/biz/ - Business & Finance » Thread #940832

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Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:15:39 No.940832 View Reply Report Delete

Quoted By: >>940835 >>940837 >>941065 >>941078 >>941090 >>941486 >>941537 >>941631 >>941663 >>942264

Ask a professional trader anything

Anonymous

Anonymous ID:nangLI1F Thu 29 Oct 2015 03:18:58 No.940835 Report Delete

Quoted By: >>940836

>>940832
The classic question

How many cocks do you suck op?

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:21:37 No.940836 Report Delete

Quoted By:

>>940835

Can't say I have ever sucked a cock. How about you?

Anonymous

Anonymous ID:XYVIFq42 Thu 29 Oct 2015 03:21:53 No.940837 Report Delete

Quoted By: >>940840 >>940845

>>940832
what is your monthly income from trading?

how did you learn?

what do you trade?

any educational resources for some of us newer traders?

thanks op

Anonymous

Anonymous ID:nnvtYZI5 Thu 29 Oct 2015 03:23:54 No.940838 Report Delete

Quoted By: >>940843

What's your general trading strategy?

Are you trading on your own or is this trading in connection with a fund where you goal is minimizing transaction costs when moving large blocks of money?

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:27:09 No.940840 Report Delete

Quoted By: >>941128

>>940837

Average monthly income after commissions and expenses tends to be $10,000 - $15,000 in a good year. I had a year I lost money.

I learned trading options on a retail account with my own money before being picked up by a firm.

I trade American and European bonds as well as S&P and NASDAQ futures. I follow those markets closely. I also follow energy (crude oil) and grain markets (soybeans, wheat, corn).

There's a shit ton of good e-books on piratebay under the user moneymakestheworldgoround or something like that. Most of it is advanced material on option mathematics and arbitrage, but that user provides a lot of good resources.

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:30:08 No.940843 Report Delete

Quoted By: >>940844 >>941623 >>942736 >>943014

>>940838

I'm a market maker so I employ a market making strategy at the firm I work at. I am associated with a very large exchange in Chicago and so we pay the least amount of commissions on any trade possible.

Yes, we move huge size in future markets trying to make a single tick (aka market making). This is normally not a viable strategy for retail traders since commissions eat too much profit. Specifically, we are an algorithmic market making group, the kind that gets a bad rap as "HFT" traders. We are merely doing what pit traders were doing back in chicago, except its all electronic now and transactions happen at the speed of light.

Anonymous

Anonymous ID:i3bBHaEq Thu 29 Oct 2015 03:32:33 No.940844 Report Delete

Quoted By: >>940850

>>940843
you said you started with your own money, how did you make money then?

i've got around 10k i put aside for trading and want to get started.

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:33:25 No.940845 Report Delete

Quoted By:

>>940837

Heres a link to that user:

thepiratebay.la/user/moneymakestheworldgoround/

Reading about markets is good but the only way to learn is by risking real money in real time markets.

Anonymous

Anonymous ID:nnvtYZI5 Thu 29 Oct 2015 03:35:28 No.940849 Report Delete

Quoted By: >>940857 >>940868

In what ways in the algo trading different than what you did own your own before being picked up by a firm?

Which has had a great impact on your strategy, speed or lower commission costs?

What does your firm look for in a perspective trader. Obviously putting your own money and have a track record is a positive sign, but i'm sure you don't hire every idiot who made a few good trades in a row.

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:40:48 No.940850 Report Delete

Quoted By:

>>940844

I was scalping equity options and index options through a retail broker. I was trading mostly using technicals and charting. It was rough when I started to learn because I went through several losing streaks before I started to make money again. I don't recommend day trade scalping because its very stressful and generally you are risking a lot to make a lot. Starting out, I think its better to be a position trader, that is, to hold onto a position for a period longer than a day. This helps you get a feel for how markets trade and exposure to markets is the #1 learnin tool.

I made a good chunk of money off several earnings reports which gave me the confidence to apply to a firm.

Anonymous

Anonymous ID:6UoZ4nwG Thu 29 Oct 2015 03:44:07 No.940853 Report Delete

Quoted By: >>940865

Do you set stop-losses? Or trade purely by action?

