My Chances of getting into trading

In addition to above, check this out: http://www.proptraders.net/

dileep8691:

Hi guys, I've read a lot of stuff on WSO and its great to be a part of this community. I've got a few questions about trading and my chances of getting into the trading business. First, a little bit about myself. I am a college dropout...the reasons for that being that I took a course which I totally hated partly because of social pressure and partly because of my own ignorance about myself, my interests and passion. Since I left college I've worked in a couple of dead end jobs...Anyway to make a long story short, I've learnt my lesson and I am currently working towards turning my life around and doing whatever it takes to be successful in life. I came across securities trading several months ago and I was thrilled by the lifestyle and work environment of a trader.

Now my question is, will I be able to start afresh and pursue a degree by applying to community college, getting good grades and transferring to a university, get a degree and then apply to a BB/prop trading firm? BTW I'm an international student.

Is there any hope that if I work hard and get good grades in community college, I will be able to transfer to good universities and once I get a degree, will be able to join a BB/prop firm?

About the course, I absolutely love programming/computer science (which was also a main reason why I quit my previous course because it was totally unrelated to programming) and so I want to go in for a BS in comp. sci. Would that be accepted in a BB/prop firm for starting as a trading assistant/junior trader or any such entry level posn. or is it mandatory that I have a finance/business degree?

Also, how difficult is it to get a foot in the door for trading jobs? I dont mind starting at an entry level job and working my way up to trader. I would like to work in prop firms or a BB(if I can successfully get in).

What are the target colleges that BB/prop firms look at for recruiting/internships? Are there any non-Ivy colleges that they look for? If so, what are they?

Lastly, I've read a lot about high frequency trading systems becoming a major phenomenon. Will it one day annihilate trading as a profession. What are the risks posed by these systems to aspiring traders? Moreover, what is the general direction of the trading industry?

I'd be grateful if you could shed some light on these issues.

First and foremost, lurking does not make you a member of the community. I am not saying that to be a dick but to highlight to you how much more you would get out of participating in discussions then by simply glancing over whatever post you happen to run across.

Second, forget about BB trading. Not because it is unattainable, but because it is idiotic for a guy in your position to be so picky. The key concept to grasp with regards to trading is COMPETITION. As in, to make money you will be competing with other traders/market players (HFT has not and will not change this). It is the same in actually getting said jobs. You will be competing with guys who are very intelligent, capable and (often) very well connected. So don't be choosy.

Third, anything on the highly quantitative or programming side is a great degree to have. A great many trading firms have taken to ONLY recruiting guys with tech and quant backgrounds. I would suggest a wide knowledge of programs in your repertoire. A minor in something like Statistics, Engineering or any discipline favoring programming/math can only help.

Fourth, there is nothing more impressive for trading firm recruiters than people who already know how to trade. Some places like you to be a blank slate, but IMHO it cannot hurt to take the little bit of money you have saved up and trade it. Some say trade paper first. Again, IMHO that's a waste of time. Dipping your toe in the water doesn't compare to diving into the pool as far as experience goes.

Fifth and I would say, MOST IMPORTANTLY....USE...THE...SEARCH...FUNCTION. This site has a shitload of information with detailed answers and opinions on all of the questions you have asked. Some go back years. You just have to be diligent and not be lazy. HINT: most guys talking your story are very lazy and full of shit and never, ever, ever make it. If you want to be different, do the research. All the info you need is here, you just have to find it the way you will one day have to find opportunities to make money for yourself and your clients.

Good luck

Thanks guys for your valuable comments. Eydey, its great to know that HFT will not take over prop trading. Coming to my degree part...I'm planning to work my way to a target uni. or atleast a good uni. after community college...and yeah I kinda figured out that my chances are slim to get a trading job right away and thats why I would love it if I got even an entry level job just to get my foot in the door. I was also thinking, since I'm gonna get a degree in comp. sci. and I'm very passionate about that as well, are there any chances of getting into IT dept. of prop. shops/BBs, work a few years, prove myself and then transfer internally to trading...Is that possible?

I'm also definitely going to start my own trading account and try trading first hand before even applying to comm. college. I'm having some fin. obligations and so have to work at present and it could take a couple of years to save money to go to college. In that time I'm planning to learn everything I can about trading by trading with my own money. Maybe, just maybe if I'm able to be consistently successful, wouldnt that be a good trading record to show when I apply to prop. shops?

Imagining the worst happens and I never get a trading job, I will get into an IT company and work as software dev. during the day and trade forex after work. I will still be a day trader since I'm passionate about it and even if I could make decent money consistently from day trading I would be happy. Who knows maybe several years down the line all that compounded profits may one day make day trading my full time job. What do you guys think?

Thanks Midas for your comments, yeah I have read a lot of forum topics and they've cleared a lot of my doubts and I have started this forum topic as a way to introducing myself, participating in discussions and getting to know your views on my specific situation. I dont know about the other guys but ever since I came across securities trading, I've reasearched a lot about it and have folders full of trading books and other research info.

Also, like I said above, I'm not insistent on getting a trading job right away, I'm aware of my position and I've visited quite a lot of prop firm sites and looked at their eligibility criteria. So, I would love to get an entry level job or get into their IT dept. and I know that once I get a degree in a good uni., I can really compete when it comes to comp. sci. because I just love it, and work my way up to eventually become a trader (if that kind of shift is possible).

I'm also going to trade my own money and guage myself as a trader and see how successful I am, before I even apply to college, and also when I'm pursuing my degree. So, I think I will be able to work out my flaws as a trader and be able to consistently make money. Like you said, it could help me get my foot in the door in prop shops or even if I cant be a trader in a prop shop, I would still trade my own money while working in an IT company.