Say you worked on Wall St. right now...

Discussion in 'Trading' started by lolatency, Oct 11, 2008.

  1. What would you be doing?

    I can't say where I work since it'd get me fired, but it suffices to say that my firm's share prices have been exceptionally volatile. So, as an individual, how should I manage my life from here on out?

    Coworkers are all panicky, I think some have lost a good bit of money. I joked that I was short the company. They looked like they were ready to kill me.

    I'm under the assumption that:

    - I won't have a job within one year to six months
    - I need to do something, but will not be able to find another job even if I do lose my job

    And as for my bonuses, I used them to pay off school loans and to become debt free. I'm debt free, but I'm headed nowhere and have only $7,000 in my bank account.

    I'm around 30, no wife (but have a girlfriend of 3 years), no kids. In -very- poor health, take a lot of medicines just to make it.

    Do I become a day trader? I have a master's degree -- should I apply to phd programs? If so, how hard is it to get a student loan right now?

    Am I just totally fucked? I haven't been fired yet, but I'm kind of demoralized and haven't been working so hard thinking about what I'm going to do when I do get fired/laid off. If I do get laid off, I hope there's a severance. Otherwise, I'm f'd.

    If I can hang on until December, I get another "guaranteed" portion of my bonus. I just have this ill feeling I will get laid off before that bonus gets sent to me.

    How does anyone make it when the whole economy is in the toilet?
  2. It's kinda late to do the right thing.

    You should have taken out the scum that were levered up 30 to 1.

    Now they've taken you out instead.
  3. What, like short? You can't "take out" anything when you're a regulated person. Most jobs at financial firms have you holding stock for at least a month.
  4. Start cutting back right now. Who knows a meltdown or the beginning of what could be a new bull, who knows? Eliminate all unnecessary expenses. All the big corps. are in survival mode why shouldn't you be? Start looking for a new job discretely. They wouldn't be loyal to you why should you to them?
  5. No wife no kids and no debts. Except for your health you really dont have much to worry about.

    There are many people that are deep in debt with a family to support too..
  6. but I'm kind of demoralized and haven't been working so hard thinking about what I'm going to do when I do get fired/laid off. If I do get laid off, I hope there's a severance. Otherwise, I'm f'd.

    Crank it up a notch and quit acting like very other demoralized co worker. You're still getting paid, do your best and act like it. It may be possible those higher up than you can be of service and help you find another job when the time is right. Networking.
  7. This is a really good point.
  8. Make a list of what you are good at and pursue those things for profit or for whatever. I did that years ago, when I started I expected the list to be pretty long, when I got done with the list it was very short, computer hardware and software [and who needs hardware skills] and I listed that I am sort of "mathy".. so I went towards automated trading, it's working out ok...

    One of my side-research thingies is health and nutrition. I find that the conventional wisdom is just shit, I'm hitting quite a few supplements and working towards an 80% veggie diet and at retirement age I'm not taking any meds of any kind and I feel pretty damned good with no mood problems or anything..
  9. Cheese



    I had offices for a time in the World Trade Center (before 9/11 of course). So I was sitting besides the most glorious money tree the world has ever known, the NY Stock Exchange. And today if I was still on Wall Street? I would be spreading calm and goodwill but still doing what I'm doing now and what I do best: making money.
  10. If Obama wins the election everything will be just fine. If 1% of the things he's promised come true, we'll all be on easy street.

    Dont listen to the crazy people say "The market is just scared that he could win. This has nothing to do with the housing or credit".

    God has sent him from the heavens.

    #10     Oct 12, 2008