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:48:05 No.940857 Report Delete

Quoted By:

>>940849

Algo trading is all about arbitrage. We are arbitraging minuscule inefficiencies in the market. Since every other firm in the world is competing to spot and profit off these inefficiencies, speed is the edge you have over these other traders. These inefficiencies happen over microsecond spans, they happen so quick that most people don't notice them.

A simple example of these kind of ineffectiveness is for instance: NYSE is letting you sell apple stock at $100 while ARCA is letting you buy it for $99.98. Our algos pick this up and will buy aapl from arca and instantaneously sell to to NYSE for that 2 cent profit. Of course, we do this with huge quantities so we make more than 2 cents off the trade. Sometimes our algos execute these trades so fast that I don't even realize that it happened till it prints the PnL on my screen.

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 03:54:16 No.940865 Report Delete

Quoted By:

>>940853

I set stop losses for about 75% of my trades. Trades where I set stops for are usually bigger ones where I dont want my emotions to get in the way. When I have that stop in there, the stop cuts the trade off for me instead of me panicking over whether to keep it or cut it.

I dont usually set stops for smaller trades where huge losses cant/wont accumulate as fast or as severely. Usually 1-lot trades or very far out-the-money options. I hate getting stopped out of a trade that later turns out to be good.

Im a huge fan of reading price action. Often times price action tells you a lot about the psychology of the market you are trading in. Someone dumpin a million shares at market tells you something way different than someone selling 100,000 shares 10 times with a limit order. I always pay attention to speed and magnitude of moves, it usually clues you into where the market is going.

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 04:00:26 No.940868 Report Delete

Quoted By: >>940955

>>940849

To answer your last question, a firm is looking for people who can make fast decisions. When a market is moving, you need to make decisions very quickly. When I was interviewed, the interviewer later told me that I was better qualified than the other candidates because I made decisions quickly and confidently. Part of the interview process was the guy just throwing a bunch of math and non-math questions at me really fast like what is 1/256 in decimal form, what is 34*59, why are manhole covers round, etc. I didnt know the answer to them all immediately but I gave him approximate answers and I gave it to him fast and confidently and thats what he liked,

Anonymous

Anonymous ID:wFIN6FOT Thu 29 Oct 2015 04:13:29 No.940876 Report Delete

Quoted By: >>940880

this is really interesting.
How much arithmetic do you do on a daily basis? Are there people who use calculators for all their math or does everyone do it in their head instantly?

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 04:19:49 No.940880 Report Delete

Quoted By:

>>940876

Not a lot surprisingly because our algorithms do the math for us. If we were to do the math for a trade in our heads or even with a calculator, you may have already missed the trade opportunity by then.

For other trades that dont require speed I usually try to do the math in my head but I have a calculator always sitting next to my mouse since its they dont ever make mistakes. There are very few guys that can bang out these math problems in their head but for the most part everyone uses a calculator for their math,

Anonymous

Anonymous ID:BFj6xUUW Thu 29 Oct 2015 04:38:51 No.940889 Report Delete

Quoted By: >>940924 >>940959

Leave questions if you'd like, I'll be back tomorrow to answer

Anonymous

Anonymous ID:XYVIFq42 Thu 29 Oct 2015 05:48:24 No.940924 Report Delete

Quoted By: >>941697

>>940889
what kind of firm are they?

what kind of qualifications did you have that got you the interview?

how long did it take you to learn and then become confident enough to apply to a firm?

do you have a degree? if so, in what?

thanks again op

Anonymous

Anonymous ID:HSkU7BVL Thu 29 Oct 2015 06:59:51 No.940955 Report Delete

Quoted By:

>>940868
>manhole

Anonymous

Anonymous ID:sKl/wRXB Thu 29 Oct 2015 07:03:06 No.940959 Report Delete

Quoted By: >>941702

>>940889
What do you think about the book flashboys?

It kinda shits all over your hft/algo trading industry.

Anonymous

Anonymous ID:K+rJtTYX Thu 29 Oct 2015 09:49:16 No.941065 Report Delete

Quoted By:

>>940832
How often do you masturbate?
You said anything

Anonymous

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Anonymous ID:P+bKcnTT Thu 29 Oct 2015 09:53:55 No.941074 Report Delete

Quoted By: >>941718 >>941745

Are you on Bitcoin yet or are you a good ol denial grandpa?

