Prep suggestions for FT market making position in Sept.?
I will be starting full-time at a prop shop who focuses on market making where I would be on the trading side (not algo/quant/development-side), and have no formal background in finance but have read up on the technical basics of derivatives trading, etc. in addition to my personal interest in the financial markets.
I know they have a formal training program to start traders out in, but I was wondering if anyone could suggest some good resources to read that provides some useful introductory knowledge for someone starting out in market making. I have picked up Hull and then Stock Market Wizards for some more entertaining reading than Hull.
Thank you!
Completely depends on the product. What exactly are you going to be trading?
Assuming it's options market making, Hull is the right text to work with (Natenberg is also good). But as mentioned above, it depends on the product. Good luck!
Doobs has it right. It is essentially options + futures market making. I will definitely keep working my way through Hull. Any topics in Hull to pay especially close attention to as I approach them? I assume options pricing/black-scholes would be up there.
Any other suggested readings for a solid introductory text for derivatives market making would be welcomed.
Thanks again everyone!
I'm assuming you'll be in Chicago?
Yes. Prop shop Mecca!
Cool. Send me a pm if you have questions about Chicago. I'm in the trading scene as well.
Natenberg
Anything in Natenberg that I should pay particularly close attention to or sections that it has better than Hull?
The entire thing is more practical than Hull IMO. Both are important but read it cover to cover. I also like Baird's Options Market Making. I think its underrated and worth reading. Beyond this, grab yourself a ThinkorSwim paper trading account and start punting around options and futures. There is good swings in vol in the market now which is very educational.
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