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| *Ostroff, Fair and Company>>>Financial Services |
Do traders have much of a life or are they always working? |
I am a UK resident. and am getting a little frustrated at how so many jobs these days are so poorly paid, even at senior positions; I am university educated, not that this should give me a god given right to earn more. If anything, a degree these days gives an employer an excuse to pay LESS, not more... Because of this, I am thinking about becoming a trader (the financial rewards can be great) but have heard they work silly hours. Is this true? Do they get much spare time? Would I have enough time in the evenings for socialising/gym/sports, etc? Do you have to wait a while before you start earning big and is being a trader just a glorified sales job? In which case, would a "real" trader role be years and years away from achieving? Is it worth entering or are there better financially rewardng jobs out there? Thanks for your help. they are always working slave trade is good Anything you work at usually is your life, and to be dedicated to your life you have to work 24/7. If we are going to office 9 to 5 you cannot tell yourself that you will not think about work after 5 or before 9. Then when you want to be successful you have to be willing to make such sacrifices, whether it means working silly hours or whatever. You should get into what you like and just go ahead and do it, and you will be able to balance your life and job times. Most traders burn out in about five years. For those five years, they have NO life, they eat, sleep and live for the trade. The good news is that money is generally not a problem after that. I communicate with the traders on a daily basis as part of my job. Their shifts are generally 7am to about 5-6pm. When they leave the office, they do carry a blackberry. Since my job has to do with the bookkeeping part of the trades and with the clearinghouses (example: Euroclear), I sometimes I have to ask questions after hours. (My shift overlaps with the last half of their shift and ends 4 hours after they have gone home already). Generally, it takes a couple of minutes off of the trader's time but not so much that he feels that his free time is being robbed from him. I sat in on a lecture that our top executive (who heads the trading departments) was presenting in. He said that the turnover rate can be high when people don't keep up with the times. Things constantly change in the investment industry. I work for a large bank that has a large investment arm as well as an insurance arm. It is global and has offices in many countries around the world including the U.K., Australia, Singapore, Canada and the United States. I only know what their life is like in the US but if they are any good then most of their work is done when the market is closed. That is when the all important research is done. you have to be very knowledgeable and nimble witted. You are playing with a lot of money and the people on the other side of the trades are trying to make money just like you. The one who wins is the guy who does the best prep work. So to answer your question I think that the financial rewards are great but the time spent is also great. Good luck. |
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