Longtime reader here, left the biz in 2012. I thought I'd give back and post some good advice that was shared with me by an older mentor when I was younger. Learn it. Use it. Live it. Hope you find it helpful. <h3>15 CAREER STEPS</h3> 1.) Perception is everything...act as...
<em>Mod Note (Andy): #TBT Throwback Thursday - this was originally posted on 11/25/13. Check out @DickFuld"'s current AMA <a href="//www.wallstreetoasis.com/forums/ask-dickfuld-november-2015">here</a>. To see all of our top content from the past, click <a...
First some background, I am a senior and am heading to a quant shop for full time this summer. This past recruiting cycle I received offers from Two Sigma, Citadel, Old Mission, Hudson River Trading, DE Shaw, Jump, and Five Rings Capital for positions ranging from pure dev to pure quant. I study...
Let me start off by clarifying. <span class='keyword_link'><a href="/finance-dictionary/trading-overview">By trading</a></span> I’m not referring to investing or trading part-time while you do other things (such as hold down a full-time job). I’m...
**Disclaimer**: *This is not a stupid self help post, just something I thought people should know. I am quite shit at helping others personally in general so don't expect much or in fact anything.* <h3>What I have to say</h3> It goes like this, I have changed jobs recently...
Ben Shalom Bernanke
Hey guys, I've seen a few threads on options <span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading and how</a></span> important the Greeks are to your overall options trade. I found a great read courtesy of OptionsHouse...
Hello there fellow monkeys, I am about to apply for a <span class='keyword_link'><a href="/guide/wso-internship-guide">summer internship</a></span> in <abbr title="Sales and Trading ">S&T</abbr> at <span...
I’ve been getting quite a few questions on what a typical day in the life is like at a physical trading shop. Other members of this website were very helpful in giving me an idea of what the field is like so now that I’ve “broken in,” I’d like to pay some of that forward. Part of...
I read a lot of misleading information regarding sales jobs in banks on this forum recently (I am lumping sales/sales traders and all products here). I won't mention any particular users, but it got me angry. Given I have not contributed to <abbr title="Wall Street...
Hey guys, I still remember my humble beginnings when I was an undergrad and had no idea what the fuck I was doing. Luckily, I was able to get a lot of great insight from <abbr title="Wall Street Oasis">WSO</abbr> (reading in between the lines of troll posts), and well,...
Its almost September, school will be starting soon and many off you will be left with empty spaces where the plucky interns sat. Maybe it is just me but this years litter seemed particularly precious. They all just seemed so focused on being a "perfect" person, working (apparently,...
I'm ready for another round of questions from all of you. Please remember, I'm doing this because I care, so try to keep it civil. Fire away.... (PS -- Let's try to refrain from asking dumb questions this time.)
I'm often concerned about my peers in the Sales & Trading career track. While many of them seem to think they will be the next big <abbr title="hedge fund">HF</abbr> PM and such (and I am certain that a few of them will be) I have a hunch that the vast majority of...
What is going on, everybody? I have been a lurker on <abbr title="Wall Street Oasis ">WSO</abbr> for a while and thought I would share a story with you. Here goes nothing... I worked full-time and went to school full-time pretty much all throughout school. Knowing I...
I'm a senior trader with 8 years of experience in the ag markets. I currently trade physicals only but have traded futures and options to a small extent in the past as part of my hedge book. I have experience in grains and a wide variety of other ag byproduct commodities. Feel free to ask...
There have been a few requests to find the classic post by Bondarb, so it made sense to sticky it. This is what he wrote: <strong>Here is how you learn about trading:</strong> <ol> <li>Have at least 5k. If you dont have that then get it somehow, use your...
Stock pitches have been a part of finance interviews since the dawn of man. People typically underestimate the importance of pitches in an interview, but think about it this way: if you’re interviewing for a position at any sort of financial institution - hedge fund, private equity firm,...
A few years ago, I quit my job as a corporate bond trader to become a professional MMA fighter in Peru. I went to Wharton undergrad and interned in finance every summer on various trading desks. I wound up full-time on a prop desk as an analyst and got right into the grind. After two years, I...
Below is a link to the Paul Tudor Jones documentary video that shows him predicting the 1987 Crash (he tripled his money during it). This is a must see for any trader and shows the legendary trader in action before he became a billionaire. Although the video was shown on public television in...
