>>580825220 Asset management. Its where the money is. Dependent on your end goal. If you want to broker until your 50, IB's are good. But if you want to be involved in the market, asset management or prop trading is the way forward
>>580826005 Bitcoin is a little out of my wheelhouse, I'm an S&P equities guy, but my first question with managing virtual assets would be, 'how do I get investors'. Its your industry, but I'd suspect investing in BTC would be a hard sell
>>580826161 Thanks, this helps. Is there a big difference between asset management and wealth management? I can't tell if asset management is a more prestigious and analytical deal than wealth management, or if they're the same thing.
>>580826637 I already have the cfp and am taking the level 1 cfa test early next year. I used to work as an advisor but have traded for myself stocks/options for the past two years. I live right outside of nyc and am going to try to swtich over to the Portfolio management side of things. How hard will it be for me to get a job?
>>580826935 Asset management is the same as wealth management. An asset management firm typically holds several hedge funds running different strategies, where as wealth management firms tend to have an investment banking licence too, its dealers vs broker dealers. Asset management firms imo are usually more switched on in the market. so asset>wealth. imo that is. I couldnt sit there and take orders from clients with the 'hottest tip on the street'
Look OP, I've explained this to you numerous times now, you totally can inb4. It's physically possible, as it does not violate causality. Now if you were attempting to post before you posted or something, you would fail, and likely look foolish to anyone watching your shenanigans.
I'm guessing it's pointless to tell you this shit again, because clearly you are retarded, and will just forget, faggot.
How about some investment help? I have a 401k at work with limited investment options. They primarily include: S&P 500 Index Small Cap (Russell 2000) fund Mid Cap fund Bond fund Stable fund (about 2-3% per year guaranteed) Various targeted retirement funds (that I don't touch because they have higher fees) Company stock fund (don't touch it either, even though had I, it would have quadrupled my money since the crash a few years back) International fund Emerging Markets fund
There is no fee to move funds from one option/fund to the other and I can even do it daily if I choose. A few of them you can only move in/out every 30 days, but others don't have any limitations.
Just looking for how to maximize my returns. Since I'm not locked into one fund when I put money there, it mainly involves trying to figure out when the market is going up (put funds in S&P/small/mid cap) and when it's going down (shift to bond/stable).
>>580828126 Not even a little. It was pretty wild a few years back, coke off the trade desk etc... but the industry is on a health kick atm, its smoothies and salads instead of coke & hookers... I know the days I prefer
>>580829207 Both I suppose. I mean, it's nice that I don't have to lock into something. I'm happy to move funds around daily if I have to, I just don't know enough to be able to predict when things are good and when they're bad. I just sit there and watch the market feed while I'm at work and hope it goes up. When I notice it going down a bit, I move stuff around. I did try to do some analytics and found some interesting patterns, but I know better than to expect future performance to be based on past performance.
Otherwise, I have around 109k in the plan at the moment and will work for at least 20 years. I'd like to make that as much as possible by the time I retire. And yes, I do contribute to it every paycheck.
Im 18 and my academic options are wide open. Aside from but including the greed, your line of work interests me... obviously im no expert in this or any field yet but like i said my potential is promising and im excited about it.
what kind of competition did you face reaching this point and what sort of competition do you deal with now?
i have a second cousin who just got hired on wall street as an analyst. His advice to me was that if i wanted it enough i could work there.
so whats your take on how 'easy' it is to get there?
>>580831735 That's legendary. I'm proud of you. I handle auto injury claims litigation (I'm new to it) making approx 50-60k/year and just finishing my masters. I'm in the wrong field man. Kudos to you though.
>>580831820 Its not so much dog-eat-dog, its lion-eat-lion, do not get into this business to make friends, because friendship is weakness. everyone in the advanced industry (not FA's or brokers) is here for cash, everyone knows they'll burn out, and they do. The aim is to make as much as possible and retire with as much sanity as possible.
>>580833478 I took the long road, >took a job as a bank teller >traded my own account on the side >caught the attention of the wealth management arm >due to my watch was worth more than my managers car >got talking to the right people >brokered for a year >made bank on picking ability >transferred to fund in bank >headhunted >where I am now
>>580833610 I understand the internet well, social media, design, and have a certain intuition when it comes to branding; I feel. I could see myself working on side with an entrepreneur; whose creating a new product. I would network and help set-up goals through efficiency scales. This seems risky though haha. Are you residing in Newyork?
