Book Recs (or other resources) that helped you learn

Basically, what the title implies - looking for some good books or other resources to learn more about trading and the intricacies of each product group/desk. For example, was recommended Treasuries Bond Basis by a rates broker at my current internship. Looking for similar style books.

Thanks!

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Based on the most helpful WSO content, here are some recommended books and resources to learn more about trading and the intricacies of various product groups/desks:

General Trading and Derivatives:

  • "Options, Futures, and Other Derivatives" by John Hull: Known as the derivatives bible, it offers a good mix of intuition and analytic rigor.
  • "Dynamic Hedging" by Nassim Nicholas Taleb: Covers more advanced derivatives topics, suitable for junior analysts.
  • "Derivatives Markets" by Robert L. McDonald: A good 'Derivatives for Dummies' type book if you are not quantitatively inclined.

Fixed Income:

  • "Fixed Income Securities" by Bruce Tuckman and Angel Serrat: Highly recommended for those going into fixed income. It builds on itself comprehensively.
  • "Handbook of Fixed Income Securities" by Frank J. Fabozzi: A famous desk reference that covers a lot of products. Useful for understanding specific securities.
  • "Interest Rate Swaps and Other Derivatives" by Howard Corb: A classic read on swaps, though it may be slightly outdated due to changes in swaps pricing post-GFC.

Rates:

  • "The Treasury Bond Basis" by Galen Burghardt and Terry Belton: Practical book recommended for understanding rates trading.
  • "Interest Rate Markets" by Siddhartha Jha: Another practical book for rates traders.

Currency Trading:

  • "The Art of Currency Trading" by Brent Donnelly: Despite its gimmicky title, it provides a good introduction to directional FX trading.

Distressed Debt:

  • "Distressed Debt Analysis" by Stephen Moyer: Important for those on a distressed desk, focusing on intuition.

Credit:

  • "Guide to Leveraged Finance" by Steven Miller Kricheff: A great introduction to leveraged credit, though it won't cover advanced topics like managing CDS basis trades.

Volatility Trading:

  • "Volatility Trading" by Euan Sinclair: A comprehensive guide to trading volatility.
  • "Volatility Trading" by Sheldon Natenberg: Another essential read for understanding volatility from a market maker's perspective.

Economic Indicators:

  • "The Trader's Guide to Key Economic Indicators" by Richard Yamarone: Helps understand the nuances of different data releases that move markets, especially useful for those working in macro.

Additional Resources:

  • Various CDS Primers from Investment Banks: If you have access, these can be invaluable for learning the nitty-gritty of CDS. Examples include Merrill's 2006 Primer and handbooks from JPM and MS.

These resources should provide a solid foundation across different trading desks and product groups.

Sources: S&T Literature/Books for Interns?, S&T Literature/Books for Interns?, Trading Vol in an IB - what are the good resources for Rates, Credit, FX, Equities? Market-makers' help greatly appreciated, Q&A: Rates & Macro Research/Strategy - Career Path, Technical Topics, Education, etc.

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