My Job As: A Trader

nkay1985

Reillyman wrote: »

Is the UL work placement paid?

Any work placements that were there when I was in UL were paid alright. I have a feeling it's a prerequisite for taking a UL student on placement, designed to stop companies just coming in and taking huge numbers of students for free.

I got lucky with my placement and was earning about €450 a week! A lot of others I know were on betweem €200 and €300. This was in 2006.

Vurnon San Benito

Idu, credit to you man, long may your fortune continue.

I've always been interested in trading and I suppose putting it short, making money.
I used the above link using virtual money for a while years back and was doing alright too.

I'm just wodnering how you get involved in this work after the Leaving Cert? Are their necessary courses, qualifications etc?

I would like to think I have a head for it, and would be willing to put a loss behind me. Only one way to find out I suppose.

I've read the whole thread and it's fascinating stuff, something I'd be very much interested in, and not just the 6 figure sums

So, what direction would I take if I wanted to pursue this after the L.C?
Cheers.

Vurnon San Benito

Is this guy gone ?

cremeegg

great thread...

Idu... does it take a lot of disipline not to dive into something too much... id be too gungho i think... highly competitive in everything i do... but perhaps too reckless..

anyways fair play chief...

one other thing... u got a better half.... she ok with the long days?!

freeze4real

It's been a while since Idu has posted here. I'll just like to make some few comments. 

His type if trading is propitiatory sp it's highly quantitave based. 

Like what he said on page qualities which firm want from employees will be those nerdy type but physically active. 

In monetary terms it's pays well. 

In terms of education those etha quant background are highly favored e.g maths astro physicist etcs


Interview process you would be looking to know how to solve some probabilities in a few seconds. 

There a few proprietary trading firms like positive equity, Statestreet Geneva trading and Susquehanna oh and first derivatives.  

I know a lot about susquehanna. Grad positions pays €55000 per yr + 10% bonus. Plus free breakfast and lunch plus other packages. 

Having a trading background like I do, doesn't  give you some sort of edge in proprietary trading firms but there some other firms were traders trades are not based on maths but there a few in Ireland. 



Any one that wants to pursue a career in this must take the route of pure maths r.g actuary or less or more.

TomRooney

freeze4real wrote: »

It's been a while since Idu has posted here. I'll just like to make some few comments. 

His type if trading is propitiatory sp it's highly quantitave based. 

Like what he said on page qualities which firm want from employees will be those nerdy type but physically active. 

In monetary terms it's pays well. 

In terms of education those etha quant background are highly favored e.g maths astro physicist etcs


Interview process you would be looking to know how to solve some probabilities in a few seconds. 

There a few proprietary trading firms like positive equity, Statestreet Geneva trading and Susquehanna oh and first derivatives.  

I know a lot about susquehanna. Grad positions pays €55000 per yr + 10% bonus. Plus free breakfast and lunch plus other packages. 

Having a trading background like I do, doesn't  give you some sort of edge in proprietary trading firms but there some other firms were traders trades are not based on maths but there a few in Ireland. 



Any one that wants to pursue a career in this must take the route of pure maths r.g actuary or less or more.

I'm trying to pursue a career in trading myself and have made a few contacts who are already working as prop traders.

According to them Mathematics has very little to do with actual trading and being a maths wizz certainly doesn't mean you will be a good trader, also the majority of traders would not have purely maths based degrees so I think you may be over emphasising that area as a pre-requisite to pursuing a career in trading.

freeze4real

TomRooney wrote: »

I'm trying to pursue a career in trading myself and have made a few contacts who are already working as prop traders.

According to them Mathematics has very little to do with actual trading and being a maths wizz certainly doesn't mean you will be a good trader, also the majority of traders would not have purely maths based degrees so I think you may be over emphasizing that area as a pre-requisite to pursuing a career in trading.

You may be right in saying that I'm over emphasizing the importance of maths, but like I reiterate the importance of having a solid maths background as v.important as those who have it are given 1st places for interviews/ jobs over those who dont have it.


Also you need to have a solid analytical reasoning which mainly from professions like computer engineering etc. you will need for interviews as they're probability based.


My bro works for a prop firm and he wasn't asked as he is a computer engineer, but if he was he said he wouldn't have answered any right as his maths his poor, he's been there for some months now and he's only used maths in writing some software not in trading as you said you really dont need it.

