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Corn Hits Record High
Corn hit a record high yesterday amid a worsening drought affecting 90% of the nation's crop . I have to admit I haven't really been paying attention, because I haven't traded corn since 1999. Of course I'd seen the news about prices, but I never paid attention to the actual price per bushel. When...
Is Allston Trading falling apart?
This is what I've been hearing. An acquaintance from college recently left because apparently the firm is getting crushed, losing money on all of their core businesses: equities, FX, and rates. It's surprising to hear since Allston was touted as the "next Getco /jump."
Would you be on the other side of these trades: MSFT & SBUX?
In today’s volatile market, being long and neutral in your portfolio can deliver returns in uncertain markets. Today, I will present two options strategies, one conservative and one speculative, and then ask WSO if you would be on the other side of these trades. I will propose a covered call on...
The Caveat of Technical Operations at Trading Firms
It’s the white whale of the recruiting world. We’ve all reported sightings. We’ve all spoken to the managers that want them. We all have the specs. The bones of old resumes, along with evolution itself, suggest they’re out there. I speak of technical operations support engineers.
Quick question on calculating implied values of ETF and futures
Given the closing price of the dow jones index, how would you calculate the implied theoretical value of the DIA etf and the june 2013 dow jones futures contract?
Best Asset Class for Trading
Hello, I wish to know which is the best asset class to trade in the coming years among FX, Commodity, Equity, ABS ( including CDS , MBS , RMBS, CMBS, CDO etc) etc. so that one could make very good amount of money. I would appreciate if I could get the pros and cons and the comparison related to...
Rank MM/International Banks for S&T?
Was just wondering what you guys would rank these banks for sales & trading ... (For the US). Not group specific, but just in general. HSBC , PNC , US Bancorp, CIBC , TD, UniCredit , Santander, BBVA, Credit Agricole , Mizuho
I want to do trading..Advice?
I'm a freshman at the University of Michigan majoring in Economics and minoring in Mathematics. I need some guidance in getting a trading job and ideas of what I should do and take advantage of before I graduate. What skills is essential to become a trader? How can I become a trader? I might...
Trading in College
Anyone have any success trading a personal account in college? By success I don't neccessarily mean Tim Sykes returns or anything. Mostly just anough to keep a strong beer fund flowing. Any tips on required starting cash? Best market to trade in?
Would You Do This If You Didn't Have To?
Andy note: "Blast from the past - Best of Eddie" - This one is originally from April 2010 . If there's an old post from Eddie you'd like to see up again shoot me a message. I think some people are born to be investment bankers. I know some people are born to be traders, because I had the privilege...
Ask Me Anything: I'm a Currency Volatility Trader
I work as a currency volatility trader and manage one of the bigger G10 blocs in London. I've been lucky enough to get responsibility early in my career. I started off managing a single currency book a few months into the job, and have steadily been granted more responsibility to where I am today....
Global Stock Markets: Long Hope, Short Reality
This is a big week for markets in terms of economic data. Yesterday we had a data dump of mammoth proportions and the data wasn’t very promising. A glance, we saw Australian, Korean, Spanish, Italian, French, German, UK, and Brazilian Purchasing Managers Index (PMI) all print sub-50...
Networking Email Issue
I have been networking quite a bit for a potential internship. I've made several good connections. However, I've come into a few issues. If you've met someone in person or have emailed someone multiple times back and forth, and then when trying to contact them again, they don't respond after a few...
Why I Am Long Baidu.
Last week after the Chinese central bank (PBOC) announced a 25 basis point rate cut, I gained enough conviction to take a long position on Baidu which has sold off greatly along with most other Chinese equity flotations this year. The PBOC move made me believe that Chinese policy makers may engineer...
FT Recruiting after SA Internship
Hello, I'm from a non-target and had to do a lot of networking to get the BB S&T internship that I was lucky enough to get. Obviously, I didn't get that many interviews and no interviews that weren't through networking. This being said, I was curious if I should expect more interviews (without...
What are good coding languages to learn?
I already know VB.net but what are some languages that I should try to learn now that may be used in trading in 8-12 years?
Day 1 of NYC S&T SA Internship
I've never worked in anything banking/trading related so I'm trying to get a sense of what the process will be like. I understand the whole first one in last one out mentality, but I assume people aren't showing up before the time they're told on day 1 correct? Also are SA's given their own...