What do you think the best way is the arm yourself with knowledge to make money investing in shares (medium/long term | mid/large caps etc..)
I know practice and acting learning while trading is very important and a must.
But in terms of books/study. Did you say you learnt a lot from university? What type of books are ideal? i.e. is the internet a good resource, as it can be difficult wading through all the bullshit / scam artists if you're not experienced.
Any tips or hints.
Also since this is such a cool thread, I'm happy to answer questions on bitcoin trading. I've made 1000s trading it back in the day, not anymore though (for reasons I can outline).
>>580824036 I'm in my senior year of high school and I'm planning on majoring in finance. What am I in for after I make it out of undergrad? What do I do after I get my MBA? Is breaking into the Street as hard as people say? Will I be making enough money to live in the city my first year?
Is to know what you want to do in the long haul, if brokering is where your destined, a FA or junior FA is a great place to start. but if you're after a trading career, get stuck in at a prop firm or fund firm, and impress someone.
Its easier to be a broker that it is to be a trader... just like its easier to sell Ferraris than it is to be an F1 driver
>>580836432 Not entirely sure. I figure a finance major leaves me with plenty of options and I can decide in college which path to take (banking, trading, asset management, even consulting.) I wouldn't mind Chicago or New York. Where are you going to school?
>>580836465 Absolutely fucking not. College can teach you nothing on trading. It CAN teach you classical analysis, but the robots do that now, its assumed. The best way to learn in this game is to do it, cliche I know, trading is a personal thing, what I do day to day may be hell to you, you need to find your cut, settle in it and run with it. Information is king, but information doesnt make a stock tick up, people do.
>>580836465 Well, its no secret that the central banks would be better off without cash, after all, no cash = no crime, if you can track every transaction there can be no crime. Bitcoin, imo, flies in the face of that, taking cash online .
>>580837796 Indiana University is where I'll very likely end up. I could almost certainly get into Northwestern but I'm not willing to take on large amounts of debt. I guess neither of us will end up at target schools but IU is decent when it comes to recruiting on campus. Also it has good networking opportunities.
>>580837796 That is difficult, to break in to the trading world, you need to be able to trade. Its like the NBA, or premier league football, be good at what you do and you'll get picked up. the route I'd suggest is to get a back office job at a fund, and work your way in that way. the key is to get in front of someone with some influence, talk some stock, impress them.
Going from broker to trader imo is harder than going from grad to trader
>>580838679 Wealth tax I'm totally against. besides personal interests, as a country you want as much cash on shore as possible, if you threaten a tax on wealth, the intelligent will move their wealth off shore. Its a fine line
>>580838015 No, I'm semi sober, on the beers, but no substances, used to have a coke habit, but thats behind me now. As for Gov's: yeah, they're safe. They should be your base, but bond ladders etc arent great, your money;s better in the market.
>>580838059 Well, bitcoin in itself is not cash. It's a cryptocurrency, i.e. virtualised. You can trade fiat currency for crypto though obviously and trade between crypto.
Bitcoin in the protocol itself is not anonymous, it's pseudo-anonymous at best. You can trace any and all transactions of bitcoin movement in the 'blockchain', i.e. you can see the movement of money.
If you want to anonymise yourself you use a tumbling service. It's kind of like torrents. You have 1000 people send in 1000 bitcoins. It gets shuffled around so each person gets 1/1000 of one person, so in the end everyone has 1000 different sets of bitcoins from 1000 different people.
Meaning that you've turned 'your coins' into new 'fresh coins'. You need enough liquidity though, to ensure enough tumbling will 'hide' you.
The major difference in my mind that governments and most people dont grasp is that it's a completely decentralised currency, i.e. there's no central bank issuing it. It's not created anywhere, it is mined by a person calculating/cracking a hash (kind of like bruteforcing a password), and the rest of the network 'confirms it' through the blockchain (like a big phone directory that keeps track of all bitcoins).
The top reasons why governments/FBI dont like bitcoins is: 1. It's decentralised / easy to set up (i.e. you cant stop it even if you wanted to) 2. It's on the internet and uncontrollable (due to its P2P style nature and it being 100% virtualised) 3. Taxing it is really annoying 4. Once you anonymise your coins, it's perfect for buying illegal shit 5. It's a great alternative to cash (fiat) / e-cash (like paypal aka fiat in electronic form).
