New to the site loving the resources you guys have provided. My question is how long did it take you IB principal traders out there to truly understand the nuances of communication on the desk? I.e formulating big situations, seeing who has to go along on prints, and best ways to stop clients on stock
Wouldn't this question be better asked at your institutional trading desk? Are you a retail trader, or an institutional trader working for a firm?
Lingo matters. We had a guy who could not get the hit/lift thing. He just kept saying "oh, look, let me hit that offer" and such. Thank goodness he was not interested in joining my desk.
I was a wire clerk back in the day. Took me about a month to have a good understanding of floor lingo, equity options, policies and procedures and feel like I belonged. You learn faster if they are busy and "throw you into the fire," vs a slow, laid back desk where you ar just watching.
Maybe try watching the film 'Margin Call' enough times and try using this kind of lingo? Don't forget to hang up abruptly.
Main thing, don't forget to release your line: Sle (over a chat): pls quote 1m->2s10s ATMF LS in 500mm? Junior Salesgirl (over chat): 9.5 @ 12.5 Sle (still over chat): I can pay 10.5 Junior Salesgirl (dials my line): blah blah blah, vol is higher today, blah blah Sle (now via the phone): 10.5 is my top Junior Salesgirl (via the phone): ok, done, thank you for the trade << she hangs up the reciever but fogets to release >> Junior Salesgirl (sle hears via the line he forgot to release): "that Sle dude, he'd sell his mother for 2 basis points" Sle (now over the chat): It really depends on the notional, you know - sometimes 2 bps is a lot Senior Sales (dials my line): Oh, I am so sorry, she did not really mean that!