trading clerk/assistant + hardwork = trader?

First I'd like to thank flake, sxh6321, Kenny_Powers_CFA, pacman007 for responding my first post at WSO.

So yesterday I got another job from a different headhunter and this time it's for trading clerk/assistant at JSC. After a bit online hunting and talking to people, seems like almost nobody actually make trader from trading assistant.

So I guess I'm just trying to get more opinions. For people who are familiar with prop trading firms, from your experience, how likely it is for a trading assistant to become traders?

Thanks again for helping out a confused monkey!

 
Best Response

I don't know about this job specifically, but it's not uncommon for a lot entry level / assistant type jobs to dead end pretty quickly. A lot of firms want a body in a chair and they don't really care if you succeed or not over time because they're not really paying you much and you're doing shit work that nobody else wants to do -- that's a pretty bleak picture, but often true, unfortunately. The best way to play these jobs is to get your foot in the door, remain positive, learn as much as you can, save money (increases your flexibility), and be looking 12-24 months down the road when you can exit to something better. Even if your first job is shit, you are infinitely better off having 1-2 years of experience on your resume in the industry than having nothing -- it will literally open 100x more doors for you. So if this is your best opportunity, take it, realize that it might not be God's gift to your career, and then keep one foot out the door from day one as you consistently improve your skill set (but don't ever tell anyone that, obviously).

In sum, careers on Wall Street are brutal, but the entry level is hellish even by industry standards. Get in, bust your ass, and don't be a jackass and opportunities will open up down the road.

The people who hired me at my first job flat out lied to me to get me to take the job and then totally reneged on our agreement. I got a couple of years of experience, learned as much as I could, passed the CFA exams, and then bolted for a hedge fund. The bottom line is that it's up to you to keep moving up, no one is going to hand it to you. No matter how well or how poorly things are going, they can change in an instant. Always, always, always have a plan B in place or be moving toward one. Once you're the boss, you can focus solely on plan A. I never say this to anyone off the internet, but I feel that I work for Ravenous Capital, LLC -- NOT the person writing my checks. Of course I try to do a good job and keep my end of the agreement, but the reality is that no one cares about my success as much as I do, so that's where I put my focus.

 
Ravenous:
I never say this to anyone off the internet, but I feel that I work for Ravenous Capital, LLC -- NOT the person writing my checks. Of course I try to do a good job and keep my end of the agreement, but the reality is that no one cares about my success as much as I do, so that's where I put my focus.

This is pure gold. People should realize this sooner.

"I am the hero of the story. I don't need to be saved."
 

Yeah, I was a little slow coming around to that -- I was a starry eyed grad and believed at least half of the bullshit that was fed to me (coming from a non-target didn't exactly give me a lot of options, either). I don't believe anything now unless there is a contract. Hopefully other people will benefit from that lesson and not make the same mistakes I did. Granted, everything worked out for me, but it was painful in the interim. I don't think anyone truly escapes the pain of the entry level, but you can at least minimize it.

You have two pots of capital in this game -- your financial capital and your mental / emotional capital. The first rule for both is that in order to win, you must first not lose. Losing financial capital is painful, but you can always make more money, especially if you develop the right skill. Losing emotional capital can be much more devastating -- if you get burnt out or stuck or discouraged, it can be hard to get rolling again. You want to protect your momentum at all times and never allow yourself to get stopped out if possible. If you're not moving forward, you are moving backwards.

 
Ravenous:
Yeah, I was a little slow coming around to that -- I was a starry eyed grad and believed at least half of the bullshit that was fed to me (coming from a non-target didn't exactly give me a lot of options, either). I don't believe anything now unless there is a contract. Hopefully other people will benefit from that lesson and not make the same mistakes I did. Granted, everything worked out for me, but it was painful in the interim. I don't think anyone truly escapes the pain of the entry level, but you can at least minimize it.

You have two pots of capital in this game -- your financial capital and your mental / emotional capital. The first rule for both is that in order to win, you must first not lose. Losing financial capital is painful, but you can always make more money, especially if you develop the right skill. Losing emotional capital can be much more devastating -- if you get burnt out or stuck or discouraged, it can be hard to get rolling again. You want to protect your momentum at all times and never allow yourself to get stopped out if possible. If you're not moving forward, you are moving backwards.

Can I give you a golden banana? =P Thanks a lot for the comment dude!

JSC won't be my first job though. For about a year, I've been at a job that's somewhat finance but not really, sigh... I'm debating my options. (not to say that I will get JSC for sure, I heard their interviews have a ridiculous amount of math questions and brainteasers, for a econ/math major who hasn't touch any hard-core math for a while, not gonna be easy...) I do, however, need a constant source of income, for family reasons. I'm just scared that if JSC doesn't work out, I'll be out on the street again. And that's not a pretty sight...lol

 
bananawarfare:
Ravenous:
Yeah, I was a little slow coming around to that -- I was a starry eyed grad and believed at least half of the bullshit that was fed to me (coming from a non-target didn't exactly give me a lot of options, either). I don't believe anything now unless there is a contract. Hopefully other people will benefit from that lesson and not make the same mistakes I did. Granted, everything worked out for me, but it was painful in the interim. I don't think anyone truly escapes the pain of the entry level, but you can at least minimize it.

You have two pots of capital in this game -- your financial capital and your mental / emotional capital. The first rule for both is that in order to win, you must first not lose. Losing financial capital is painful, but you can always make more money, especially if you develop the right skill. Losing emotional capital can be much more devastating -- if you get burnt out or stuck or discouraged, it can be hard to get rolling again. You want to protect your momentum at all times and never allow yourself to get stopped out if possible. If you're not moving forward, you are moving backwards.

Can I give you a golden banana? =P Thanks a lot for the comment dude!

JSC won't be my first job though. For about a year, I've been at a job that's somewhat finance but not really, sigh... I'm debating my options. (not to say that I will get JSC for sure, I heard their interviews have a ridiculous amount of math questions and brainteasers, for a econ/math major who hasn't touch any hard-core math for a while, not gonna be easy...) I do, however, need a constant source of income, for family reasons. I'm just scared that if JSC doesn't work out, I'll be out on the street again. And that's not a pretty sight...lol

OP, if you can't find anything right now, I would say just take it. Stack your cash, save money, network your ass off and then move to the next stop.

"I am the hero of the story. I don't need to be saved."
 

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"I am the hero of the story. I don't need to be saved."

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