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In the job I'm at, I am making decent money doing IT work for a company which just went public successfully. I can stay here in the IT department, getting various IT certifications, earning more pay, and eventually moving up. However, as the company is a global company with offices around the world, it is subject to currency risk and metals risk. They have started an individual who's sole job is to mitigate currency and materials cost through trading.
So, in the next 1-2 years here, would you stay in IT or move to one of 2 positions on the trading desk?
Of course, when I have time (very rarely) I do sim at home and my for-profit site goes into beta this weekend or early next week. Lots of irons in the fire over here.
Many thanks to the site and all the contributors. Great source of info.
Can you help answer these questions from other members on NexusFi?
I assume that you have on-call duties. How often do you get called out and how does it effect your trading?
Do you like IT or did you just enter IT for the opportunities?
Are you interested in commercial hedging (not what the retail traders call hedging) and are you willing to immerse yourself into learning everything that you can about it?
The answer lies within you.
I did not enjoy IT so I left it behind. Commercial hedging would be too academic and boring for me. My vote is for neither option.
That's a fortunate choice that you have in front of you. Let's see spending my days researching metals and currencies risk or doing IT? Hmm wouldn't be a hard decision for me at least!
Good luck with whatever you choose. My advice is go with what you are passionate about.
Well, I'd have to become more familiar with college level finance courses, so Finance or IT. I feel like Finance is where I'd be most happy. I currently hold a Series 7 and 66 licenses and have worked as a financial planner before, so I'm ahead of the curve for sure.
Casey44, my avatar is The Stig. But that said, I am an avid ( or rabid, your choice )Formula 1 fan and am jumping up and down with joy for the inagural F1 race in Austin.
Many thanks to the site and all the contributors. Great source of info.
If the pay for both jobs is similar, then go with the one that excites you the most. If pay is significantly higher for the job that doesn't excite you as much, then you've got a tougher decision to make.
I'd personally go for the trading job unless the pay was a major issue.
I was in IT for 15 years. I am pretty burned out on it, but after being downsized, I've been underemployed for a few years now. But thanks to lifes bumps in the road, I have found a passion for automated trading and I believe I will be successful some day and find the freedom I seek.
I would suggest staying with your job and since you're in IT, I would be researching automated trading strategies in your spare time. To help you get started I would suggest downloading NinjaTrader (for free) and download futures market replay data (for free, from within NinjaTrader) and start playing around and coding. At some point, when you're ready, sign up with Kinetick for $50/month and create strategies for stocks.
You might go ahead and express interest in the trading dept. at your current company. Ask what you should be studying/researching. Once you can provide some profitable examples you might see if you can get a position there. You have a much greater chance of getting a trading job within your current company than with another company (not likely at all actually).
The bottom line is you can't make money in trading until you are profitable. This doesn't happen overnight. It can take years. Definitely do not just "jump ship" and leave your current job!!
Take maximum advantage of your current situation. Don't underestimate the value and replacement cost of your benefits such as health insurance. Save as much as you can.
Practice in replay whenever possible and get ready, your position will be outsourced soon enough.
with SOMEONE ELSE'S money and earn a salary in the process. Catbird seat! Consider that very valuable. Especially the ability to transition internally and perhaps have an edge over very qualified applicants.