{"id":37668,"date":"2014-05-21T12:36:49","date_gmt":"2014-05-21T16:36:49","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=37668"},"modified":"2014-05-21T12:37:35","modified_gmt":"2014-05-21T16:37:35","slug":"give-me-a-break-smb-part-ii","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/give-me-a-break-smb-part-ii","title":{"rendered":"Give Me a Break SMB (Part II)"},"content":{"rendered":"

In a past post an SMBU Reader ripped SMB for its exclusive hiring process, in Give Me a Break SMB<\/a>.<\/p>\n

This trader recently went on an interview for a prop trading job and was rejected.\u00a0 He vents in this playback of his interview experience.<\/p>\n

\n

Hi Mike!<\/p>\n

Remember my previous letter with the same subject? Well, let me tell you how the interview went<\/p>\n

There was 17 of us and we got a bunch of IQ tests and other questions. From experience I know if you have done similar tests before you can do them in half the time and get twice the score (in some I got exceptional score, in some not so good…) but anyway, I was NOT selected for the second round. I was truly surprised. I went back and asked them what they didn’t like about my answers…<\/p>\n

1: My ”CV and cover letter was too short”. Well, sure since I wanted the lazy secretary to surely read it. It contained all the information they needed.<\/p>\n

2: I didn’t put an ”x” to the question ”what kind of sleeping problems you have” \u2013 well yes, I don’t have any…<\/p>\n

3: Appearantly I should have NOT told them that sometimes I tend to be a bit sceptical. (As a matter of fact I’ve heared veterans saying it’s not a bad attribute to have.)<\/p>\n

So in the end they chose a guy who spoke posh English, and was FULL of confidence (yeah, his parents run several restaurants, bought him a huge flat and a Mercedis, so no wonder at the age of 24, right?)<\/p>\n

Oh yeah and also having almost 5 years of experince was a DISadvantage so supposedly this rich kid with no experience will trade better than me.<\/p>\n

Please, give me a f###ing break!:-)<\/p>\n

I told them the same I wrote you before: get more trading stations for paper trading to see who is actually better in trading and not in answering interview questions and playing James Bond.<\/p>\n

Shame really how much of my time is being wasted, now I will have to save up some more money and start daytrading German goverment bonds for myself.<\/p>\n

Thanks for reading my follow up, maybe you guys will make a more efficient and reliable selection process.<\/p>\n

See you on the other side of my trades. J<\/p>\n<\/blockquote>\n

@MikeBellafiore<\/strong><\/p>\n

First, let’s consider why this trader is being tested.\u00a0 There is a connection between cognitive ability and successful traders.\u00a0 Not that cognitive ability is the only thing that is required but it is necessary.<\/p>\n

Richard Peterson of MarketPsych <\/a>does excellent work for trading firms and traders on cognitive testing (HT @steenbab or TraderFeed<\/a>).<\/p>\n

It is possible that the tests you took were nonsense but the firm seems to be on the right track.\u00a0 Why invest thousands of hours training someone who lacks the requisite mental ability for a particular trading style?\u00a0 This is costly, a poor use of resources, damaging to firm morale seeing traders fail, and most importantly bad for the trader who failed.<\/p>\n

Certainly talent is not enough.\u00a0 Conscientiousness, mental stability, process, an ability to sustain your energy to work on your game, a true trading edge also play a role in the success of a trader (not meant to be an exhaustive list).<\/p>\n

Your e-mail above reminds me of one of my favorite passages (sited as a teaching lesson by me and not a religious one):<\/p>\n

\n

The Pharisee stood by himself and prayed: ‘God, I thank you that I am not like other people–robbers, evildoers, adulterers–or even like this tax collector.
\n<\/span><\/p>\n<\/blockquote>\n

At first when you read this passage the Pharisee seems like a righteous man.\u00a0 But the passage teaches us to beware of presenting proud devotions of yourself and of despising others.<\/p>\n

Don’t demean someone else for having something you want. Be happy for that “rich kid”.\u00a0 Now start working on how you can land a job like him and not how he shouldn’t have what he has.<\/p>\n

Should this trader have been hired?<\/p>\n

You can be better tomorrow than you are today!<\/em><\/p>\n

Mike Bellafiore is the Co-Founder of SMB Capital and SMBU, which provides trading education in stocks, options, forex and futures. Bella is the author of One Good Trade<\/a><\/em> and The PlayBook<\/a><\/em>.<\/p>\n

Learn the skills necessary to identify and manage trades like these in our 10 week mentoring program. Click on banner below for details on next session in May 2014.<\/strong><\/p>\n[useful_banner_manager banners=2 count=1]\n

No relevant positions<\/p>\n","protected":false},"excerpt":{"rendered":"

In a past post an SMBU Reader ripped SMB for its exclusive hiring process, in Give Me a Break SMB. This trader recently went on an interview for a prop trading job and was rejected.\u00a0 He vents in this playback of his interview experience. Hi Mike! Remember my previous letter with the same subject? Well, let me tell you how … Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1477,787,2218,1137,56],"class_list":["post-37668","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-break","tag-give","tag-ii","tag-part","tag-smb","no-post-thumbnail"],"yoast_head":"\nGive Me a Break SMB (Part II) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/give-me-a-break-smb-part-ii\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Give Me a Break SMB (Part II) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In a past post an SMBU Reader ripped SMB for its exclusive hiring process, in Give Me a Break SMB. 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