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TheWolf
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#301
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#301
Nah, you don't need to study economics. If you want to be an economist however, you will definitely need an Economics degree. More quantitative degrees would be useful e.g. IBs like engineers as e.g. they are familiar with analytical models , and other degrees e.g. Finance would give you an advantage as well obviously. (Check out different IBs website, as they will show what they want for different divisions). One of the things they want is for you to show from previous history that you have a great interest in the field you're working in. Hence a business/economics/finance related degree would help in this way, but if you do e.g. a science degree, I would guess that internships and work experiences are vital.
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mahras
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#302
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Jamie,

Its the opposite. MANY traders are engineers or science majors. Many are economics majors. Any thing quantitative is good for a S&T position. But remember trading takes practice, lots of patience, time and just something in the personality. S&T interviews often are MORE technical than IB interviews and they also give a lot of brainteasers.
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Madinina
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#303
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#303
does no one have anything to say about my past post :rolleyes:
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mahras
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I have no idea matt. However try and search for gap year programs or just call them ask and ask whether it is possibly or not. Ibanks dont bite .
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TheWolf
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#305
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Mahras, do you pay any taxes from your profits? Any ways of avoiding it?

response from FXCM

Regarding reporting taxes: due to the global nature of the foreign exchange market, FXCM is not required to 1099 any profits or losses to the IRS or to its clients. However, under Section 61 of the Internal Revenue Code, it is the client's obligation to report all profits to the IRS. Foreign residents should report taxes according to their own jurisdiction.

Please keep in mind that there are ambiguities in the tax code and that every tax situation is subjective. Therefore, FXCM strongly advises you to seek professional advice from a certified public accountant or tax advisor. You can run a 2004 year-end report directly from the platform for proof of your trading activity.
Spreadbetting apparently means that you don't have to pay any tax as it's classified under gambling. I think I am allowed £8,200 of capital gains in one year without paying Capital Gains Tax, but again I'm not sure. I think I'll ask my dad's accountant.
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TheWolf
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Equation: [ closing rate ] - [opening rate ] x [ unit / lot ] x [ lot ] x pip value


I bought at 105.18, sold at 105.19, 10 mini lots

(105.19 - 105.18) x 10,000 x 10 x 0.95 = 995 right?

How come ive got 9.95 profit instead

I know that JPY is a two-decimal-place currency, so why does the formula not work? What have I done wrong? :eek:
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mahras
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heh thats because you only had a profit of 1 pip. 10 mini lots means that 1 pip is 10 dollars. Plus cut those JPY fees and you get 9.3 profit.

Regarding taxes, yea i do pay taxes and its under my mom's name. In the US you list it under other compensation. I have no idea how it would work in the UK.
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TheWolf
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#308
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I know what i did wrong - silly thing. Any trading later on? or most probably tommorow? (everything is slowwwww atm)
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Brown Patrick Bateman
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#309
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#309
Without wanting to migrate traffic away from here, if you're interested in IB...

With a friend I've just set up www.IBtalk.com, a new forum/message board particularly targetted at people interested in a career in investment banking:

- Tips on gaining internships and graduate jobs, and priceless assessment day information
- All your finance and banking-related questions answered
- Careers and education advice from experienced professionals
- 100% free to use, unregistered for now, every question is answered within a day
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TheWolf
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Cool site :cool:
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Jump
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#311
Sounds good, still not sure if IB is for me but will be a valuable resource anyway.
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mahras
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#312
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#312
Very nice. As a suggestion can you make a sales and trading sub forum in that site. That would be very nice.
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mahras
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#313
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#313
No trading until London open. Unless I see any news in Asia I am not going to trade. I actually have indicators that tell me when movements are going to occur. And at the moment the volume is low for any profitable scalping .
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Madinina
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#314
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#314
a new forum :
http://www.ibtalk.com/forum/index.php
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JBJB
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#315
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#315
Hello to everyone!

May I also join your society?
I am doing my Abitur and planninga career in banking.
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mad fer united
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#316
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#316
Guys, which degree is more suitable for a career in Investment banking out of these four? and which degree is regarded as more employable?

WARWICK - MORSE - MMORSE
LSE - BMS - ACTUARIAL SCIENCE
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TheWolf
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mmorse, unless you have the intention to change to BMS in the 2nd year. Actually both are superb, depends on your preference
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mahras
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#318
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#318
Post on the New TSR investment and finance society folks.
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