I think people place too much emphasis on names in this business. I work for one of the top firms in the industry after having traded my own account for years and have been shocked at just how much more difficult trading your own account is than picking up a paycheck at these big firms. Most people would be suprised if they saw the lack of knowledge that the majority of employees possess. I have seen people with Short=sell posted as a note on their computer screen. I have also been asked questions by senior management about basic trading concepts that most newbies on here would understand already. Anyone who tells you you cannot go from trading your own account to a job at these firms is telling porkies. If your own trading has not gone well write it up on your CV in a positive light. Note all the concepts you have learnt about options futures etc and the market place in general and you will be miles ahead of the competition. Failing at trading your own account is not the be all and end all of your experience. I guess I want people to realise that work has not been for nothing. I used mine to get a reasonable job at a top firm. The way people make it sound here is as if no one would touch a trader who has traded for their own account but you may be suprised. Do not dispair you know more than you think!
he said he went from trading his own account to a job at a big firm. He didnt say he's a trader at the big firm. trading your'e own account can mean anything from trading a $200 fx account to trading a large family account where its your main source of income. working at a big firm could mean anything from mail room to CEO
Rosy2 you busted me I traded a piker 2K Forex account with a chop shop and now I take out the trash at Goldmans. How did you know?
jwecme, So you put your trading experience on your CV and it helped? I always thought it was frowned upon but maybe I'm wrong. What area are you employed in and what educational background do you have? The reason I ask is that I am currently looking to join a firm.
wow~! i am very surprised to know that. most famous wall street firms need tons of degrees...CFA...MBA... may be you get lucky, i don't think in reality many famous firms will hire someone who doesnot have tons of degrees. congrats to you, by the way!
Actually we should happy because we have some MBA dummies in the big firm.It is a good news for retail trader. The most unfortunate thing for retail trader is the smartest guy working for goldman sachs,morgan stanley.....
no amount of formal education can take the place of actual trade experience. only a few undergrade, mba programs have trading rooms open to students. big firms typically look for previous success or someone with academic achievement to mold into one of their traders. i see it only being beneficial to join the big firms if you're looking to build pedigree and start up your own hedge fund.