Beginner learning for S&T
What would be the best way to learn about trading? Interested in S&T and want to get a good start.
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In my opinion, you should read as much as you can (both books and financial markets news) and start practising with a fake money margin account. Apart from that, DO NOT take any of these famous trading courses where you are told to become a great trader because they are all scams.
Do not go into trading... you’ll get burned and unemployed in max 5 years. Go long only funds, hf, ER or smth else. If you like the markets and investing trading is not the place to be.
I know a lot of traders and extraders with heavy mental issues, trading really gets you and few people can stand it.
Thank me later!
how about research roles within the S&T division?
Before getting to the technical stuff, read some of the classic trading books: "Liar's Poker" (1989) by Michael Lewis; "The Big Short" (2010) by Michael Lewis; "Flash Boys" (2014) by (surprise) Michael Lewis. These will give you a good overview of the industry, the different players involved, how they interact, and how the industry's changed over the last half century. "Market Wizards" (1989) by Jack Schwager is also a decent read: basically a series of interviews with traders and portfolio managers about their respective experiences and styles. A second edition - "The New Market Wizards" - was published in 2008. For when you get onto the technical side of markets, the bible is "Options, Futures, and Other Derivatives" by John C. Hull is the go to textbook. Be warned, however: it's very expensive. If I can think of any other obvious starting points, I'll post another comment.
super easy to get a pdf of hull no need to pay
I would read BondArb's guide to trading. About a decade old, but will always be relevant. It's the post that was transformative for me in so many ways. I grew up very modestly, initially could not afford a PA, so I followed his advice while paper trading before opening a live account a year later... still learn't a ton, it's what you make of it.
I would add one point to that post.
Read a ton. I read 75+ markets/trading books freshman year of college alone and then stopped counting. That was a bit absurd, I'd say read at least 5 good books related to a market/ trading style of your choice. Then proceed to read sellside research to cultivate a framework for markets and how to spot patterns in consensus. Closely follow the FT, WSJ etc as well. Anything that you read, think deeply about the implications. This brief interview by a macro PM (and fmr right hand man of a macro legend) sums it up: https://soundcloud.com/ucptl/tips-for-entering-hedge-fund-industry
Oh and please don't read Liar's Poker. Such an antiquated and lame book. Read Reminiscence of a Stock Operator instead. Far more relevant today...
Reminiscence 100%. It's the best trading book EVER. Will also introduce you to some of the jargon.
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