I've had the chance to visit some trading firms in Ireland and I will tell you these that over 85% from those trading come from a mathematical background. And in places like Ireland Prop trading is common because of several reasons like trading isn't that popular here but there's an IT boom with a lot programmers coming out from colleges.

In places like the city in London or wallstreet or in Canada as well you'll find that guys read wallstreet journals or economic articles etc are popular e.g 65% but prop firms are taking over.

I'm from an economics background, I'm trading ATM with good results but there's no guarantee that I will get a job as a prop trader if I wanted to.


Funny thing is you dont really apply or the mathsy stuff that you learn.

TomRooney

freeze4real wrote: »

You may be right in saying that I'm over emphasizing the importance of maths, but like I reiterate the importance of having a solid maths background as v.important as those who have it are given 1st places for interviews/ jobs over those who dont have it.


Also you need to have a solid analytical reasoning which mainly from professuons like computer engineering etc. you will need for interviews as they're probability based.


My bro works for a prop firm and he wasn't asked as he is a computer engineer, but if he was he said he wouldn't have answered any right as his maths his poor, he's been there for some months now and he's only used maths in writing some software not in trading as you said you really dont need it.

I've had the chance to visit some trading firms in irland and I will tell you these that over 85% from those trading come from a mathematical background. And in places like Ireland Prop trading is common because of several readons like trading isnt that popular here but theresan ITboom with alot programmers coming out from colleges.

In places like the city in London or wallstreet or in Canada as well you'll find that guys read wallstreet journals or economic articles etc are popular e.g 65% but prop firms are taking over.

I'm from an economics background, I'm trading ATM with good results but there's no guarantee that I will get a job as a prop trader if I wanted to.


Funny thing is you dont really apply or the mathsy stuff that you learn.

Thanks for the info and clarification.
I'm currently doing a degree in business studies part time but hope to get a start as a trainee prop trader in the near future.
I wouldn't be bad at general maths but I've never studied advanced theories of mathematics but I want to do it so I'll try regardless.

vanderlyvagen

Idu wrote: »

Ha ha I think thats him just being hyperbolic. In my entry class 4 of 8 are still with the company and of the next 14 all but 2 are still here. Of course the next class could only have 1 successful trader. I think 80% is way too high though

Having traded for over a decade, I think your retention ratios are almost miraculous, congratulations! My experience is close to 90% won't make it and that's having been exposed to a number of different firms. If indeed 4/8 of your class are still there and 12/14 of the next class, my next question would be, how many of them are making enough to pay themselves even a basic standard of living. From experience, I would estimate 1 or 2 from each class. I believe you're involved in actively promoting your firm. Maybe you guys have found the holy grail in trading, I doubt it though!:D

Idu

vanderlyvagen wrote: »

Having traded for over a decade, I think your retention ratios are almost miraculous, congratulations! My experience is close to 90% won't make it and that's having been exposed to a number of different firms. If indeed 4/8 of your class are still there and 12/14 of the next class, my next question would be, how many of them are making enough to pay themselves even a basic standard of living. From experience, I would estimate 1 or 2 from each class. I believe you're involved in actively promoting your firm. Maybe you guys have found the holy grail in trading, I doubt it though!:D

I don't work for that company anymore so I've no interest in promoting it(never had either) but those figures are accurate. Of the 4/8 and 12/14 I know that all are living well above a basic standard of living. I do agree with you that this success rate is very high but I think that, having heard of how a few firms in London run their training, they are afforded extra time and attention until they make a breakthrough

vanderlyvagen

That's fair enough. What would you say is the best shop to work at in Dublin?

Idu

vanderlyvagen wrote: »

That's fair enough. What would you say is the best shop to work at in Dublin?

I've only worked in one so I've no frame of reference. Positive is a great place to work though

vanderlyvagen

Okay, cheers

ggmad

Are you still trading Idu? In prop?

Idu

Yes I'm still prop trading. For this company www.myriad.ie

freeze4real

Idu wrote: »

Yes I'm still prop trading. For this company www.myriad.ie

Its good to hear from you can you give us another info, is your trading experience has changed.

