positiveAre you a trader from India and looking to continue your career in futures trading in Europe? Trading in Europe can be very rewarding but it’s not all smooth sailing, big profits, and better time zones.
We sat down with a couple of our recent super star traders from India and they had some advice for anybody considering the move. So if you are considering futures trading in Europe, read on. Here’s the top 10 great things about coming to Europe and top 10 crappy things.
1. The time zone is great. Right in the middle of Europe and US trading days. No more going to bed at 3am and waking up at noon. Welcome back to a normal life.
2. European firms are generally much more competitive than Indian futures trading firms, which means you get to take home more $$.
3. Meeting a new team, learning new trades and ways to trade is awesome.
4. Learning about a new culture, living with new people, and experiencing a new country are all great new experiences.
5. It’s hard to find a firm that will sponsor your work permit. The key is to find a firm that will sponsor you, most won’t want the hassle. There a few smart ones though, who realize that working with international traders is a great thing and will go the extra mile (hint hint Positive Equity) 😉
6. Better quality of life: clean air, less pollution, no corruption and no traffic jams (ok well smaller traffic jams).
7. Firms are very different, know what type of place you want to be in. Do you want to work on your own in a corner by yourself, or do you want to together with other traders on developing edge and opportunity?
8. There is already a decent south east Asian community in Ireland because of the many jobs in the IT and nursing sectors…so if you need some gelabi, spices, or some Indian friends, you’ll be right at home.
9. And in Ireland, the Irish are very friendly and chatty which makes it easier to adjust to the new country and culture (but we’re a little biased because we love trading in Ireland!).
10. Greater freedom to trade strategies and products that you want to trade, not what your firm tells you to trade.
It’s not all awesome on the other side. Here’s a few of the crappy things.
1. The weather ain’t so great over here in the winter. Bring extra jumpers, jackets, mittens, artic wind breaker, etc. It’s cold here in the winter, and we don’t mean 15C cold, but 5C with a wind that makes it feel -5C!
2. The food is bland. No two ways about it. You guys love it spicy. Europeans don’t. So bring spices with you, load up on Tabasco sauce, pepper, chilies, and be ready to spice up your food!
3. Getting a work permit sucks. European governments don’t want to be seen to be easy on immigrants no matter how awesome you are, so getting a work permit takes lots of time, I’m talking months, so be prepared for surfing the bureaucracy.
4. You might speak English but people will struggle to understand your accent. Repeat things slowly for those bozo’s. 😉
5. It’s hard to find a firm that will sponsor your work permit. The key is to find a firm that will sponsor you, most won’t, but a few smart ones who realize that working with international traders is a great thing.
6. Monthly expenses are much greater in Europe from living expenses to monthly trading expenses. Be prepared for sticker shock (I had a coffee and croissant today, and got 4 Euro’s change out of a tenner!)
7. Firms are very different, know what type of place you want to be in: one your own in a corner, or working together with other traders.
8. As open minded as many people are, racism still exists in both overt and discrete forms. There are lots of cool normal people too, but be prepared for a few weird/bad situations.
9. Maids, dobhis, drivers, cooks are all expensive. Be prepared to not have any employees, helpers, etc.
10. Higher tax rates exist in Europe than India but there are ways to fix that if you are making big dough.
The above is by no means a comprehensive list, but should give you a taste of all the awesome and not so awesome things about trading in Europe vs India. It’s a great cultural experience, and very often a rewarding business decision too. Anybody else have any good or bad things to add to the list?