Can someone explain to me why every non finance professional doesn't just invest in low cost index funds? how can you beat the market when there are institutional/hedge fund investors that have more info about companies than you've ever dreamed about? The S&P has beat the...
Good afternoon, monkeys. Listen: A crude and natural gas midstream firm like MarkWest Energy Partners and an oil refinery in the middle of Alabama will have different price exposures, and thus require different hedges to protect themselves in the event of future uncertainty. While not...
I currently work as a physical commodity trader at a large, international, trading house. Trading is dead. Most desks are printing massive loses. There is no volatility in the market and most commodities we trade suffer from massive oversupply. Baring a massive exogenous shock, I don't...
I've enjoyed this forum, and i see lots of people without a clue asking questions about trading, so i thought i'd do an AMA... My path was non-standard, but i've seen others with a similar path to my own. My Path --> Non-Target state school --> Job in <abbr...
I just received an invitation to take the Shell TDP assessment, and I was wondering if any TDP alum can share their insight. Also, I hear the interview is brutal.. so if anyone has anything to say about that I would appreciate it. Thanks
I realized that there really isn't much information on prime brokerage on this site, even though it has been a significant source of revenue at bulge bracket banks under the S&T umbrella. I currently work in this industry (one of the big players GS/MS/JPM/DB) and am here to answer any...
Morning guys and Happy Friday! I'm currently the managing partner at a Chicago based options trading firm. I've been here for five years. Prior to this I was a Trading Analyst and then Trader at a large Chicago based prop firm. Ask me anything! The weirder the question, the better!
Right, Assuming you have read the title, this is one of those "I feel sorry for myself" Saturday night posts, it's also an AMA, because I'm bored. Now that that is out of the way, let me start with a short introduction, I am a trader on the FX desk at a <span...
When investing or trading in any type of asset class, from securities and fixed income to even cryptocurrencies, you will always lose money at some stage, no matter how experienced you may be. Therefore I pose the question, what is the most that you have lost off of a single investment? Whether...
I have decided to post my experience for what it is worth. I do not expect this to follow the standard format of posts in this forum I am merely here to present to all of you a story that could have helped me and given me encouragement in the darkest days of the sales and <span...
I feel like it is often said here and at times overdone, but while every day is a bit different there are certain tasks that happen every week or month. I’m going to split the below into three different types of days to compare. <h3>Day 1: Weekly and Monthly Updates...
A) Totally disappointed with the overpriced and undervalue 3 month Mentoring Program (USD7001) I am totally disappointed with Anton Kreil’s Institute of Trading and portfolio management’s 3 month Mentoring Program. This is because the mentoring program is overpriced and undervalue. I...
Every now and again I get PM'd a question that I think might be applicable to a lot of you on <abbr title="Wall Street Oasis">WSO</abbr>. When that happens, I get permission from the person who asked me to share with the site. This is one such time. I suspect a lot of...
Hi all, I'm a long time lurker on this forum but I've benefited a lot from all of the discussions surrounding physical trading. Currently an undergrad with internship experiences in Base Metals and I'm looking to apply for grad positions as an entry-level scheduler/junior trader...
I've applied for a junior trader position with this firm, and so they've sent me an email with directions to take an online mental math test. Does anybody know what the Akuna test is like, specifically? Can't seem to find too much information about it online. All I know is...
Future Goldman Owner
Hey guys, there's too much <abbr title="investment banking ">IB</abbr> and not enough <abbr title="Sales and Trading ">S&T</abbr>. So lets get a thread going on the recruiting timeline for Sales and Trading. Comment below with any info that...
Value investors come in two types, the ones who will look at financials, and the ones who won't. If banking is your forte I would encourage you to read the paragraph on my approach then come back for my next post. If banking is intimidating or difficult to understand...
Great documentary in English on commodity trading. It was produced in French but have finally found a good English version of it. Hope it helps! https://www.youtube.com/watch?v=94s7sE7-vZg
Almost every investing study tells us that buying stocks at a low price to anything results in market beating performance. Even just buying a S&P <span class='keyword_link'><a href="/finance-dictionary/what-is-an-exchange-traded-fund-ETF"><abbr...
