<p>Once an associate gets the title of "TRADER", what does he/she exactly do? </p>
<p>From what I know:</p>
<p>Trading is dealing commodities (saying stocks, hedge funds, mortgages, real estate, currency, etc) and basically "trade" them. You can sell or buy. For example, for a stock trader, one employee from Morgan Stanley buys 250MM worth of shares from XM Satellite Radio. If "they go up" the next day, he sells it and brings lots of money to the company, and therefore receiving bonuses, etc etc. He/she might also sell stocks from his/her business firm with clients, stock brokers, etc. </p>
<p>Is this exactly what a trader does? Does a trader do anything else besides this? </p>
<p>Correct me if I'm wrong or add anything else that is relevant. Thanks in advance.</p>
<p>I want to work for whatever ibank that pays me the most....whether that be Goldman Sachs or BNP Paribas or Newbury Piret. I just want to work at their trading desk.</p>
<p>"I want to work for whatever ibank that pays me the most....whether that be Goldman Sachs or BNP Paribas or Newbury Piret. I just want to work at their trading desk"</p>
<p>You make it know secret what your motivations are.</p>
<p>No. Do NOT work for the ibank that pays the most.</p>
<p>Goldman Sachs is one of the lowest paying ibanks for analysts. It is also one of the most coveted positions. Why? The experience and prestige you get. It's like saying "I graduated from Harvard" versus "I graduated from Berkeley". Although it will pay you lower to start, your future job prospects will be unlimited coming from a company like GS.</p>
<p>you just contradicted yourself. I don't know how to quote, but you said GS will pay less, but offer more future job prospects. Also, by the way GS is usually the highest or one of teh highest paying IB's just check out is link:</p>
<p>Alright I strongly suggest getting some industry connections to get background info or better yet getting into one of these places as an intern to find out about the business. </p>
<p>You don't want seats on the NYSE (they are moving towards electronic markets.....I mean they just shifted to a hybrid which BTW is causing some major problems). </p>
<p>Greenhill, HLHZ etc do not trade. They are ibankers (corp fin and M&A).</p>
<p>If you are a flow trader in some dead end desk in GS, you won't be making those big bucks that everyone seems to be dead set in getting. Each bank has specific desks which are best. Simply saying S&T at a particular bank is useless.</p>
<p>As for what traders do> Two functions: prop and flow. Flow is where you execute customer orders and provide liquidity to them. Prop is when you make bets with the banks/entity's capital. However, in several instances bank traders have a dual role as they end up having exposure anyways. Customer flow also gives a valuable insights which can be used to make bets by the prop trader.</p>
<p>As for pay> The best traders are another breed. Trader's pay is performance based (whether it be individual, team/desk based). Some years you will make more in others you won't. Looking at "average" trader salary isn't wise.</p>
<p>I had to smile...reading these posts. My husband is a trader. He trades commodities for himself and private clients. His degrees in Chem Eng. and business (both MIT) had very little to do with his chosen profession. He had a passion in high school and "went for it" as an adult.</p>