Yeah they hate it a little bit less now that they are taxing it (capital gains / exchange between business e.g. GST) but they really dont like it unless it was a centralised government controlled crypto (which defeats the purpose imo).
>>580839534 Back office is admin, reception, clearing. Don't be fooled, its shit tier work, probably pays better than other shit tier work, but shit tier none the less.
Think of it as being paid to be in the vicinity of the people that have the ability of taking you to the next level. If you're sitting on reception like a faggot eventually a fund manager will walk by, and you can jump in their way, talk shop, slip in a stock pick, and you're on the radar of the fuckers that matter. thats worth 10 x college degrees.
>Its not the grades you make, its the hands you shake.
>>580840289 God, I cant even remember, I've been lurking here for years. Im sure some shrink would draw connections between the hostile work environment to the sense of community here, the anonymous factor vs being known as 'that fucker who makes a fortune',
Yeah, I get that. Its a similar mindset between finance & law. Ultra competitive, dog-eat-dog, a lot of comparisons!
>>580840769 A lot. More than you'd think. The main stumbling block would be pride. You'll catch shit from the traders, sure, thats what we do, as I said, theres no friends in this business, but, IF you know what you're doing, and you talk some sense, 3 months you could make on-desk admin/clearing. maybe a year until you make in as a junior PM,
Say what you like about finance, the industry spots talent and uses it.
No, I was a fucking lunatic, doing all the BS day trading shit, thinking I was hot. I took a 70% drawdown, stopped, and took a serious approach. You'll never make a million overnight, it doesn't happen.
>>580842887 Smart? I like to think so, I mean, I've got some arbitrary IQ of circa 140, (which is meaningless btw) I can do general knowledge quizzes quite well.
But if you're asking 'am I smart enough to do this job', If you can think of cause and effect, then yes. If you can hear the news saying 'JAPAN TSUNAMI', and you instantly think, Buy Japanese building firms, you're on the right track.
Been Lurking here from the UK, i have massive aspirations to be exactly how you are, currently saving up 10k to start trading. Good to hear about avoiding investment bank as thats what i've been doing, looking at asset management which is good to hear you say its where the money is as i set myself crazy goals, i want to be a millionaire before 30, I'm 22. Do you recommend which websites i should put my 10k into? and also do you recommend me focusing on one specific area? i was thinking of building a strat around small/mid cap companies trying to spot companies i think will blow up!
>>580842897 haha for real though thats always the problem! It seems like you're interested in trying to help though at least and thats all I need at this point is some guidance. Any chance of being able to contact each other outside of the thread?
>>580844160 Not too difficult, remember its a sales position. Just like in cars, houses, anything, if you can sell, you can be a stockbroker. If your CV is lacking, my advice is lie... lie, get passed the box checkers in HR, get in front of someone with some say, and if you're good, you're in
>>580845005 Ok man thanks for the advise, i try to watch bloomberg once a day for about an hour, my degree is pretty busy at the moment. I want my degree for backbone otherwise id just leave and focus on it i love it and i don't even trade yet (i fantasy trade) ready information and such it interests me! just hope I am able to get noticed failure is not an option with me.
>>580847481 its a time thing, not a difficulty thing, unless you're starting your own brokerage house. If you go down the broker route through an IB, you'll get access to the banks book, which your goal is to turn as many as possible from the banks clients, to your clients.
FA's job is to analyse, as an FA you dont need clients, you present your work to the broker or trader, then they act however on, or not on your information.
Any advice on someone just trying to start out? Like books or websites that go over everything? My friend just dumped $1100ish on apple , so I was going to do something similar (more money though), good idea?
>>580848320 Depends on the day, I'm into Rolex, I wear a Brietling when I dont want to seem too flashy, an Omega when I'm doing shit, Rolex in the evenings & daily, Tag when I'm in the house, its a feel thing
i current work for a wealth management firm ;ets call it Shmorgan Smanley on the bottom tier, waiting to work my way up. I work on the tech side but i regularly talk to FA's.I guess i thought the FA's did the trading. It seemed like an easy job, just picking the managed platform to put the client on and selling them on it
>>580824036 Are you preparing for the wave of layoffs as a result of being replaced by the strats that my minions of chinks and indians are writing right now for 100k instead of your bloated 300k+comp?
>>580851170 I have $60,000 in student and a car loan what's the best way to pay them off in an entire year? What could I invest in and how much would I need to invest to make the payments.... I make approximately 43,000 I am self employed but have a contract with the state to do inspections of group homes.
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