For personal reasons, decided to remove the contents of this post. Mods, please delete the entirety of this thread if possible or simply allow it to subside quietly. Will still be happy to answer questions. If I haven't replied back to you on PM, it's because I've a. been...
**Warning Long Post Ahead** **Hello WallStreetOasis,** I am a recent graduate of Hofstra University with a bachelors of science in mathematical finance 3.4 GPA trying to get into prop trading even though I am aware that all odds are against me. This is my first post in <abbr...
Pretty much says it all--I'll be a <span class='keyword_link'><a href="/guide/wso-internship-guide">summer analyst</a></span> at a <span class='keyword_link'><a...
What are the advantages to sales and trading over Investment Banking? What should your interests be to go into Sales and Trading? what types of technicals do you need to know for Sales and Trading?
Does anyone have a list of the better commodity trading shops? I'm trying to live in Houston, but am okay with another city, and know the big names (BP, Shell, <abbr title="Goldman Sachs">GS</abbr>, Noble, etc), but are there any smaller shops that are doing a good job?
Most commodity markets tend to be driven by a few basic factors which are freight on one side, price on the other side and qualities. Each commodity market has its own particularities. Most of what I will generally talk about applies to oil and the liquids in particular which is a little bit...
Hi, Can someone explain how exactly a physical commodity trading house makes money and why there is a need for independent comodty houses, whats there right to exist? What are the risk when trading commodities physical and how can they be hedged, are there specific hedging strategies that...
Practice Practice Practice. I've seen lots of posts here asking about how to pass Flow Traders math test, or Optiver, or Akuna or whoever. Maybe there's some geniuses out there that pass these tests without effort. This thread isn't for them, and i certainly don't fall...
What drives success? Everyone who succeeds credits something different for their success. Some credit hard work. Others credit being in the right place at the right time. Some credit parents, friends, a boss, a wife, the list goes on. The problem with success is that it's hard to...
Afternoon Monkeys, Sometimes you have to stop worrying, wondering, and doubting. Have faith that things will work out, maybe not how you planned, but just how it’s meant to be. Other times, you have to try and understand the Natural Gas Liquids markets and their respective price...
Hello! I hear that many/most traders lose money. To what extend is this true? I mean like 70% of traders lose money and they end up with their basic salary and no bonus? Or 0.01% ? Any insight? thanks!
Dear All; I am Physical Petrochemicals Trading Analyst (Quant) in the MENA region. As you can imagine, I am quite behind real-world traders when it comes to the "actual trading", my experience lies in portfolio management which is pretty math-intensive. My current aim is to be...
Hi again, my question today for physical traders is what is considered an "acceptable" story? I understand selling one's story for why you want to go into commodities is a good way for traders to see if someone has the drive to succeed, but I want to know what makes someone's...
For those who maintain their own personal portfolio, what do you typically make annually off that portfolio? And what is a realistic amount for a first-time investor to make their first year? (what did you guys make your first year?)? And for the undergrads on here have you been trading while in...
I did one of these before a couple years back when i was on the sellside, and figured why not do another one since these threads seem to get a lot of traction and provide a lot of useful info for kids. My background: -Discretionary trader at a large hedge fund, focusing on credit and...
Millions of people trade the markets daily and there is a lot of common investing rules. Buy low and sell high, or if you want a bond that is risk free buy US treasuries. I know there is many more rules like this in the world of finance. But my question to you guys is what are some <span...
<em> Moderator Note: This post originally went up 07/2012 and we thought it deserved to go back on the homepage for those who may have never seen it.</em> As someone with a non-finance/economic educational background, how easy is it to break into the 'oil trading arena'?...
Here is an updated list to the one I posted two years ago....
Saw some threads on this but most were a few years old. Wanted to revisit which energy commodities are the preferred commodities to trade among the experts here. There seemed to be a strong preference for NGL / LPGs relative to others such as crude or refined products. Do you still feel the same...
Hey guys, Figured I'd do an AMA because this site has helped me quite a bit in the past, and hopefully I have something to offer back. For a quick background, I graduated from a semi target as a math major, interned in <abbr title="investment banking...
Hello Guys, One q: Can somebody please explain what EM traders do? I know there will be some ppl who would point me in direction of another thread or would bash my question, but all I am trying to do is to learn. All I want is the description/ example of what they trade (e.g. product or range...
