What do Traders look for in their Brokers?
Afternoon WSO,
As an incoming trainee broker at a large inter-dealer broker (think ICAP/BGC) I was just wondering what are the sorts of things that traders look for when looking to open a line with a broker? What things do brokers do that set themselves apart from the rest and make you more likely to take your business to them over others?
I realise that I'm still a little far away from it but gaining a better understanding of things to work on before entering the shark-infested waters will make for a good start. How do most traders view their brokers? A means to an end or an important commodity?
Thanks
Goose500
Sadly, and I am only half joking, a lot of times the answer to your first questions is "big tits".
In seriousness, it's a tough question. There's a whole spectrum. First and foremost, a broker has to make sure they don't make mistakes or otherwise screw up, like, ever. That's a requirement, i.e. a necessary but not sufficient condition. In terms of what a broker can do to set themselves apart, the best case is if they can genuinely add edge and come up with ideas. This is exceedingly difficult and rare. Second best is provide some marginal value in another way, but such contributions are harder to measure and thus harder to use to differentiate oneself.
Just my Z$2c...
T/E!!!!!!!!!!!!!
1 never make a mistake...a trader's memory is long and specific
2 ENTERTAIN....when we go out, introduce every hot girl within eyeshot to the trader...make them feel like a boss...and give them their choice of attactive females...you gotta be very outgoing to succeed in this biz
3 be discrete...what happens in vegas (the entire world is now vegas) stays in vegas
4 think outside the box....weekend ski/snowboard/beach/bbq/outward bound, etc... trips / (where you plan & pay for everything, down to the last detail...)...make an impression, and you will be rewarded many times over the investment over time.
I'm enjoying the mix of replies so far! You have stretching from being technical savvy and really on the beat of the market through to be the ultimate wingman! Seems like I have some very interesting and fun times ahead!
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