Anonymous

Anonymous ID:4nHVBOQy Thu 29 Oct 2015 10:00:49 No.941078 Report Delete

Quoted By: >>941718

>>940832
Any consumer level paid software/services you would recommend that would help bedroom traders get better info? esignal, DAS, benzinga etc?

Anonymous

Anonymous ID:qP4VofDV Thu 29 Oct 2015 10:14:46 No.941090 Report Delete

Quoted By: >>941718

>>940832
What are good resources to learn for an absolute beginner?

Anonymous

Anonymous ID:/blTO8VG Thu 29 Oct 2015 11:04:30 No.941128 Report Delete

Quoted By: >>941144

>>940840
>10k a year
>i make that much in a month playing poker

Anonymous

Anonymous ID:K+rJtTYX Thu 29 Oct 2015 11:16:53 No.941144 Report Delete

Quoted By:

>>941128
he said 10k a month

Anonymous

Anonymous ID:5Mw/tZCb Thu 29 Oct 2015 16:34:39 No.941486 Report Delete

Quoted By: >>943087

>>940832

What program is the in the picture?

What are some good stock trading programs for computer that are cheap or free?

Anonymous

Anonymous ID:g0Ms3dKP Thu 29 Oct 2015 17:06:22 No.941526 Report Delete

Quoted By:

>pic of ichimoku and bollinger (how you put those on the same chart and dont shoot yourself idk)
>talks about intermarket spreads

/biz/, you always (and I mean ALWAYS) fail me

Anonymous

Anonymous ID:TQRxJWGg Thu 29 Oct 2015 17:13:40 No.941535 Report Delete

Quoted By:

Which computer language is best suited for learning algorithmic trading? Will a MA in finance help if I've already completed a BA in Economics and Finance?

Anonymous

Anonymous ID:Ait1uzdZ Thu 29 Oct 2015 17:16:16 No.941537 Report Delete

Quoted By: >>941613 >>941763

>>940832
Is it true that assests are bought just on a whim instead of careful study?

Anonymous

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Anonymous ID:PfiysDWV Thu 29 Oct 2015 18:26:09 No.941613 Report Delete

Quoted By:

>>941537
ofc. jesus fuck. and you should either. the instrument is not going up/down because of the fundamentals, it's going up or down because of the confidence.

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 18:45:21 No.941623 Report Delete

Quoted By: >>941864

>>940843
How many cars you sling

Anonymous

Anonymous ID:kqheQGS6 Thu 29 Oct 2015 18:52:53 No.941631 Report Delete

Quoted By:

>>940832
>Ask a professional trader anything
Where do you tend bar?

Or are you a waiter?

Anonymous

Anonymous ID:WmQIkstF Thu 29 Oct 2015 19:15:17 No.941663 Report Delete

Quoted By:

>>940832
How should someone amateur start trading? How does one trade online?

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 19:43:24 No.941697 Report Delete

Quoted By: >>942225

>>940924

We are a market making and speculative trading firm. Our two main priorities is to be making intra-product markets (calendar spreads, bond spreads) and to be large speculative/fundamental traders in financial/capital markets. Half of our firm (the speculative traders) is approved to trade with or without algorithms. Our market making group is classified as an algorithmic trading group and 99% of our trades are fully automated.

A little over 2 years is how much I spent before applying to a firm. Those were two rough years. Firms like people who have experience trading their own money since 90% of trading is risk management.

I have double B.S. degrees in neuroscience and chemistry.

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 19:47:02 No.941702 Report Delete

Quoted By: >>941864

>>940959

I liked Flash boys. I like M. Lewis. A lot of what was exposed in Flash Boys has actually made impact in the financial markets to prevent spoofing. Every firm is now closely monitored for spoofing (sending too many orders to the market that have no intention of ever getting filled) and the quota now is something like 99% of orders that you place on the market must be placed with the intention of getting filled else you face some serious auditing by the SEC.

Algorithmic trading is the natural evolution of where capital markets go. Where there's money, there will be competition to compete to make that money. HFT trading, though, brings huge volatility to the markets, I'll admit that.

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 19:54:54 No.941718 Report Delete

Quoted By: >>941765 >>941862 >>941954

>>941074

I like bitcoin right now. If it manages to stay above the 300 mark, I'm looking for a nice bull run this year into next. Looking to buy some myself, not a lot, just a few.

