glider
59 posts
msg #38167
- Ignore glider |
9/23/2005 8:33:09 PM
I would like to get peoples opinion on working as a commodity broker.
I know the exam is the Series 3, and all the details regarding it.
I'm more interested in actual experience of people who are doing/have done it.
Difficulty of getting clients. (by telemarketing/cold-calling)
Average success rate, Commission rates & average earned, Turnover rate of clients, Burnout rate, and any other factors you may think relevant.
I am considering entering this field and would like to have as much information as possible before making a decision.
Thanks
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paul14
10 posts
msg #38175
- Ignore paul14 |
9/24/2005 12:59:47 AM
Glider, commodity brokers are just salesmen and more than likely you will be burning out clients, just blowing out their accounts. Years ago, the classic broker "sold trades". He'd get a rap going, based upon fundamentals, along the lines of "Hey. winter is approaching and the demand for heating oil will be very strong, our analysts see it rising to....blah,blah." Today many brokers sell trading advisors and maybe the burn rate is a little slower. If you like telemarketing and sales and can lie without guilt, go for it.
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Spodey
6 posts
msg #38878
- Ignore Spodey |
11/14/2005 4:53:14 PM
I've worked WITH commodity brokers since 1983. I've never been one. It is a tough life and you are always at fault as a broker. It's a huge amount of clerk/sales activity. Sometimes you can trade your own one or two lot positions. The old joke is that the difference between a broker and a trader is that the broker says, "Screw you!" AFTER he hangs up.
You should get a job as a phone clerk for a commodity exchange instead.
The benefit is getting to know the floor traders and floor phone clerks. Tthey know all the "mystic' brotherhood procedures and sometimes they are very prescient. If you want to make more money faster, get a job as a phone clerk for a commodity exchange. Get to know the big shooters. If they like you they'll spot you a chance as a floor trader. It costs $20,000.00 per month to rent a seat on the Nymex and they won't let you fail....IF they like you.
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