new book on Amazon How I became a quant by Barry Schacter. http://www.amazon.com/How-Became-Quant-Insights-Streets/dp/0470050624
I ordered this book. I'll post a review later. I was sampling the inside on amazon and I'm totally intrigued.
And of course, that is because you know so much yourself. You apparently know so much? I work in the field doing what fatrat was looking to do. I see you adding no useful content here. I suspect you are another papertrader who thinks anonymous posts give you the appearance of success. The fact is, most home traders struggle to get past losing their funds. 5% of traders becoming successful is the looming thing for most people. Probably a fraction of 1% of traders make more than this person would do at an IB or hedge fund, working in IT with salary and bonuses. In 2 years of trying, he has about a 95-99% chance of realizing he should have used his skills to earn significant monies in the field.
"I believe simpler is better when it comes to developing automated trading systems, and having knowledge of why markets move is more important than having knowledge of advanced abstract math" Excellent statement
"Honestly I think you should just become a trader if you want to learn to develop automated strategies. I can think of many, many different ideas for trading systems to the point where I believe I can pull a profitable idea out of my ass because of all the experience I have watching stocks move and scalping for 5-50 cent profits. If you know how to make money in the market, the only thing that can get in your way of making a living is poor money management and poor management of one's emotions... but with a good computer system, all you have to know is that your idea actually works. If you watch how market works it's pretty obvious what patterns are worth using. For years you could have looked for size stepping down on the offer and then hit the bid using a bullet. Don't try to make markets, try to take liquidity in situations where there will be srong demand for it. Get your degree to get your degree, but don't get it thinking it will make you better at developing quantitative trading systems because it won't. I believe simpler is better when it comes to developing automated trading systems, and having knowledge of why markets move is more important than having knowledge of advanced abstract math. To answer the thread title, becoming a quant is a waste of time - becoming an independent trader who uses automated technology to automate entries and exits, however, is a great way to spend your time if you have the heart, brains, and balls." Actually this whole statement is excellent.
Just getting back to you on the "how I became a quant" book. It's excellent so far. both informative and entertaining, no one is talking down at all. Very well written. The writing is so good that it is almost a coffee book for those who like quant trading.
I'll try to get "How I became a quant" since some of you are so enthusiastic about it. But I also suggest - as somebody already did - "My Life as a Quant" by Emanuel Derman. It's also easy to read but quite comprehensive at the same time and it helps to clarify the confusion about the concepts behind financial engineering and how it is used.
Yes... but this is a trading forum. All quants here trade... or try too. An important point to make... Is that Quant Analysis in not nearly enough. Probably 80% of the ballgame is Execution... Meaning simply how well you trade... Which is a function of trading experience + infrastructure. Canned quant strategies without professional execution... Are very sub-optimal... And the losses taken in unusual periods like the last 3 months... Make canned strategies VERY marginal. There are no shortcuts. You will never make it financially as a Quant... Without becoming a very good trader... Which takes at LEAST one full market cycle of roughly 5 years.
totally false, and misleading information. i am friends with 6 quants that frequent this board, none trade. 4 are employed with 100 million dollar plus funds. dr. derman would disagree with your second paragraph--very few quants trade, its a different mindset and discipline, although some are able to do it, its very rare. surf
Read! http://www.markjoshi.com/downloads/advice.pdf MJ has a PhD from MIT, worked as a quant at RBS, he is smart and knows his sheah, and has now opted for an easier life in academia But you'll get good info/advice from his document above. It never ceases to amaze me how hardly anyone on ET knows what a quant is or does, yet most have an opinion. Thanks for playing