>>941078

Depends on what you're trading. I trade futures and options. I actually like ThinkorSwim a lot for option volatility analysis, plus, it's free. I dont trade on it since the platform is sluggish and unresponsive. Plus all your orders through TDAmeritrade are most likely being front-run.

I really like Barron's LiveVol. Beautiful platform.

>>941090

I posted a piratebay link earlier to some good e-books. Also, Khan Academy videos on finance and arbitrage are very good. One of the keys to being a successful trader, in my opinion, is to understand the central principle of finance. In finance, capital markets must be arbitrage free else there would be risk free profits. Watch the Khan Academy videos on arbitrage.

Anonymous

Anonymous ID:53ywgaqs Thu 29 Oct 2015 20:11:01 No.941745 Report Delete

Quoted By: >>942793

>>941074

whats the funny red green and gray line on the end?

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 20:21:02 No.941763 Report Delete

Quoted By:

>>941537

Yes, I've seen a lot of professional traders buy or sell things just because they like the price or have a good feeling about it. That's all fine and well as long as the trader practices good risk management and discipline.

Anonymous

Anonymous ID:Bi/TTqoW Thu 29 Oct 2015 20:21:57 No.941765 Report Delete

Quoted By:

>>941718
>learning

Thanks, man. I'll do that

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 21:32:26 No.941862 Report Delete

Quoted By: >>941868 >>941907

>>941718
i'm learning on TOS right now. i don't intend to scalp. will be orders still be front run badly in that case?

i've tried the IB platform but it's very clunky compared to TOS. haven't tried tradestation yet. those 2 are the main brokers that have no/little PfOF. any other brokers?

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 21:34:10 No.941864 Report Delete

Quoted By: >>941893

>>941702
Do you think HFT should be illegal (I mean fibreoptic stuff where they house they machines in the exchanges

also answer this
>>941623

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 21:35:22 No.941868 Report Delete

Quoted By: >>941873

>>941862
Don't use ToS, they are absolute shit
Not only are commissions insane, but it can't even stay connected for more than 5 minutes

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 21:44:29 No.941873 Report Delete

Quoted By: >>941876

>>941868
i think their commission are reasonable; on par with other brokers really. platform useability is topnotch based on all the ones i've tried. if a person can't deal with $9 commission, they're undercapitalized and have poor entry/exits planned; positions that aren't likely to be profitable in the first place.

i can't speak about the connectivity because the papermoney account has different servers than their usual. i did notice it shit the bed on days with lots of earnings reports.

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 21:50:34 No.941876 Report Delete

Quoted By: >>941883

>>941873
it's 2.50-3.50 per contract, for futures anyway
That is too high for any amount of money
If you're trading a significant amount of money that can easily be hundreds of dollars a day

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 21:56:44 No.941883 Report Delete

Quoted By: >>941886

>>941876
well i'm a noob. not touching futures for a while yet. so their stock commission is acceptable to me.

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 22:00:11 No.941886 Report Delete

Quoted By: >>941896

>>941883
nah just save yourself the trouble, right when you really need to exit a trade ToS will be frozen
It's happened to everyone I know who uses them

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 22:03:30 No.941893 Report Delete

Quoted By: >>941901 >>941902

>>941864

No, I dont think HFTs should be illegal. Our algorithms do what i would normally have done with my hand and mouse except they do it faster and without emotion or hesitation. I think algorithms that are designed to spoof or game markets should be illegal, no question, and for the most part they already are.

Algorithmic trading is the standard of the industry and it's here to stay. To smaller traders, my advice to you is to not compete in the same kind of markets/trading that these algorithms compete in: statistically its a losing game. The kind of trading these algorithms are performing are usually mean reversion trades and arbitrage.

I have one car.

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 22:06:23 No.941896 Report Delete

Quoted By:

>>941886
well it only takes $2k to fund an account with them. i don't mind losing a few hundred to experience this myself. i have noticed that the graphs are slow to update by maybe 0.5 seconds. that's where having preset limit-sell orders would come in handy. i can't even count the number of times the high broke past my sell points and crashed lower than the open. you simply can't move your fingers fast enough to input a manual order.

since you're so set against TOS, what are some alternatives? really, the charting package is amazing. and i can tell the dev team are actually traders themselves because the useability is tops as well.