TomRooney

Idu wrote: »

Yes I'm still prop trading. For this company www.myriad.ie

Hi Idu,

I had a look at the website, apparently Myriad are looking for trainees.
I have a big interest in trading, mostly FX but have only ever done it on demo so far.
I see from the site they seek people with programming skills and honours degrees in Engineering, Physics, Maths etc.

I'm guessing that rules me out, I'm half way through a 4 year part time degree in business studies.

Do you know if the 3 month internship is paid?

Thanks.

Idu

freeze4real wrote: »

Its good to hear from you can you give us another info, is your trading experience has changed.

Obviously being in a different office changes the experience but trading is still the same. Markets are constantly changing so keeping up with them keeps you on your toes wherever you're trading from.

If you want specific details feel free to ask I'll do my best to answer

Idu

TomRooney wrote: »

Hi Idu,

I had a look at the website, apparently Myriad are looking for trainees.
I have a big interest in trading, mostly FX but have only ever done it on demo so far.
I see from the site they seek people with programming skills and honours degrees in Engineering, Physics, Maths etc.

I'm guessing that rules me out, I'm half way through a 4 year part time degree in business studies.

Do you know if the 3 month internship is paid?

Thanks.

I wouldn't say it rules you out at all. In my experience passion for trading is the single biggest attribute people look for.

The internship is unpaid. Email the company if you want details of what the internship entails

freeze4real

Idu wrote: »

Obviously being in a different office changes the experience but trading is still the same. Markets are constantly changing so keeping up with them keeps you on your toes wherever you're trading from.

If you want specific details feel free to ask I'll do my best to answer

Hi Idu,

Is the company new as this is the first I have heard of it.

Idu

Yes they're new. Started trading at the beginning of this month. I should say that I'm a director of the company so I hope people can realise that while I'll try make my answers as truthful as possible and provide any information requested I wont be answering questions regarding hiring other than in broad terms and I wont be talking about other firms or comparisons with other firms on here

freeze4real

Idu wrote: »

Yes they're new. Started trading at the beginning of this month. I should say that I'm a director of the company so I hope people can realise that while I'll try make my answers as truthful as possible and provide any information requested I wont be answering questions regarding hiring other than in broad terms and I wont be talking about other firms or comparisons with other firms on here

Is there a deadline to apply for the internships and when does it start ?

Idu

freeze4real wrote: »

Is there a deadline to apply for the internships and when does it start ?

No deadline and tentatively set for an April start

freeze4real

Would an individual having a degree in IT make them better off someone who has a degree in economics or business.

Also having a background in trading be beneficial ?

Idu

freeze4real wrote: »

Would an individual having a degree in IT make them better off someone who has a degree in economics or business.

Also having a background in trading be beneficial ?

Would depend on the degree but generally an economic, business or math background is more easily transferable to the skills required. It's not the be all and end all but may be used in a tiebreaker situation.

Trading background isn't overly beneficial. Successful applicants will be taught a style of trading that isn't accessible to 99% of the individual traders out there so any previous experience wouldn't be a massive leg up. Obviously the more you understand about trading principles etc can only be a help

freeze4real

Idu wrote: »

Would depend on the degree but generally an economic, business or math background is more easily transferable to the skills required. It's not the be all and end all but may be used in a tiebreaker situation.

Trading background isn't overly beneficial. Successful applicants will be taught a style of trading that isn't accessible to 99% of the individual traders out there so any previous experience wouldn't be a massive leg up. Obviously the more you understand about trading principles etc can only be a help

Can you elaborate on the trading style which would be offered by myriad ?

You said internships should start arround april or thats the plan but would you make any provisions for those still in college by then as most colleges/universities finish around mid- may.

Idu

I'd rather not discuss the specifics of it but it would be mostly intraday on a short term basis with scope for longer term trades if the situation called for it.

There will probably be another round of interviews later in the summer to cater for recent graduates.

If college students wish to apply now with a view to taking a position in the next class of interns we would encourage you to send in your CV

TomRooney

Idu wrote: »

I'd rather not discuss the specifics of it but it would be mostly intraday on a short term basis with scope for longer term trades if the situation called for it.

There will probably be another round of interviews later in the summer to cater for recent graduates.

If college students wish to apply now with a view to taking a position in the next class of interns we would encourage you to send in your CV

I know your website says it's not mandatory to have a degree so I presume it would be ok for someone studying part time to apply?

