He reminds of one of those know-it alls that everyone hated. Read alot, but never did anything with that knowledge except repeat it as much as he could to 'fake' understanding. Have you made any substanial amount of money off all this knowledge that is going to score you a top tier job? I have a challenge for you. I bet you $1000, that in the next three months, that you will not find a position with any top tier firm, doing any type of trading at all. We can even put the money into an escrow account, to make it 100% legit. There are quite a few legitimate firms online that will handle something like this. Or even better, you put up $10,000 into a currency trading account or any type of trading platform you would like, and I'll put up $10,000 in a Datek account, and after three months winner takes all. If you don't even have $1,000 or $10,000 to put on the line then keep your mouth shut when you insult those who make a living trading securities indepently. I'm sure your checking this message board every minute on the minute from your posts, so I guessing I'll hear a quick reply, unless your busy talking to some girls... actually I'll take a bet on that one too.
I predict this thread will end soon! If this site caters to the "used car" salesman of the investment world, then why are you asking advice from us? :
its not that nic acts like a spotty kid - he is one - he is still at school! he sure acts like a spoilt brat - but thats just another string to his bow i bet please let there be lots of nics coming through, all losing money, and providing great liquidity i'll give him a five star reference any day
This thread ceased to be advice the moment you people replied it was and always will be a war on the institutional trading world. You hate the sell and buy side traders, but guess what the banking traders hat eyou guys, they see you as scum who have failed wanting to be traders, which with all the purile crap you come out with may mean they are right.
Nic, Stepping back from all this for a moment. You NEED to keep on with your maths. Its your technical prowess that will make you bucks in the City not this politico-economic nonsense. The guys you see on TV and in the newspapers are just the "salesmen" for the IBs. The money makers are the quantitative traders, the street smart traders and the lucky ones. Nassim Taleb, 'Fooled By Randomness' is a must-read for you, seriously. But you probably think he's some kind of loser because he used to work for an IB but left...guess all those super-smart super-rich IB-types just got to him in the end...hehehe PS Don't forget to do your technical/engineering degree and get an MSc/Phd before you start work...or you just won't cut it.
fool (fl) n. One who is deficient in judgment, sense, or understanding. One who acts unwisely on a given occasion: I was a fool to have quit my job. One who has been tricked or made to appear ridiculous; a dupe: They made a fool of me by pretending I had won. Informal. A person with a talent or enthusiasm for a certain activity: a dancing fool; a fool for skiing. A member of a royal or noble household who provided entertainment, as with jokes or antics; a jester. One who subverts convention or orthodoxy or varies from social conformity in order to reveal spiritual or moral truth: a holy fool. A dessert made of stewed or puréed fruit mixed with cream or custard and served cold. Archaic. A mentally deficient person; an idiot. I think a couple would apply here.
Quiet1 wrote: "Nic, Stepping back from all this for a moment. You NEED to keep on with your maths. Its your technical prowess that will make you bucks in the City not this politico-economic nonsense. The guys you see on TV and in the newspapers are just the "salesmen" for the IBs. The money makers are the quantitative traders, the street smart traders and the lucky ones. Nassim Taleb, 'Fooled By Randomness' is a must-read for you, seriously. But you probably think he's some kind of loser because he used to work for an IB but left...guess all those super-smart super-rich IB-types just got to him in the end...hehehe PS Don't forget to do your technical/engineering degree and get an MSc/Phd before you start work...or you just won't cut it." Nic, I think Quiet1 has the point. And Taleb's book is great! I thought I gave you a reasonable outline of both the buy/side sell and how recruiting works and what it takes,etc. etc. I don't know what's going on with this flame war??!! When I interned at Merrill's institutional trading desk, one of my intern buddy was a guy with a Phd in theoretical physics from MIT and then pursuing a MBA from Cornell with focus on financial engineering. Those are the people that they want on derivatives trading desk(one of yoru target job position?). Then when I went to the buyside, my ex-boss got his bs from MIT, Phd in math from Harvard. And another quant firm I worked with half of the staffs have phds in highly technical areas from top schools. Those are the people they are looking for... And now, I'm doing this prop thing. And, I DON'T look down on these prop/daytraders. And I've worked on the institutional side with billions under management. And you haven't even started yet. So, save your words when you get there(if you do). Be humble. You aren't that great yet. And even if you are great, be even more humble. The market has a way of humbling us all... Yes, these prop traders aren't trading millions and billions at clip. But they are doing exactly the same thing - trying to make $ in the market, which is not an easy task. When you come down to it trading is about risk mgmt, valid strategy, emotional discipline. That's it. No amount of learning and degrees will instill that in you. Look at Long Term Capital, which had not one but TWO Nobel Prize winners professors from harvard,stanford,and mit,etc. on board and they blew away billions, b/c they were too leveraged(100:1). Credentials and degrees are important in an ibank because they are merme tools to impress their clients. Not necessarily a means to beat the market. Remember that. good luck kid!(and I'm still in my 20s) trader99
Nic, Also, remember this. When I interviewed at Citibank(the largest currency dealer itnhe world), guess who interviewed me? 1) a salesman 2) an ex-physicists with a Phd from Cambridge Univ And at Goldman's Commodities trading division they asked me: 1) to solve basic differential equations 2) write basic code 3) logic problems So, until you get their offers in hand please don't look down on these people. And even if you do get their offers you still have to perform! trader99
Wow! This aspiring trader is really something else. I just had to put in my 2 cents worth. Here is my suggestion about this series of messages. Consider this: You guys seem to be trying to help this guy. He's really not interested, very arrogant, and an asshole. In addition he's young, that's OK. What's worse is his immaturity and again his unbridled ego. Bear in mind, he doesn't seem to have much education and you will notice his spelling and grammar are horrible. In fact, so bad I wonder if maybe he is a non-english speaking person going through an online translator. I doubt this is the case. But of course, you don't need refined communication skills to land a big time trader position or an IB job. You other guys I have respect and envy for what you do and are trying to do. Many are called few are chosen. In closing--- There's loads of good brain-power being wasted. Let's give Nicholas the last word and see if he can make a bigger fool out of himself than he already has. After all, why should he listen to the people on this site who have probably 500 years accumulated wisdom among them--trading, raising families, paying taxes, living through bull and bear markets. What could that possibly have to do with what he wants to do? So here we go!! Whenever you're ready nicholassegrue!! Give it all you've got sport, and please, check you Mensa card at the door!!!Bombs away!! Cheers!