Everyone who's traded has their ups and downs. What's the biggest loss you've taken due to your mistake, miscalculation, or just plain bad luck?
Just some advice as we are getting a bit closer to intern season. Hopefully people will start adding more in the comments, I wanted to stay away from the obvious ones. <strong>The Do Not’s</strong> 1) Do not screw up a lunch order: I know, this is quite obvious, but I can’t...
Saw an article on WSJ earlier today, basically highlights how kids from Baruch's program won over kids from targets (Harvard, Wharton, etc) in a <span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading</a></span>...
How <span class='keyword_link'><a href="/finance-dictionary/trading-overview">similar are trading</a></span> roles in <abbr title="bulge brackets">BBs</abbr> in government bond trading to that you would do as a fixed income PM in...
Hi, I feel like <abbr title="Wall Street Oasis">WSO</abbr> was an invaluable resource to me when I was a bit younger, and I'd like to give something back. I thought I would do an AMA from a flow rates trader's perspective. The industry is probably a bit different...
NOTE: If you have seen a problem before, please don't solve it. This is a thread for posting logic/probability ques, to help people prep for trading interviews. If you have an interesting question that you have heard or thought of, post it to give people practice. I'll post at...
Introduction I thought it would be helpful to write down my experience these past 3 months. I’ve been applying to S&<span class='keyword_link'><a href="/finance-dictionary/what-is-asset-management-AM">T and Asset Management</a></span>...
Mostly Random Dude
Need a favor from the community. Was interviewing a guy today and asked him a few intermediate options questions. Since he failed to answer any of them, I wanted to check if people find these questions overly difficult. (1) When would you early ex an American call? Is there any uncertainty...
Was wondering what one would expect to be paid on the traffic desk at a supermajor oil firm and at a physical trading house such as Vitol, Glencore, Trafi on any product desk. Also, I know it varies quite a bit but what would a junior trader earn in salary and bonus at either the supermajors...
Could some people please elaborate on what Institutional Equity Sales and trading is? To my knowledge a simplified explanation is that they execute large orders for mutual funds, hedge funds, and other big clients to make sure the market does not take too big of a hit. How do you break in to...
Does not seem to be a ton of updated info out there. Looking to know what the top banks are for each product (FX, Commodities, <abbr title="fixed income">FI</abbr>, etc) based upon flow, the street's opinion, Hf exit ops, culture Thanks
Graduating from a non-target in May 2019. I completed a refined fuels trading internship this past summer and I have a bunch of other commodity related experience. I am very passionate about the energy commodity industry but I have a low 3.0's Engineering GPA. I feel like this is...
I feel it’s worth it to have a salary discussion on here to get an idea of what salaries are like throughout the industry. Feel free to answer the below 1. Your current position (Prop trader at a quant firm, <abbr title="Sales and Trading">S&T</abbr> associate at a...
Let's share bonus numbers you've heard on the street. Please list bank, level, and bonus figure (in USD). <h3>wall street sales and trading bonuses 2017</h3> <em> Mod Note: You can find the Ib and <abbr title="equity research">ER</abbr>...
Maximus Decimus Meridius
Hi everyone! Some of you may remember me, I stopped posting on this forum about a year ago because I got tired of the site for a number of reasons and it wasn't worth it for me anymore. However I'm a big believer of giving back, and I did learn a lot from this site and from a few of...
Are there any differences in the type of person that works and the type of work on a credit exotics vs interest rate exotics vs equity exotics <span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading</a></span> vs fx exotics...
So I'm a non-target as it gets. I grinded to get this offer and now I'm really scared. I feel stupid meeting with the seniors in the office. I honestly have no idea what they are talking about half the time the other time I'll pick up a few keywords. How do I get ready for this...
A few weeks ago I was introduced to a friend of a friend who works in strategy at ABCD. This person disclosed that their firm's most profitable trading desk was the freight desk, and that freight traders on average are the best paid. They added that it's been this way for a...
Hey Everyone, I've been a longtime reader of the forum and just want to thank everyone for all the helpful information I've found throughout the years from undergrad to my first internship and onto to being a sales and <span class='keyword_link'><a...
Assuming that the Salesman is well versed in the product and markets, if a Salesman disagrees with a position that a Trader is trying to take, what exactly happens? It must be a tough spot for a salesman to be pitching an idea he doesn't even agree with to likely knowledgeable clients.