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 22:07:37 No.941901 Report Delete

Quoted By: >>941922

>>941893
I meant contracts

Anonymous

Anonymous ID:HFdqm/wt Thu 29 Oct 2015 22:08:21 No.941902 Report Delete

Quoted By: >>941913

>>941893
So if you don't have an algorithm to trade with do you still think you can do better than the market as a value investor? As a swing trader?

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 22:15:45 No.941907 Report Delete

Quoted By: >>941925

>>941862

Front-running mostly affects people looking to scalp trades so youll be fine. Brokers like to front-run trades for just a few pennies but they do it millions of times a day. If youre trading for the longer term, those few bucks shouldn't really matter, but yes, it can be annoying.

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 22:20:45 No.941913 Report Delete

Quoted By: >>941922

>>941902

I know value investors, swing traders, scalpers who all perform well without algorithms. Running algorithmic trades is very expensive but if you can afford to have that edge on the markets, it very well may be worth it. Especially if you are running huge volume like my firm is, we find value in the algorithms.

Algos operate in a totally different aspect of the markets than what your average retail trader is usually trading. They may be trading the same products and that will affect your trades, but I don't think that you should think that you are directly competing for the same kind of trades/profits that these algos are trying to get.

Anonymous

Anonymous ID:9fncERAh Thu 29 Oct 2015 22:25:12 No.941922 Report Delete

Quoted By: >>941946

>>941901
>>941913
How many contracts do you trade

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 22:26:53 No.941925 Report Delete

Quoted By: >>941938

>>941907
let's say i have a trading system that is good for calling 0.2% to 1% price swings. 3 conditions must all be met for me to enter the trade. then i look at the chart and subjectively determine whether i should enter the trade.

on a stock worth $100, that would be a 20 cent price swing on the low end. what are the chances of me being front run in that scenario?

i will be daytrading if i can continue to successfully apply this system. it works on a macro time scale of several weeks to months as well. however, pre and extended trading hours can really fuck with your maintenance margin requirement. the obvious example is VRX on the news. i simply can't stomach a black swan event dropping my position 7%. if you look at the VRX charts, the smart money got out at $180 and sold into $160. 3 full days before the mainstream got hold of the story. of course, tanking from 147 open to a low of 88 on the same day is newsworthy. but those others guys got out one hundred dollars ago. i would be a greatly relieved to open and close my positions same day.

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 22:36:52 No.941938 Report Delete

Quoted By: >>941991

>>941925

So your chances are really dependent on what is happening in the market at that point and time. Say the stock you are trading is trading near $100. You know for a fact that a lot of other traders have their stops set at or just slightly below that $100 level. So at this point, your brokerage knows where your stop is. Say you are long from $100 and set a stop at $99.98. Your brokerage now knows that you are willing to sell at $99.98. Now say the brokerage also knows that a lot of their other customers have buy-stops at $100.25. They know that these people are willing to buy at $100.25. Your brokerage will attempt to run your sell stop and buy the stock at $99.98 and then attempt to run the buy stops at $100.25 and make that .27 cent profit. Brokerages know where their customers want to buy and sell, thats how they make money.

This can be avoided if you are a longer term trader. You want to be long from $100 and sell at your target of $125. Front running wont really affect you at this point.

Its very good that you have a system in place and if you find that system to perform to your liking, use it. Dont get discouraged by all the algos out there.

Anonymous

Anonymous ID:6WNhWvYc Thu 29 Oct 2015 22:38:59 No.941946 Report Delete

Quoted By:

>>941922

On a normal day, somewhere around 5000-7500 contracts.

Anonymous

Anonymous ID:kqheQGS6 Thu 29 Oct 2015 22:40:39 No.941954 Report Delete

Quoted By:

>>941718
>I like bitcoin right now.
Dropped.
Saged.
Reported.
Hidden.
Memory wiped.

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 22:59:55 No.941991 Report Delete

Quoted By: >>942018

>>941938
yes, i've heard of stop hunting from brokers.

my stops and sell limits are a percentage relation to my entry point. they have nothing to do with round numbers, fib sequence or pivots. or whatever. i simply enter when i have feel there is a very high probability of profit. TOS can be set to calculate based on percent relation. very handy.

i was previously scalping quick trades worth 5 basis points but found that my lack of stop discipline completely wrecked any profits i made. so i've been looking at a system that would let me ride bigger waves for longer and cutting losing trades fast.

at this point, i'm actively watching the chart for an exit should the trend go against me. i'm no longer married to a sell target.

once again, i'm very leary of position or swing trading due to the possibility of black swan events. thank you for all the answers.

