How Do I Sign New York Banking Job Offer

How do i industry sign banking new york job offer

if you're watching this video then you're probably asking yourself how can I get a job as a professional trader now having worked at five different proprietary trading firms before starting MTG I'm going to answer this question for you so to better answer this question what we're going to do is we're actually going to look at it from the trading company's perspective let's see what a trading firm wants from a candidate to see if you're able to offer that to this firm because whenever you're looking to get a job somewhere you could ask yourself well what is this company where I want to work at what did they really want and can I offer it for them and if so then you're gonna really increase the likelihood of getting hired so what does a trading firm really want well let's think about so a trading firm has a specific number of traders ten twenty Ondra traders even more depending on the size now out of all these traders some of the traders are profitable and these are the traders who are making money for the company so they were making money every single month now the other part of the traders are not profitable yet and these traders some of them at one point will become profitable and will have a career in trading and others will either be fired by the company or will quit because not everybody who gets into trading is successful in trading you should know that by now now why do trading firms continuously hiring new people and go through this training process why don't they just instead of doing that give all the capital that they have to the existing traders that they already have what actually why don't they just fire all the traders and just keep the best trader the one who has the best performance and give him all the capital and if you know anything about finance you should know the answer to that it's because they want to diversify within their trader pool right at the same way that a portfolio manager diversifies within multiple stocks doesn't put all his eggs in one basket right in case something happens with one stock the same thing trading firms do with traders did I first fight their trader pool so if one of the trader doesn't have a good month or maybe has a breakdown goes to something hard in life quits anything or just isn't good anymore stops being good well they have other traders who are good now companies don't just want to diversify within there trader pool just to reduce trader specific risk what they want to also do is diversify within different strategies why because if all the traders that they have are doing the exact same strategy then what happens the day that this strategy stops working stops performing then all their traders are gonna lose so what they want is they want traders to come in that are going to be running the same type of strategy but in different ways or that will be running completely different strategy which will be even better so that being said they don't want to hire somebody who just doesn't look anything about trading and they're gonna teach them everything in a way that they're gonna be just creating replicas just the same type of traders from A to Z they want somebody who's coming in who has some ideas for himself that you can add to their strategy or that he can implement for brand new strategy now for someone to have trading ideas that means that this person has to know how to trade so what does it mean that you need to know how to treat well obviously it means that you need to understand and know the basic training concepts like risk management money management fundamental analysis technical analysis trading psychology all of this stuff but this is pretty easy stuff you can read online you can buy a few books and you can learn this stuff pretty easy it's not enough what you need to do is you need to be able to run a strategy so what this means is you need to put all of this stuff together come up with ideas for a strategy implement this strategy on a paper or a simulation account and then not only do that but then take it and run it on their live market so run it with real capital now it doesn't need to be a lot of capital to be the smallest amount of capital possible to run the strategy because you're just testing it out it's there's a very high likelihood of the strategy fail but it shows initiative it shows that you have ideas and you're able to take these ideas and implement them on your live market and you understand how all of this works now your strategy doesn't need to be profitable obviously if it's profitable that's way better but if it's not it's not the end of the world imagine this imagine you're an engineer and you want to work at SpaceX you want to launch rockets you want to build rockets that are launched to Mars now you know how many SpaceX gets every single day I don't know but probably a lot so imagine this imagine you go in your backyard you build a small rocket and you launch it the rocket doesn't reach orbit it fails it goes up few hundred meters drops crashes now when you send your CV to spaces and you put on your CV that you build a rocket yourself we came up with ideas and you talk about all the other ideas you had to make it better but obviously you don't have all the resources to build it and that you've launched it and it fails well guess what you're going to stand out across from the thousands of other candidates that they have that didn't do anything that just went to school and learned about rockets but never actually implemented anything because what SpaceX knows is if they hire you which the ideas that you have and your initiative and the resources that they're going to able to give you and the other smart people around you you're going to be able to build a rocket and launch it to space so it's the same thing with trading firms they know that with their help and your initiative and your ideas they can get your strategy to become profitable why because they have so much resources that they're going to offer you for example travel eteri trading software it's their own trading software that they use that's going to help you get better trades smart order router that are going to get you better fills on your executions better trading fees faster news providers Bloomberg terminals the people around you the traders that are going to give you ideas and the firm that are going to give you better trading techniques better ways to scale into trades and scale out of trades so whenever I was doing hiring for firms and we saw somebody who's coming in and he's showing us a strategy already we would look at the performance and see okay well you know what he has a 1.5 Sharpe ratio probably with our tools we'll get this up to 2.5 so when we see strategies that are not profitable or even like they're not making money not losing or slightly losing money we know that with us we'll be able to get him to be a little bit profitable so trading firms do not necessarily want you to be already profitable it's actually very rare that they hire somebody who's already profitable because if somebody is already profitable and trading with another firm and he's changing firms usually you don't want to hire him because the next firm that gives him he'll leave you and go through them and if somebody's trading his own capital well he doesn't need to come create for a firm and split the profits 50/50 because that's the deal you get to the firm it's a 50/50 profit split most of the time usually you're getting traders who are not yet profitable so it's really the firm is helping the trader become profitable but the trader is also bringing in initiative and trading ideas so both of these things when they come together they make a trader successful so once that done once you've learned everything about trading you've build a strategy you've implemented then what's the next step well the next step is to find a firm that's hiring now you don't want to find a trading firm that's in a different country or in a different state you want to find a firm