Zerohedge has a copy of a 61 page research report that <span class='keyword_link'><a href="/company/citigroup">Citi</a></span> released yesterday about the the FICC <span class='keyword_link'><a...
Alright Monkeys, my perusal of this site is intermittent at best, apologies to anyone who has already posed this topic, but 2016 was a kick in the nut sack of a year. I don’t know how I will ever recover from such an awful election and the loss of so many famous people. HORSESHIT! No, my...
I'm having some difficult hedging spreads that aren't moving in linear, especially with the forward curve not being smooth due to seasonal changes. How do you guys hedge your bigger sized positions? Possibly hedge it off with a different spread, possibly using a correlation /...
Hey fellow monkeys, I'm really hope to work in a quantitative hedge fund (I find the intersection of finance, computing and math super interesting, have been trying to learn how to create <span class='keyword_link'><a...
Does anyone know what the standard salary is for their graduate programme? Has anyone received an offer yet?
So I know this isn't exactly "<span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading</a></span>" but I couldn't find a commodities section on here and in terms of commodities I like to think of it as my...
Hello <abbr title="Wall Street Oasis">WSO</abbr>. I just accepted an internship offer at a top bulge bracket bank for <abbr title="Sales and Trading">S&T</abbr> this week. My only issue right now is that the internship is NOT rotational so I have...
And is it a prerequisite? I'm passionate about <span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading and I</a></span>'m a social guy, it's just that getting drunk isn't something I like doing? I hate...
After going through the interview process, the OP shared the final round interview experience with readers of WSO. Check it out below. <h3>Jane Street Capital Interview Process</h3> Before the interview <strong>I went through five phone interviews before they invited me...
First time posting here and I'm not sure if this is the right category; apologies if it is. I've been interested in trading (primarily Forex) for a number of years and I just became serious about making it a career. I've been backtesting a system that I think is pretty good, but I...
I've read plenty of threads on this forum asking questions along the lines of "which desk is most profitable/more desired/"baller"/allows me to start a supertight hedge fund in X years/prestigious/has the best upside and opportunities etc". The answer is NONE of them...
For many, institutional sales offers the best of all worlds: great pay, fewer hours than in corporate finance or research, less stress than in trading, and a nice blend of travel and office work. Like traders, the hours typically follow the market, with a few tacked on at the end of the day...
One thing that a lot of students falter with during interviews is the <span class='keyword_link'><a href="/finance-dictionary/trading-overview">trading</a></span> idea. Im writing this post to help some of the monkeys currently preparing for interviews...
Feel free to post deadline dates and whether or not apps are open on here and I will continue to add. As you can tell, I have more names to add as well so just let me know who I left off and I will add: <span class='keyword_link'><a...
if your looking for energy focused internship my bud's shop is hiring. He just sent me an email looking for resumes... pm me for details..
Dear Tea Party Congressional Representatives, In 2010, a group of conservative, libertarian and populist voters revolted against a consortium of moderate Democrats and Republicans who had slowly been chipping away at the rights of everyday individuals for roughly twenty five years. They...
Hey everyone, Just received a <abbr title="JP Morgan">JPM</abbr> Markets <abbr title="summer analyst intern">SA</abbr> 2019 Superday in <abbr title="New York City">NYC</abbr>. Date is very soon. Any idea of what to expect/does...
I've received and accepted an offer to start as a trader at a prop shop and while I have a decent understanding of my day to day job, I'm realizing I have a lot of unanswered questions about career path. I'm hoping you all can give me some insight. I don't want to name the...
my worst mistake...my first real job in my trading career at a new ibank on the Treasury Trading desk (was my 2nd job in a trading seat, but the 1st job i was the junior guy and didn't really take any significant risk, and didn't have a P&L budget to make), so i was making about...
Looked through the forums and couldn't find a lot of info on Structuring. What do these guys exactly do and does anyone have a "day in the life" of a structurer. Am I able to switch to trading and how are exit opps (want to go to buy side/hedge fund later)? This is for...
Not a credit trader, but trying to better understand career prospects in this area and what it holds in the future. 1) My understanding is that single name <abbr title="credit default swap">CDS</abbr> is only pretty much active for financials and some sovereigns. What...