The Career Risk Traders Are Unaware Of.
Sean McLaughlin
10513

Hello Sean,

After 8 years as a full time day trader i was going through a very bad rough patch, losing money and also paying huge living expenses to support family, mortgage etc. I still had a healthy account equity (although only a fraction of the peak a few years earlier) but i had to find some positive income.

I went back to look for work in my previous profession. The idea of going through a corporate HR department or using recruitment agents and explaining what i had been doing for the last 8 year, and then getting rejected for it, felt like it would be soul destroying. So I found a job in the classified for a part time entry level junior role with a small local company. I had no idea what the pay was but i knew it wasn’t much. When i sent a text to my now boss he asked for a resume but i replied i didn’t have an up to date resume but that i was perfectly suited to the role. Anyway i got the interview without sending a resume. I did not know that the pay rate was, and in the interview i even suggested i was prepared to work for free for the first few months. He said no to that suggestion but said the pay rate was just $15 an hour. I took the job. Anyway i still had the experience and productivity of someone with 10 years experience in my field and it wasn’t long before i could negotiate $30 and then eventually $60 an hour with the same firm. ($30 was easy, but $60 was a bit harder to get out of them). But my productivity is much more than four times someone they could find on $15 an hour and they know it. Its only 2 days a week, working from home mostly, so gives me loads of time to concentrate on my futures trading.

Now for a trader who never had a previous line of work things might be harder. I used to hear stories of the Pit traders talking about other traders who had got the dreaded tap on the shoulder (notification they had blown their accounts), next time they were seen was when a taxi cab was hailed and the old trader was the one driving it.

Good luck with the job search, it could be worse, there could be an economic recession on, i remember trying to find work in the early 90s after i left university, i was unemployed for over a year..

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