Anonymous

Anonymous ID:HFdqm/wt Thu 29 Oct 2015 23:18:49 No.942018 Report Delete

Quoted By: >>942025

>>941991
>i'm very leary of position or swing trading due to the possibility of black swan events

This is why you use options to define your risk instead of going all in with your money consistently.

Anonymous

Anonymous ID:R+4HKMgj Thu 29 Oct 2015 23:24:07 No.942025 Report Delete

Quoted By:

>>942018
if you don't mind explaining further or simply point me to some sites that have example strategies. it's definitely something i've read in passing.

i'm building up my knowledge and skillset one category at a time. it's enough to make a person go insane. too much to learn.

Anonymous

Anonymous ID:6UoZ4nwG Fri 30 Oct 2015 05:15:45 No.942225 Report Delete

Quoted By: >>942687

>>941697
Did you ever work as a neurologist?

Anonymous

Anonymous ID:obN8QtFI Fri 30 Oct 2015 06:38:34 No.942262 Report Delete

Quoted By: >>942687

I've studied physics and have had math courses including, but not limited to, calc 1-4 in addition to some comp sci classes, is that enough to handle the quantitative side of trading?

Anonymous

Anonymous ID:KUtW8ZKH Fri 30 Oct 2015 06:40:19 No.942264 Report Delete

Quoted By: >>942688 >>942820

>>940832
Trailing stops, yes or no?

Anonymous

Anonymous ID:BFj6xUUW Fri 30 Oct 2015 13:52:37 No.942687 Report Delete

Quoted By:

>>942225

No, I was a researcher in behavioral neuroscience and pharmaceuticals.

>>942262

Yes, calculus and diff eq related material is usually the most difficult quantitative trading gets.

Anonymous

Anonymous ID:BFj6xUUW Fri 30 Oct 2015 13:53:39 No.942688 Report Delete

Quoted By: >>942781

>>942264

I dont personally use trailing stops, but stops in general are always a yes.

Anonymous

Anonymous ID:+Fy6wwB9 Fri 30 Oct 2015 14:43:32 No.942736 Report Delete

Quoted By:

>>940843
> We are merely doing what pit traders were doing back in chicago, except its all electronic now and transactions happen at the speed of light.

https://www.youtube.com/watch?v=--H8SY334Zw

re: pit traders, if you haven't already seen "Floored," others may appreciate it.

Anonymous

Anonymous ID:lOarfVB0 Fri 30 Oct 2015 15:42:02 No.942781 Report Delete

Quoted By: >>942824

>>942688
What would you recommend to someone in the beginning stages of an undergrad finance degree to help them get on to the right track in terms of trading and investment banking?

Anonymous

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Anonymous ID:/ZOX26UZ Fri 30 Oct 2015 15:52:10 No.942793 Report Delete

Quoted By:

>>941745
Indicates path to moon.

Anonymous

Anonymous ID:HFdqm/wt Fri 30 Oct 2015 16:07:13 No.942820 Report Delete

Quoted By:

>>942264
Yes for swing trades. No for long term.

Anonymous

Anonymous ID:BFj6xUUW Fri 30 Oct 2015 16:08:55 No.942824 Report Delete

Quoted By: >>942833

>>942781

Start trading in your free time. Experience is very important. It's pretty bad to go into an interview not knowing anything about or having any experience with the job. Plus, you won't have anything to talk about during the interview. You can trade paper money on a market simulator or put $500 in a trading account to help you follow markets.

Obviously your #1 priority during undergrad is to study and get good grades. Good grades gets you interviews so don't overdo the trading.

The other important thing is to apply for internships as early as possible. Think about applying the end of your sophomore year, but you absolutely want one between your Jr. and Sr. year. Having interned at a firm gets you a foot in the door.

