UK
GUEST COMMENT: What’s an out of work trader to do?
10 March 2009
I remember the last crash, privatisation, and yuppies! Supposedly that’s all in the past, but I have my doubts. We’re retracing our steps: retro is in vogue and the TV program “Life on Mars” is now the window on the future. Nationalisation is hurriedly gaining momentum, employment is going down! Property is going down! High street brands are becoming extinct. Are we mid cycle yet? When will we hit the bottom? We are definitely over the precipice, and in freefall, but for how long?
My late Uncle, an accountant, always maintained that bankers were thieves with little purpose except self promotion and personal gain. It’s a shame he’s no longer around to see his prophecies come true. He was proud of my achievements, but not of my chosen profession. And I have to agree that the sole focus for much of my career has been to make the bank’s shareholders and myself increasingly more prosperous.
So what do I do now? I am at trader! I thrive in volatile markets. Nothing is immune, and all is tradable!
Personally, I am selling my house to a downshifter and plan to reinvest at the bottom, probably in a property of a fallen colleague. I’m hedged in Europe and invested in cash only instruments and selected government debt. I am a prudent and risk aware trader, remaining liquid and versatile at all times.
With years in the market behind me and minimal personal leverage, I think I’m covered. But if it all goes ‘pear shaped,’ my fellow traders, what will you do next?
Social service benefits are a no-no. You’ll receive less than your weekly bar bill. Alternatively, you could try and get back in via the middle office. Or worse, you could try and get back in via the back office.
Neither may sound appealing, but in this market open mindedness is essential. Our business is diverse and adaptable, qualities you must take on if you’re to survive and prosper.
I know because I am speaking from experience. Despite a very profitable trading record, I was made redundant in a past downturn. I re-invented myself and created a new profitable book within a market I hadn’t traded previously. Remember, all markets have a common denominator. Knowledge of one can be applied to another.
I have also learned not to listen to recruiters. Ten years ago I was advised by one self-important recruitment agent that having lost my job I would never get into trading again as I had no degree. Through perseverance and direct approaches I got another position soon after.
Do not listen to anyone telling you “No.” In my language, “No,” means “Yes.” Anything is possible! Believe this and remain long sighted. You posses the abilities to survive and to grow in this new world. The short sighted will fail. Their doubt is your gain!
Is it still possible to become a trader without a degree or even still a degree in a business/finance related area but not strictly russell group?
Is it still possible or are those days of hiring based on personality and ambition well and truly over?
a friend wants to know...
Henry 10 years ago 10 Mar 2009
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