Also what do you think of trend following? Would it be applicable in your system?
Obviously I understand there has to be a certain level of operational security so it's understandable if you would prefer not to say.

Idu

All applications will be treated equally. There is no black and white set of skills that make a great trader unfortunately.

"The trend is your friend" -

freeze4real

How many trainee traders are you getting, on your webpage it says 5 but would you increase it.

Idu

Would depend on the standard of applicants but I would say 5 will be the maximum for this class anyway

sganyfx

Is there any tutorials or websites which you could suggest to people who wish to develop the needed programming and excel skills needed to work as a trader?

Idu

You don't need programming or excel skills to work as a trader. They're a helpful tool but not essential(yet). I'm sure there are courses in each but I don't know any.

freeze4real

Idu wrote: »

Would depend on the standard of applicants but I would say 5 will be the maximum for this class anyway

Any ideas on when the next class will start and Will each students have their on mentors ?

TomRooney

freeze4real wrote: »

Any ideas on when the next class will start and Will each students have their on mentors ?

I think he has already said several times it is provisionally set to start in April.

freeze4real

TomRooney wrote: »

I think he has already said several times it is provisionally set to start in April.

I meant the next class after the one in April.

Idu

freeze4real wrote: »

I meant the next class after the one in April.

No idea sorry. Focused on the first class for now

freeze4real

Idu wrote: »

No idea sorry. Focused on the first class for now

No probs, thanks for the answers and I'll definitely apply.

sganyfx

Idu wrote: »

You don't need programming or excel skills to work as a trader. They're a helpful tool but not essential(yet). I'm sure there are courses in each but I don't know any.

Ah ok thank you Just after reading on the website you previously linked that they were ideal.

Idu

sganyfx wrote: »

Ah ok thank you Just after reading on the website you previously linked that they were ideal.

As I said they're helfpul but nobody is going to be passed over on the basis of their excel or programming skills alone

freeze4real

Hi Idu,

I see that myriad is looking for trainee traders, is this for a whole year ?

Idu

Trainee course will be a 3 month internship and then at the end of the 3 months if we feel you have potential you'd be signing up as a trainee. After that it depends on your own progress and profitability etc. There's no set time frame

freeze4real

Idu wrote: »

Trainee course will be a 3 month internship and then at the end of the 3 months if we feel you have potential you'd be signing up as a trainee. After that it depends on your own progress and profitability etc. There's no set time frame

Hi Idu,

when will these new course start ?

Edit: starts in september.

Thanks Idu

eVeNtInE

This post has been deleted.

Idu

I didn't know anything about the markets, beyond a basic understanding, when I started.

Plenty of books can give you a good insight. There's a list of them somewhere on the Investment and Markets forum

freeze4real

Idu wrote: »

I didn't know anything about the markets, beyond a basic understanding, when I started.

Plenty of books can give you a good insight. There's a list of them somewhere on the Investment and Markets forum

Idu can you talk about those who participated in the first training course.


Where are they now ?

Idu

I'd rather not talk specifics but we're happy with how the first class is progressing. It's a long road to becoming a successful, profitable trader and the first class only started 2 months ago

Mcoffs1129

Hi Idu,

I have an interview with myriad trading this Friday. I was wondering have you any advice on what questions they may ask me? Thank you very much in advance.

Idu

Interview will be very general. It's more of a get to know you thing than a maths test or anything like that. 2nd round interview is slightly different with more maths based questions

continental9

Hi Idu,
I would love to work for a prop firm, I from central Europe so the closest to me is Positive Equity (Split). Not sure if I got you right but first 3 months for new people were not paid then if you got accepted to become a trainee you would still need about 6+ months on average to start trading with live account and make some money.
#1 Are Trainees paid while they're going through this (How much per month approx??) or is it 1st year no payment and later paid by profit?
#2 You started at Positive Equity, got real good and decided to open your own prop firm so you don't have to split profits you make with the owners + other benefits? You used your own money you made to start the prop firm and split it among your traders or other investors got in with you on it?
#3 I am stock trader, so was there a possibility at Positive Equity to trade stocks or only Futures?
#4 Is it possible to work for you from home here from central Europe and trade stocks? I can trade on demo for some time to show you the results. Profit is profit, why be limited only to Futures?

Thank you!