Best Position
I am currently an undergrad at a target school and have been interested in trading since I was in middle school. Below I have provided a few aspects of my future position that I would like to have. Based of what I have said, what would be the best type of job for me (strategy, fund type, etc) for me?
– I want to be in a fund that is short term focused (max holding time should be 3 month)
– I do not enjoy systematic trading but can tolerate it as long as I am still making the final decisions.
– I don’t like doing deep-dive fundamental research and prefer trading securities after researching them for a short amount of time.
– I also want to be a generalist.
Any help would be greatly appreciated.
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Macro! Although as a caveat, as you say you don't enjoy systematic trading, most reputable macro funds require some level of technical expertise these days - but at the big funds most of the trades themselves are still discretionary and executed by a human being.
I have read a lot about how macro is not that great anymore and equity is a much better option, is this true? Also, are you not doing deep-dive fundamental research in macro?
So you want to punt around?
What do you mean by that?
Sounds like the prop trading firms might be up your alley. Look up Trillium / SIG / DRW / etc
Do prop traders still make discretionary decisions on which securities to buy?
In all candor, you're way too early in your career to set such a narrow path for yourself. If you know you like trading and markets, try to aim for a trading desk role with one of the big banks. You'll have broad exposure and become aware of a lot of things you currently don't know you don't know. You will interact and learn from clients. You will get a better sense of what works and what doesn't. And it will allow you to make a more educated decision if/when you are ready to move to the buyside .
Isn’t trading at the banks just agency trading? I want to be making discretionary decisions in the short term.
Depends on the desk, but either way you have to earn your stripes in some way before anyone will hand you a discretionary book...
There is zero chance you will land such a position straight out of college. You need to learn the trade first, and I believe "agency trading" as you call it at a good bank desk is a good platform to eventually land that role.
day trader
Do any reputable hedge fund or prop trading firms day trade?
When HFs do it, we call it being "opportunistic" (yeah, it's f**king day trading, ngl)
http://www.firstny.com/
Are there numerous firms out there like this one and is it realistic to target a job at a place like this
Can’t you figure that shit out on your own?
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