locally why because trading firms don't want to have somebody relocate for this job you know when I used to do some hiring for MTG and I would get CDs from somebody from Europe or for another country I wouldn't even look at them because there's no way in hell that I'm going to have you come from another country to here or come from another state or from another province to here and then once you're here and you start working I realize that you're not going to be a good trader and I have to fire you in a week because in the trading industry there's a very high turnover you don't know if somebody's going to be a good filter or not introduced are not enough right I've worked in places where the guy next to me had a double PhD was teaching economics and was never successful in trading and the other guy to my other side didn't have a secondary degree and was at the top five traders every single month so you never know who's gonna make it who's not gonna make it right there's really no way to tell because there's a lot of trading psychology that comes in and you can't tell that through a trading interview so you don't ever want to have somebody relocate because if they're not good you want to be able to fire them very easily right and if somebody you know sold their house bought a new house moved it's not easy firing them after a few weeks so only apply to firms locally once you find that firm send them an email with your CV and a bunch of other information that are gonna about a second now what's that email is sent find the person that's responsible for hiring if it's a very small firm it's gonna be the CEO if it's a little bit bigger there's gonna be an HR person responsible for hiring find that person and send them just a simple message on LinkedIn right hey I sent my CV just wanted you to put a face on this name I'm very interested you know that's it very simple very you know don't bug them so in the email what are you gonna have in that email well in the email other than your CV you want to talk about the strategy that you've implemented this is the most important thing because it shows your interests talk about the strategy show a graph of your performance even if it's not profitable because again the idea isn't to show profitability the idea is to show what you've done and your level of interest don't ever lie about your performance because I have gotten so many emails about people saying I did this amount of performance with this type of strategy and I knew that that's not realistic you know I this is what I do every single day I know what type of returns are realistic and what type of returns are not and if you tell me like ridiculously high returns then I'm not even looking at the CV you know if somebody's showing mergers where he's actually negative then I know at least that person is fruitful and I can trust what he's saying in in in CV you don't just show your performance even if it's a losing strategy and show some metrics show the Sharpe ratio so show your draw downs make it that the understand that you look at risk because companies all want somebody who's aware of risk and minimizes risk if you look at any trading firm they're hiring risk managers there's no such thing as a position that's called profit maximizer it doesn't exist they make money by reducing risk so you have to make sure that you're showing metrics where you're showing the risk levels of the strategy that you ran and how you are a individual who's focused on risk mitigation put as much details about the strategy different variations that you're thinking about running it in and let them know how you think with their help you're going to improve on that strategy and be able to make it profitable and that you're willing to learn about different strategies and different trading ideas so make sure that you're letting them know that you're putting something to the table you have ideas you have Drive you have motivation and that you also require their help to be able to improve on yourself as well so it's you know a collaborative type of endeavor now lastly what you need to include in your email you need to let them know that you're not in a rush to make money why because in trading the first few months and it depends on each traders some traders it's faster some traders it takes longer you're not going to be making money it's a hundred percent commission based job just like real estate if you become a real estate agent you're not making money for the first few months that's almost a guarantee why because you're new you're not good you don't have a client list so it takes you a time to sell your first house and to make your first Commission and during this time you're actually spending a lot of money going back and forth showing locations to people printing stuff you're spending a lot of money or not making anybody so if you require money from the first month you don't want to be a real estate agent and you don't want to be a trader so trading firms don't want to hire somebody that is in dire requirement of funds that really really needs to make money right away why because if he doesn't make the first month at the second month then he's just gonna quit right and the worst thing is when you're teaching a trader and he's learning but then after a few months you ran out of money and he needs money to live and it's understandable right so he quits right before becoming profitable and this is also bad for you it's a lose-lose situation for both the trader and the company the trader last time not being paid and the company lost time putting effort energy losing money on the trader as well and then not making money so they wanna hire somebody who can live for a certain period of time without requiring funds in case it takes him that long to become profitable and this is actually one of the reasons why a lot of these firms hire younger people because they're still living at their families and they don't really require funds this quickly so they have a bigger window where they can learn and become profitable now that's not all if you want to increase the likelihood of you getting hired by at least tenfold you can do one more thing and that thing is to learn a programming language if you know a programming language the likelihood of you getting hired increases by so much you have no idea now the programming language that I'm gonna recommend this Python why because python is such an easy language to learn and there's so much you can do for creating with this language you can analyze different strategies you can analyze your historical performance you can back this the strategy a bunch of things so when a company is looking at your CV and they see that you've used Python to do something for a strategy or analyze your historical performance or something like that they're gonna know that there is so much you're gonna be able to do that other people who don't know a programming language cannot do and that's really gonna increase the likelihood of you getting hired whenever I was looking through CVS and I saw somebody using Python or MATLAB or any other language to test the strategy instantly instantly I would think that Saviano you put it on the top of the list so that's it guys if you want to get a job as a trader or everything you need to know about trading come up to the strategy test it out implement it and if you really want to increase the likelihood of getting that job learn yourself a programming language like Python also guys if you want to join our trading community there's going to be a link in the description to join our telegram group it's absolutely free it's just a place where you can chat with other traders I also hop in there once every week and I answer questions there so link in the description make sure to join and if you like this type of content make sure to subscribe and click on the bell icon because I'm going to be posting videos every single week and if you liked this video please don't forget to hit the thumbs up button it helps off with YouTube's algorithm and I'll see you guys in the next video you