Interview with a Wandering Day Trader, Part 2/2
The following is part 2 of an interview with a wandering day trader. See part 1 here . What do the people you meet think of what you are doing? Have you experienced any animosity towards your income-methods given all the public hatred of "bankers" and anything to do with finance?
Bonus structure at small hedge fund (am I being played?)
Okay, so I just received an offer from a small hedge fund (10 - 20 people) in Chicago. I will be a trading assistant until I can prove my worth and become an actual trader (6-12 months). The hedge fund manages around $60 - 120 million dollars and primarily does volatility arbitrage on equity...
Are Women Better Traders Than Men?
The trading fiasco at JPMorgan Chase has triggered countless articles on regulation, risk, and strategy. Gary Belsky over at Time is taking a different approach. The recent resignation of female JPM executive Ina Drew prompted Belsky to write this article suggesting more female traders should exist...
Masters student who needs direction
Hello, I graduated with a BA in Economics in May 2011 from UConn. Now I am going for my MS in Mathematics at Fairfield. I think I may pursue a Masters in Mathematical Finance or Financial Engineering when I graduate from Fairfield, but I need programming and work experience. My work experience is...
How long are holding periods for BB traders?
Are they day- traders? How long is the holding period, minutes, hours, days, months? I understand that when they trade for clients, the holding period has to be very quick because the client wants their securities as fast as possible. But for prop traders, do they have a required holding period?
The Migration to Hedge Funds
I think it’s safe to say that regulations have changed Wall Street from what it used to be 20 years ago. Government intervention was lower, leverage was the norm, and bonuses were higher. Today, there appears to be a new trend. Bloomberg ran a story yesterday describing how an increasing number of...
GS Interest Rates Desk
Hey Everyone, Does anyone have any insights on Goldman Sach's interest rates desk? I was looking to find out more about the culture there and what qualities they look for so as to get a feel for how to prepare for an interview (for both sales and trading sides). Looking through their website the...
Background Check Pre-Offer
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Gambling Vs. Trading – Same Difference?
Earlier in the year as I was reading Scott Patterson’s “The Quants” , a book chronicling how some of the most successful quantitative traders got started, a glaring similarity among all the quants was evident. The quants were first obsessed with gambling and how to use math to beat the dealer...
Why do traders do this?
Why do experienced/accomplished traders work for a firm when they can work on their own and make more profit? [I am a sophomore in the process of learning more about financial services industry. Please be cooperative if this comes off as naive. Thank you all for your responses.]
The Latest Lehman Brouhaha
Four years after their spectacular demise, Lehman Brothers is still causing problems for Wall Street. The latest bombshell hit on Friday when a compensation report required by the bankruptcy court disclosed that Lehman paid out almost $700 million in comp to 50 previously undisclosed traders in 2007...
How to Start Trading (Compliments of Bondarb)
There have been a few requests to find the classic post by Bondarb, so it made sense to sticky it. This is what he wrote: Here is how you learn about trading: Have at least 5k. If you dont have that then get it somehow, use your imagination. Set up an account on Interactive Brokers that allows your...
Prime Brokerage - Possible to move to FO?
Currently working in Prime Brokerage Product Control, possible to move to FO from this position?
Trading the Bottom in Natural Gas Prices
I believe that natural gas prices will eventually return to levels seen five years ago due to increased commercial utilization and the energy source's relative environmental benefits. However, because there is no OPEC for gas production ( …yet ), the explosion in production will continue to hold...
Prop-shop to BB S&T or HF?
I work at a prop shop in fixed income and am looking to make the jump. This is non-algo, non-quant discretionary trading . A few reasons: - The prop trading approach (day-trading/scalping only) is getting tedious, and there's not enough depth. No exposure to any fixed income derivatives (no options,...
Difference of Job Role Between Trader and Developer in Algo Trading?
I'm a bit new to the entire algorithmic trading scene and I wanted to know if there is a major difference between these two roles other than what I think below: The trader - who looks at market trends and researches the markets The developer - who actually writes the code for the algorithms OR are...
Sales & Trading vs Prop structure
Curious about sales & trading vs. prop desk structures
Series 56, how long should you study, benefits down road?
