Citadel Securities: A day in the life of a trader in NYC
- Thread starter ETJ
- Start date
There can only be one JackMorgan. He is the most accurate INVERSE-INDICATOR for crypto trading I have ever seen. If you had done the opposite of what he (and the other bears) were boasting in the Crypto Assets side of the forum, you'd have massive gains in very little time.
No one else I've come across has timed/nailed the bottom so well.
You have zero knowledge of his trading skills. He is paid well to observe and make adjustments.
Envy is one of the 7 sins. Get over it.
Not really true..I was the head trader of equity derivatives at 2 IB's and everyone
gave a shit,opm or not..
Most of the guys I knew didn't grasp how much easier it was to make money with flow/ structured products.They seriously over rated their abilities to the point of near delusionality ..
I would always tell the young dudes to take 2 weeks off,go to some mountain,trade your PA and let me know how things worked out.
99 out of 100,guys lucky enough to be on a desk should definitely not lose their job...present company included
gave a shit,opm or not..
Most of the guys I knew didn't grasp how much easier it was to make money with flow/ structured products.They seriously over rated their abilities to the point of near delusionality ..
I would always tell the young dudes to take 2 weeks off,go to some mountain,trade your PA and let me know how things worked out.
99 out of 100,guys lucky enough to be on a desk should definitely not lose their job...present company included
Agree, structured products was pure money printing. Traders added almost zero value, it was the math guys who structured the product and most importantly, calculated and analyzed all risk metrics each day.
I remember when I was fresh out of grad school and we new grads were encouraged to ask lots of question and that nothing was off the table I often poked traders at whose desk I rotated at with one question "how do you make money", I remember quite clearly that nobody really could give me a satisfactory answer. And it was not because they had a state secret to hide.
Some time later when I traded as part of an internal prop group others were much more willing to share and talked about their edge, knowing full well that it was not easily replicable. I had a very good idea what edge the guys on my options desks in the prop group were pushing and what their bread and butter was. Even as part of the prop group broker arb was one avenue of pnl, so not even there is all money earned by being super bright and talented.
I remember when I was fresh out of grad school and we new grads were encouraged to ask lots of question and that nothing was off the table I often poked traders at whose desk I rotated at with one question "how do you make money", I remember quite clearly that nobody really could give me a satisfactory answer. And it was not because they had a state secret to hide.
Some time later when I traded as part of an internal prop group others were much more willing to share and talked about their edge, knowing full well that it was not easily replicable. I had a very good idea what edge the guys on my options desks in the prop group were pushing and what their bread and butter was. Even as part of the prop group broker arb was one avenue of pnl, so not even there is all money earned by being super bright and talented.
Bingo
What are you referring to when you say "flow and structured products?"
Off topic, but why are those real world ex-wall street types....such horrible traders trading their own accounts for real growth?
You would think all of those wall street types would be geniuses in turning a 10K account into 50K or 100K, over and over and over again. But they all trade like complete amateurs just guessing and gambling, at best just barely matching the S&P annual average.
Because trading on the sell side (market making) is a completely different skill set than trading on your own. Trust me I was a market maker for 15 years.
Good sell side traders are good at .... selling, drumming up business (people who want to do trades) and hedging. You don't make money as a market maker by taking many directional bets.