The last thing I can recommend is to network. Business is all about networking, especially in fields like banking and general finance. Any idiot can do a bunch of accounting work, people would rather hire someone they know to do it. Even as a trader, 75% of my firm all knew each other outside of work in some form or another. Most of the time, we hire people based on recommendations or referrals before we go through the exhausting work of plowing through a pile of resumes. I didn't know anybody in the firm so having experience trading and having had good grades is what got me the interview.

Anonymous

Anonymous ID:rPEiCWTx Fri 30 Oct 2015 16:15:26 No.942833 Report Delete

Quoted By: >>942839

>>942824
>You can trade paper money on a market simulator
I did this for a few months before I started trading for real. I would say the execution of trades seemed pretty realistic.
But I have read numerous studies that indicate a person will subconsciously take on extra risk if they're using a simulator. This can lead to confusion and losses when the switch is made.

Anonymous

Anonymous ID:BFj6xUUW Fri 30 Oct 2015 16:20:04 No.942839 Report Delete

Quoted By: >>942845

>>942833

Trade execution is actually better on a simulator than real time markets. In a futures market simulator, the sim will often give you a better position in a queue for FIFO (first come, first serve) markets so you actually get fills where you would not have in a realtime market.

Yes, sims are never a replacement for real risk in real markets. You obviously play more conservatively when playing poker for real money than no money. The sims are just good for getting feel for how a market trades.

Anonymous

Anonymous ID:rPEiCWTx Fri 30 Oct 2015 16:25:32 No.942845 Report Delete

Quoted By: >>942850

>>942839
Kind of funny reading your posts. I always wondered what corporate traders did all day.
Guess I kinda figured they let you look around for exploitable plays all day, like I do (except using other people's capital and proprietary strategies).

Anonymous

Anonymous ID:BFj6xUUW Fri 30 Oct 2015 16:36:13 No.942850 Report Delete

Quoted By: >>942869

>>942845

Haha yeah. We're always trying to come up with new arbitrage algorithms and tossing around ideas when the market is slow. Maybe watch some funny videos on youtube. Some markets may not move at all for an entire week so we constantly need to find ideas and trades so we can get paid :)

We actually dont trade other clients money. We only trade our own firm's money, which most of it is our boss's money. I have several bosses who all co-run the firm. They were some big time pit traders in Chicago back in the day. They have more money than they know what to do with, but at the same time I'm not going to be stupid with it.

Anonymous

Anonymous ID:rPEiCWTx Fri 30 Oct 2015 16:52:09 No.942869 Report Delete

Quoted By: >>942904

>>942850
>trade our own firm's money
Yeah, that's what I meant by "other people's capital".
"Other people's" as opposed to "yours".
I know people who are constantly bugging me to trade their portfolio for them, but I never took a 7, so it's not like I could (legally) anyway.

Anonymous

Anonymous ID:ELgkJzy9 Fri 30 Oct 2015 16:58:34 No.942881 Report Delete

Quoted By:

will my new mastercard start working as soon as my old one expires or should i call my bank? i've had my new one for a week now and it's still not working, i can't buy things from amazon like this.

Anonymous

View Same Google ImgOps iqdb SauceNAO postre2.jpg, 52KiB, 600x455

Anonymous ID:fCFJKoOV Fri 30 Oct 2015 17:31:01 No.942904 Report Delete

Quoted By: >>942919

>>942869

>but I never took a 7, so it's not like I could (legally) anyway.

Heyo Anon. I am also a professional trader, based in Europe, trading for a HFT firm. Just a hint for you. Many guys (professionals) who could not afford a Hedge Fund structure or simply did not want the hassle, opened up a "friens and family" account @interactivebrokers.

Good luck, you're welcome.

Anonymous

Anonymous ID:rPEiCWTx Fri 30 Oct 2015 17:46:20 No.942919 Report Delete

Quoted By: >>942927

>>942904
Appreciate the tip.
However, its not like I can't take a 7, I just never wanted to. Mostly because trading with other people's money is a responsibility I don't want.
I imagine that when you do well for people, they look at it as "your job". But if you lose their money, you'll probably never hear the end of it.
Are you in the UK?

Anonymous

Anonymous ID:fCFJKoOV Fri 30 Oct 2015 17:52:30 No.942927 Report Delete

Quoted By: >>942958

>>942919
I guess you are right. It's just the easiest and cheapest way to start off and I thought you might want to know.

and no, I am a continental guy ;-)

Anonymous

Anonymous ID:6UoZ4nwG Fri 30 Oct 2015 18:25:32 No.942956 Report Delete

Quoted By: >>942996

Where can I learn about market sensitive news? Where to look, what to look for and how/what it effects.