I'm wondering, as I'm about to take the series 56 exam, how long did anyone here who took it take in terms of studying? Also, given the sheer amount of stuff on it (it has everything from options hedging/income/fx options to stocks, rules, at least 500+ pages in Pass Perfect), will future employers...
Buy-Side Options / Low GPA
I'm quite interested in the buy-side of Wall Street however, my issue is that I have a low GPA (3.05). Granted I still have a year to improve it and I go to the most prestigious school in Canada. However, which realm of finance would be least picky about GPAs? Equity Research, S&T , Private Banking,...
Summer Intern Pay
I work at a proprietary trading firm in Chicago. We compete with the top trading firms and investment banks for talent. We recently made an offer for a summer internship spot and while he didn't come right out and say it I got the feeling that he thought our offer was a little low. This is for a...
Misinterpretations of a Banker
Came across this article on Marketwatch. [quote] To be read in the voice of Paul Harvey. And on the eighth day God looked down on his planned paradise and said, “I need someone who can flip this for a quick buck.” So God made a banker. God said, “I need someone who doesn’t grow anything or...
Finding your edge?
Hey guys, Im currently working for a prop firm just started three days ago, no salary, but no input capital either. Trades equities and options and fx. My questions is that if a firm doesnt market make, which my firm doesnt. Or if the firm doesnt employ HFT /Algo's to scalp or do pattern recognition...
BNP Paribas FI SA Interview
Hello, I have a first-round interview with BNP Paribas for a FI SA position in their NYC office. I am wondering if anyone has experience with BNP Paribas and know what questions I can expect for both first and second rounds. I come from a quantitative background and have little finance experience. I...
20 trillion shale oil find
http://mobile.news.com.au/business/companies/trillion-shale-oil-find-su… Holy shit, thoughts? What is gonna happen here? Number range is huge but still. http://www.news.com.au/business/companies/trillion-shale-oil-find-surro…
Ask a Sellside Options Trader
So i have been on this forum for a while, and recently i have been bombarded with personal emails asking me questions about the industry, trading , breaking in, interviews etc, so i wanted to open the discussion as these types of thread seem to be very informative, and it will allow me to respond to...
Technical Skills for Resume
I am having trouble deciding which technical skills to put on my resume. I am a sophomore at a semi-target looking for summer internships in trading. Here is what I was thinking: Bloomberg Certified Thompson Rueters Certified Real Tick One Tick Scheme Python Basic Knowledge of C++ and R. What do you...
Power Trading -- Electricity Trading
Can anyone tell me the state of power trading now? Is it in ascent or decline? I know before Enron, it really took off but it caught heat after they fell. What is the state of the market now? Are there more jobs being created in power market prop shops? Are firms/banks cutting bank on power trading...
Great Traders: Risk and Dopamine
What makes a great trader? Well, according to two neuroeconomists (whatever that means) at Claremont Graduate University , genetics makes the difference between a good and great trader. Specifically, the reward-driven neurotransmitter, dopamine, can play a key role in the medium traders seek between...
Best Books to Study for Series 7 and 63
Hello, What are the best books for the Series 7 and 63? Thanks a lot for your answers
Muni bonds trading profitable?
I may have an opportunity to intern at a BB for muni bond trading through a good connection, however I know absolutely nothing about Muni bonds or Fixed income. Does anyone have anything to share about what you do, how the pay is, exit ops etc. There isn't a lot of info in the searches about munis...
What can I do with my trading experience
I am currently an equity trader for a large investment firm, but my trading is on small levels, more like glorified customer service and placing trades for clients over the phone. I am wondering what I can do with my trading experience and where I can go to trade and make much more money essentially...
Summer Trading Resume
Just made some updates to my resume, looking for a summer trading internship. I go to a non-target, econ and finance major with math minor. Looking for some feedback, harsh critique is welcome. I really appreciate it. Thanks for the help. Update: Included Couchy's advice, shortened it up to read...
Dwindling opportunities in the market?
I have been reading Market Wizards interviews and it seems like with improvements in market data and professional traders across banks and hedgefunds squeezing out casual investors, hedgefunds have been struggling to find those same returns that they used to. When you discover a strategy or...
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