Hello! WSO had been a very useful resource to me back in my school days and thought I can give back Some background: I did okay at school but wasn’t super eager about looking for internships as my peers were. It’s like I went to info sessions and applied for jobs but that’s about it. And back then I was interested in IB (like most people do because apparently banking jobs are just more well known and glamorous) and knew nothing about trading. So naturally I didn’t get any intern simply because I probably didn’t even spent 1/10 the effort of who got an intern offer. Anyways, I didn’t have a full time offer by the time I graduated and I went through random interviews/contractor gigs and eventually stumbled into this MO role which pays okay considering the amount of work. I still wasn’t interested in trading 1 year into the MO job and I was planning for grad school. Now think back the reason I wasn’t interested is I didn’t understand trading back then. Over the time then one day I started to understand everything and all of sudden I found trading and the market are just amazing and so exciting. It’s like When I’m starring at screens waiting for economic data I got the same kind of excitement of about to catch a rare Pokémon or raiding molten core kind of excitement. Can’t stop thinking about it. That’s the moment I decided trading is the way to go. Fast forward to now I have been trading FX for 2 years and I work with an incredible group of people and I enjoyed it a lot. My desk is one of the top 3 banks in the market. It’s definitely not easy to make the move. Don’t get me wrong. It had been difficult, bitter and frustrating. So many times I just wanted to quit and maybe do something totally different. But I just wanted to show people who’s in the same shoes atm and ambitious and driven that anything is possible as long as you want it badly. And to give back to the community because I recently realized some platforms/blogs/consultants gave misleading info about the industry and the work itself. So just another data point for you guys to look at :)
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Thanks for doing, the AMA. I'm someone in a similar position that you were in a few years back and I'm trying to eventually take the same path you did. I've been applying to tons of S&T roles as well as middle office jobs that are directly working with market related products. What kind of middle office role did you have and was it directly related to the FX markets? FX is an ideal type of product I'd like to work with along with other macro related areas such as rates. How did you use your middle office experiences to show how you built the skill sets and proper background to become an FX trader? Lastly, what type of currencies do you work with? Are they G10/G7's, EM's, and do you normally use derivatives such as options, swaps, etc. ?
I’m in EM and trade cash (spot and forward). Skill wise I don’t think any skill is really “needed” for trading, but is good to have e.g. you know systems well and you can get some painful logistic issue away quickly. The real upside in a mkt relevant MO job I see is really the chance to build relationships with desk, or a chance to introduce yourself. If you do a fantastic job, the traders you work with will give you credit. And it shouldn’t be difficult to stand out among MO because not everyone there is looking for a trading seat.
Personally I don’t think it’s fair to ask candidate who’s never traded very technical questions. There are millions other ways to see whether a candidate is smart if that’s the point of technical Qs. And I think the top quality is whether the candidate truly care about the job and the fit. Fit is a two-way thing and is really important
Thanks for the response, it's greatly appreciated. Do you mind if it pm you?
Walk us through your last "prop" trade.
Traders in 2019.
lol...i have no idea what either of those references are about
Haha me trying hard to connect with younger generation, but I’m also rookie myself
walk us through your last trade
Thanks for the post, I too am in the same spot you were in (MO/trade support at a Large Credit fund out of Undergrad). It seems like the switch is so hard without getting an MBA or having a layup connection so far.
Was wondering if you made the switch to the desk internally or moved firms? Also any type of advice/guidance you have to make the switch for someone in the very early stages of the MO role and still learning the business?
MBA is not necessary in trading these days, and I thought about it myself too. Had everything ready but pulled back at the last minute. Think about this: if your goal is to become a trader and you are already working in a fund or bank, why would you quit and go through recruiting for months and not guaranteed for a seat? MBA would make sense to me if you are looking for a hard turn such as you are mechanical engineer and you want to do finance or consulting.
I think fund can be easier in a sense that fund is usually smaller and you can have a closer relationship with trading/PM.
I would suggest CFA if you want to learn. The curriculum is geared towards asset mgmt and it has some very basic knowledge about trading and will help you better understand the business
what would your desk be looking for in hiring another junior trader?
Not another one any time soon unless someone leaves. Hallelujah trading desks are not cutting headcount these days.
But if things were to change, care about the work and a good fit would be the top qualities.
walk us through your last trade
For my last trades:
Sell sterling spot at/close to 1.35 Receive HKD points
why now / at that level...and more importantly...what is your target, and what is your stop? If not a level, then what pattern / news event would trigger you to exit the position?
UK general election and sterling was overbought. 1.32 big figure exit. If it were to go higher than 1.35 I’d just sell more.
HKD year end funding is tight and fwd curve blew up with no big ipo and no violent protest. Funding gotta go down once banks and govt have year end money checked in. Spot should also go back to the stronger band. Can either receive 1yr at 145 exit under par or pay current spot and exit at 7.84 big fig.
How did you get the opportunity to move from MO to trading? Do you see quant traders-AI replacing traders function any time soon? Thanks for the AMA.
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