Trying to find relavent books on forex is a fucking pain in the ass. Every fool is trying to push their strategy on you without ever teaching you about the market.

Anonymous

Anonymous ID:rPEiCWTx Fri 30 Oct 2015 18:25:43 No.942958 Report Delete

Quoted By: >>942996 >>942999

>>942927
Well, I said "you" when I meant "one", but I might as well ask you, since you're in a position to know.
Do you have to deal with the people who lose money via your firm?
Or is that, hopefully, someone else's job?

Anonymous

Anonymous ID:maBeNBLI Fri 30 Oct 2015 18:41:48 No.942993 Report Delete

Quoted By: >>943005

Yuropoor comp sci student here, some HFT firm was recruiting for software engineers at my uni. Anyone here doing that sort of thing? Didn't really talk to them but I'm kinda curious.

Anonymous

Anonymous ID:fCFJKoOV Fri 30 Oct 2015 18:42:42 No.942996 Report Delete

Quoted By:

>>942956
We use Bloomberg, but that's about 2k/mth.

I would not trade forex as a private investor. If you trade real money, 1 tick is 1/10'000 of a currency unit. If you use leverage you are likely to get screwed by your broker (as happened recently with the CHF move). Just my 2 cts.

>>942958
>Do you have to deal with the people who lose money via your firm?

Most exchanges function as a central counterparty. Unless you trade OTC you never know who you're trading against.

There are weirdos ringing us up every now and then, but we let the switchboard girls deal with them. The only folks we talk to are brokers and traders. Everything else is a waste of time (and therefore money)

Anonymous

Anonymous ID:fCFJKoOV Fri 30 Oct 2015 18:45:16 No.942999 Report Delete

Quoted By:

>>942958
Also, I'm neither English nor based in the UK. Just to clarify.

Anonymous

Anonymous ID:maBeNBLI Fri 30 Oct 2015 18:50:09 No.943005 Report Delete

Quoted By: >>943010 >>943027

>>942993
Specifically, how much overlap is there between the guys who write code, and the guys who trade? What are the basic roles in a hf trading firm, n who takes them on?

Anonymous

Anonymous ID:fCFJKoOV Fri 30 Oct 2015 18:56:22 No.943010 Report Delete

Quoted By: >>943045

>>943005
In my shop we have a trading deks and an IT department, they are strictly separated. I only occasionaly talk to programmers, mainly when exchanges release new features and the IT guys needs them explained.

Other companies require traders with programming skills.

It's mainly a matter of the company culture. Our bosses think a trader should focus on the market and not get carried away while coding.

Anonymous

Anonymous ID:L+CcQzoo Fri 30 Oct 2015 19:00:48 No.943014 Report Delete

Quoted By:

>>940843
Are you at CME? Me too.
I'm on strategy and education.

Anonymous

Anonymous ID:P35cEjWv Fri 30 Oct 2015 19:17:21 No.943027 Report Delete

Quoted By: >>943045

>>943005
depends on the firm - in some systematic hedgefund it is the researchers/programmers who generate the alpha and get the lions share of profits - the traders are relegated to being execution monkeys and a large percentage of the trades are completely automated

at other firms - some options marketmakers for example there is more overlap - traders can be involved in coding or some of the systems developed are more like grey boxes and there is an element of discretion that still requires a human oversight so the traders can be attributed as having a reasonable contribution to the pnl - though still such firms will argue that the software/infrastructure gives part of the edge and so the profit split/bonus split will be lower for those traders in comparison to say a marketmaker/trader in a smaller firm using off the shelf software products to trade...

then again in some of these prop firms the traders still get a disproportionate share of pnl compared to researchers and programmers - see the leaked IMC figures for example

Anonymous

Anonymous ID:maBeNBLI Fri 30 Oct 2015 19:57:10 No.943045 Report Delete

Quoted By:

>>943010
>>943027
Cool, thx guys.

Anonymous

Anonymous ID:LCbBxLSK Fri 30 Oct 2015 20:22:55 No.943087 Report Delete

Quoted By:

>>941486
looks a lot like thinkorswim

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