trader broker dealer...and some other terms
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Interview with Wang Yong Stockbroker Q: How do you become a stockbroker in China? It is simple trader dealer broker difference between socialism and communication become a stock dealer here. Qualifications such as educational background aren't important. If you're quick at typing, you can do the job. Stock dealers in China are different from their western counterparts. In the West, dealers can decide what to do on behalf of their clients.
The more profit you make, the more commission you earn. In China, stock dealing is run under a command system. For example, I only make deals when I receive orders from my company. Then I immediately type those orders into a computer. My role is very passive. Why did you choose this career? For work, I had two choices. One was at the Peasants Bank of China but it's not so easy to further yourself in an old, well-established financial organization like the Peasants Bank.
My second choice was the stock exchange. It was a novelty when it opened in I thought being a dealer might be good for my future career.
That's why I'm here. The stock exchange is something new. Everybody starts from scratch so everybody has a chance. If you perform well, you'll get promoted. That's what I call fair. What did you know about the stock exchange beforehand? In my university years, the stock exchange was something mysterious.
The Shanghai Stock Exchange was up and running at that time but, although I'd heard about the stock exchange, it was still a mystery. And during my final year in college, I learned a little bit about stocks and bonds in the classroom. How did your parents feel about your becoming a stockbroker? When I first started, my parents didn't want to tell trader dealer broker difference between socialism and communication about my job.
People are still curious about trader dealer broker difference between socialism and communication they believe stockbrokers must have a lot trader dealer broker difference between socialism and communication inside information so they can make a lot of money.
In fact, this is untrue. This is why my parents didn't want to tell others about my job. People would say to my parents, "Your son works for the stock exchange. He must make a lot of money. People also think I was an early starter in this stock business but, personally, I think I started too late. Those dealers before me probably made a fortune. Since I work for the stock exchange, people also tend to think I'm a sort of expert.
They think I must know everything about stock trading. In fact, it is not necessarily the case. Sometimes, when we go out for lunch, people who hold stocks stop us to ask questions.
If we know the answers, we tell them. What was it like for you at first? When I first started, the company was very busy. At the time, electronic communications weren't very good so we had to do business by telephone.
After each day's trading, we had to go through and register all the trading records. We would finish work around 9: During the evening shift, I often felt very tired. I didn't really feel excited about the job. I started in the computer room. Then I became a dealer. How has it changed? Each department now has more seats for dealers, so our work load is more evenly assigned. InI once dealt with 1, orders in one day, the most I ever did at the time.
Now, most dealers can easily reach that figure. I am told the largest number at the moment is over 3, deals in one day. Do you make a good living? A dealer's trader dealer broker difference between socialism and communication really depends on the company they work for. In my case, since I came from Hangzhou, I have a travel subsidy and housing allowance. Most dealers get paid more or less the same: For a broker, a month's salary of 1, yuan is not that great.
We have to eat and spend money on various things. It's very easy to spend money in Shanghai. Eating out, nightclubbing, going bowling -- it's all very expensive. You can easily spend several hundred yuan at a karaoke or bowling club in one trader dealer broker difference between socialism and communication. We can't afford to go there regularly.
Unless we make some easy money, say, once every two months. As a dealer, you do sometimes hear some inside information.
If you buy shares yourself, it may help you to make money. But most dealers are not really aware of what's going on inside the stock exchange. How important is money to you? No one would complain about having more. The more the better, I think, if you have the ability and ambition to make it, of course.
As you can see, at the moment, trading is very quiet so I can't make any money. It's a waste of my time and it's boring really. Not only don't I make any money, I also fritter my life away. What are your expectations for the future? I don't know what to say. I hope I'll be successful. I don't really have an ambitious long-term plan.
For the future, I think, Shanghai is full of opportunities. If you know how to make the most of an opportunity, there are plenty around for making money and advancing your career. Personally I don't see much potential in being a stockbroker in China. It's a waste of time - especially for men. The Shanghai Stock Exchange has recently announced that only people with a college education can become dealers in the future.
I don't think that's necessary. Unlike in the West, being a dealer in China is very easy. Here, as a dealer, you simply listen to orders from your company and type them out. Frankly, it is a waste of my youth. If trader dealer broker difference between socialism and communication have a pair of quick hands, you can do it. Girls would be especially good at it. I may decide to do something else. Nowadays, a lot of people have a second profession. I may also decide to do something new.
I will only go for jobs that can make money. Otherwise, what's the point? At the moment, I think I am still too inexperienced to run my own business. Also, I don't have any money. All I can do is get more experience. Then, hopefully, I can do something else.