| Topic Name: |
Honest Appraisal of my situation? |
| Message Name: |
re |
| Date Posted: |
12/03/2003 |
| In Reply To: |
...WHO DO YOU KNOW...
I have/had similar situation, though not having spent so much time in retail. When I moved to NYC, I knew one person in the business, who wasn't able to do shit for me. In two years times, I have 'gotten' myself in front of many MDs and influential people in the biz, including Ace Greenberg. Be persistant, and know what you want to do.
Trading for the big banks isn't all that, and people aren't making nearly as much as yesteryears. Without the pedigree and cookie-cutter background, you need exploit ANY contacts you do have.
Do some real research,is this what you really want to do? Any smaller firms will hire you on the spot, if you can bring then order/deal flow. They would hire a monkey if he could bring in biz.
The way I see it(and I'm no expert), the sell-side of the business doesn't take as much skill. A client gives you an order, you have to get it done. Spreads are nil, so the real bank traders use to make has dried up. The guys I see don't use charts or use fundementals, they just work orders given to them. Granted it takes skill to do this, its not terribly challenging or profitable. Unless your clients are whales, in which case your true value is that of a salesman, not a trader.
All said and done, my long-tern goal is to get on a highly profitable hedge fund desk, and learn from a successful PM on how to make some $$$. Easier said than done, but def possible. I figure its always better to be the one giving the orders than the ones taking. Just my two cents, hope that helps.
BTW -what heppened to trading prop? if you give it time and excel, you're set...
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| Message: |
I agree, excellent advice.
Ace and Jimmy, at least IMHO, are two of the best guys in the biz...While a lot of you don't think Bear is sexy if I were just beginning my career it would be my top choice.
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