Starting FT at a market maker, recommended reading?

B

bbender716

I just joined Elite Trader and am definitely excited to start posting on the forum!

I will be starting full-time at a prop shop who focuses on market making where I would be on the trading side (not algo/quant/development-side), and have no formal background in finance but have read up on the technical basics of derivatives trading, etc. in addition to my personal interest in the financial markets.

I know they have a formal training program to start traders out in, but I was wondering if anyone could suggest some good resources to read that provides some useful introductory knowledge for someone starting out in market making. I have picked up Hull and plan on picking up Natenberg...

Thank you!
 
your not going to be a market maker !! your only rebate trading. big difference. like night & day. all these firms with their bs marketing tactics . why bother reading books ? their going to train you to become a market maker? i guess you did not do your homework. oh.. the clueless . good luck.
 
Thanks for the welcoming advice. I know they have their own training program which I'm sure will more specifically address the way they want their traders to operate. I merely want to go in with a stronger foundation, not being from a traditional finance background. Regardless of the title (market making, liquidity provider, rebate trader, etc.), I was only asking if anyone in a similar position had any suggestions on material that they feel would be beneficial.
 
Quote from bbender716:

Thanks for the welcoming advice. I know they have their own training program which I'm sure will more specifically address the way they want their traders to operate. I merely want to go in with a stronger foundation, not being from a traditional finance background. Regardless of the title (market making, liquidity provider, rebate trader, etc.), I was only asking if anyone in a similar position had any suggestions on material that they feel would be beneficial.
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Good Luck pal, But Do you have any idea what the word Market Maker means??.. Why you need "extra education" when you will have the privilege of the Level 3 in front of you posting bid and ask watching the order flow before anyone else and making a ton of money on the rebate?. If you are a MM you won't need a " formal background in finance". You will be the franchisee of the product, you will be the one who post the best bid and best offer with your own inventory.
 
i guess you don't understand what a market maker is ? Do your homework before leaping into trading.. your easy pickens for these firms. run before you lose your money. BY the way firm is teaching you to be a market maker?
 
Wow. Tough crowd ehh bbender? Sound like you will be starting with a market making firm that trades derivatives. My guess is mainly options. The use of the term "prop shop" is not how most people know it here. Proprietary trading is what these MMs do, but if you call it a prop shop folks on ET seem to get bent out of shape. Like your some big idiot. And since you have been hired by one of these firms I bet you are anything but an Idiot.

The books you mentioned are great in my opinion. The Natenberg book is great and viewed as the options bible in Chicago. He even teaches at one of the MM firms in Chicago. I think its a GREAT idea to get a jump start on the basics. Get your learn on! Good luck and dont let this place (ET) bring you down. Jim
 
not a tough crowd. everyone likes to sugarcoat trading. discussing stocks. where you get options from? Not market making. Only trading stocks for rebates. Nothing to do with options whatsoever.. if a trader has no clue to what they will be doing how will they make any money. the blind leading the blind.
 
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