any 'buzz-words' which are liked in applications?

"Oxford" and "Cambridge"!

But seriously, you need to demonstrate interest in this line of work, so make sure you can talk extensively about your views on the economy etc.- at a minimum, you should be able to explain what CDOs are, the whole subprime mess, and the credit crunch. If you participated in any sort of investment or trading club at uni that would be good, otherwise you should think about trading (or at least papertrading) your own porfolio - if I was looking for traders, I'd be surprised if they hadn't done this.

 

[BJ21]

I don’t know what uni you went to but most have a good careers office and its surprising how few use the facilities, even after Graduation you can still go back and get advice and more, CV help buzz words ect....
Like I said, depends what uni ....I can only speak for the 1 I went to but they had their own in-house recruitment where they can forward you for jobs ect.... When i was doing my MSc I went to ask them about Trading (acting Dumb and in need of help), they arranged an interview for me at some Financial Services place in the City where I spoke to a specialist for 50mins discussing Trading/routes/options/recruitment.....(I wonder how much that would cost usually).

It’s all good saying you’re a self starter, have a desire to succeed, really clever and confident ....... so does everybody else ........give these as examples without actually using the words.

Most places hiring will place ad's on eFinancial

 

[David Hagan]

RE:BJ21

Well unfortunately for financial based jobs they were very very unhelpful for me. I asked them many times about trading/stock broking/invesment banking and they didn't really know much about the subject. Just a few brief details, but didn't know how I could get into it.

RE: Fifty2aces

I have started my own portfolio and tried to get at a few stocks in every sector to try and gain an all round view of the market. I do already have (what i would consider) a good understanding of the economy.

I am currently looking to applying to an eFinancial add for futures traders. So I'm thinking that I should talk about current troubles facing the market etc...but just wondering should i just highlight the problems without coming accross as presumptious by trying to offer my own ways of helping to ease these problems? But just higlighting them offers no insight. So what to do?

I will also research the company and say why i want to work for them etc. That sounds the easy part haha.

 

[fifty2aces]

I am currently looking to applying to an eFinancial add for futures traders. So I'm thinking that I should talk about current troubles facing the market etc...but just wondering should i just highlight the problems without coming accross as presumptious by trying to offer my own ways of helping to ease these problems? But just higlighting them offers no insight. So what to do?

I'd say share your opinions - anyone can read a summary and highlight the problems, you'll look a lot better if you've clearly thought about it and come up with some ideas of your own.

 

[pitchinvasion]

"Oxford" and "Cambridge"!

So true!

To the OP, with your educational background, it's unlikely you'll get into a sizeable IB, your best bet and a very much ignored option is to apply to smaller prop tading firms where you'll get much needed experience and can still make good money. The competition will still be fierce but at least you won't get screened out during the application stage.

May I suggest you try MET Traders or Futex for starters, in addition, there should be a few more on Efinancials and there's a thread on here with a few more similar sized companies. No harm in trying out for IBs as well as you never know, but they reality of such has been summed up nicely byfifty2aces

 

[David Hagan]

Regarding the IB, I had been informed that would be the case...anyways...they are too snooty for me anyway

I'm very interested in Met Traders and Futex. I think i may have seen the others also and am starting to write a cover letter for Met Traders at the moment. Any one able to give me any specific help on my cover letter for met traders? It will give an excellent opportunity to start and progress my career!!

Seriously appreciate all this help

 

[Joey25]

Regarding the IB, I had been informed that would be the case...anyways...they are too snooty for me anyway

I'm very interested in Met Traders and Futex. I think i may have seen the others also and am starting to write a cover letter for Met Traders at the moment. Any one able to give me any specific help on my cover letter for met traders? It will give an excellent opportunity to start and progress my career!!

Seriously appreciate all this help

David,

They like to see that you have bounced back from failure.

Joey

 

[pitchinvasion]

David

Cover Letter should be along the lines of

1) Brief intro -name, uni etc

2) Why you want to be a trader? -what qualities you'll bring, any experiences? etc

3) Why you want to be a trader for the specific firm you're applying to (This should be tailored around each company you apply to, browse their websites to get a feel for it)

4) Outro



You don't need to be over elaborate with your cover letter, try and make it as simple, succint and as effective as possible.
If you'd like, you might want to post it on here (or feel free to PM me, not that I work in HR or anything!) and garner opinion on it.

 

[royfm]

oh dear, i do fear for your chances in trading if you have to ask the people on this forum how to write a cover letter. not only are there plenty of careers websites that literally give you precise examples, but most people have been writing cover letters since they were 16 (or whenever else they got their first job).

 

[Papa Lazarou]

I would agree with the oxford / cambridge comment. I would also say that most trading jobs are filled through 'knowing someone' - as with many jobs. Either that, or they are recruited internally (i.e. through the ranks), or head hunted and pinched from other houses.

There are so many candidates out there, most places don't even need to advertise on 'job sites'.

Just my opinion!! Good luck to you.