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What's your background?
I hail from spain, sir
Does it snow in Spain?
sure
When starting in energy shops, it seems one usually has to go from BO/MO to FO e.g. scheduling/risk/accounting to real time trader to term trader etc. Would it be the same at BBs? And would one be expected to start in BO/MO at a place like Glencore as well?
AFAIK Glencore and Vitol as well you go thru that route, yes.
Either that or they hire experienced traders.
it depends as every shop is different. lots of places send their guys through back/mid/front office roles and some dont even get front office roles while some dont get back office roles.. its all different for every shop
i dont work for glencore so no clue.
How's it done at your shop? Are undergrads ever placed straight onto trading desks there?
we have new hires in back office, mid office and front office. we also have people in rot program
How difficult is it to break into energy research, if you're coming from a buyside RA position in public finance? Understood they're totally unrelated, which is why I'm thinking I am probably pegged!
Do many people get into energy after they're 25, or is it more of a "from the start" sector?
Thanks and cheers to a very, very slow day.
i know people in energy research from different backgrounds. all tend to go to good schools and have good grades. know a few that were over 25... few bb's were looking few months back
we are still looking for summer interns
great...how do I apply? I remember a while back that you were only looking for people in Texas. Is this still the case?
we are taking resumes
Where should I forward my resume? Definitely very interested.
pm me
What product do you trade?
what product do you trade?
Haha well played. Will be FX Options. You?
power/natty/wind
if I have a lot of tacos for lunch release some nat gas
Haha. Physical I'm guessing?
20 posts before the fart jokes start on the trading thread...
nice...
real nice.
you dont show all your best moves in the frist round.. like LL said MAMA SAID KNOCK YOU OUT
correct
lol... amazing.
nice of you to be taking resumes from WSO monty.
i came on here over 3 years ago when I was starting my career in s&t... best I can do is pay it forward.
Cool, it's something I know little about in any real sense. I'm curious, how often (if ever) do you see traders switch the product they trade... like Rates or something to commodities. Does that happen in your experience?
I did it after a year in fixed income but I came in as the same no exp analyst. It can be done and sooner would be better. I think everything in terms of career and growth depends on where you are trying to make it happen at. Timing is more important then anything else. I can go into this more if you like.
That's what I mostly figured. I don't know if you have experience, but is it more common for Options/Vol traders to change products? This is just curiosity, I really like the product I am in.
then dont leave. never jump on the new new thing if you like what you are doing... I like lemon heads.. love them mofukers..... all kind of other cooler lemon flavored candy but my lemon heads come strong.. ride out that job until the wheels fall off..
That's what I intend to do haha
Hey Monty,
Nice of you to take resumes. Mind taking a look at mine? Check your PM. Thanks!
What kind of work you ppl give your interns anyways? Besides picking up the tacos that is.....
picking up tacos is a full time job and already manned. i doubt that job will be open anytime soon. i dont even order anymore.... I type over tacos and he replys "HHMMMM"
Why the good old days in energy trading gone?
ladies and gentlemen... the godfather has blessed us with his presence.... MCMO...how are you sir?
What are Wednesdays and Thursdays like at 10:30 for you?
Monty,
I emailed you last night. Thanks, justin. Great thread by the way.
I doubt Wednesdays are that exciting since Crude prices are pushed by Macro events and evil terrorist folk.
I agree with McMo, where is the En-gage/Duke/Dynergy and trips to Treasures these days....sick of hearing about them....
lasty monty tell me why can't somialian pirates hijack LNG ships?
adehbone ever watched crude trade at right when the DOE releases its weekly report? Fortunately i asked Monty the question and not you.
Monty doesn't trade crude bud, also yes I see how crude trades every Wednesday. I was mostly joking by my post, relax there bud.
Realize i said WEDNESDAY AND THURSDAY. Wednesday = Crude & distillates Thursday = Natty. They are all inter-related anyway. Your original post didnt sound like you were joking either.
i am in bed by 10.30
You off hourly now? Or is that a.m.? haha
Seriously no more trips to Treasures!! From the stories I hear admins use to be hired right off the poles. All the ex enron people are senior and boring. Houston has gone PC. Monty09 for some reason I don't get will really go out of his way to help people looking for a job so be nice to him he is a good guy.
"lasty monty tell me why can't somialian pirates hijack LNG ships?"
adehone you are spot on man. I would love for some somali pirates to jack some of those tankers along with a good hurricane or two in the gulf this year.
"What are Wednesdays and Thursdays like at 10:30 for you?"
trade4size - I know you asked Monty but a trading floor is a trading floor.
Natural gas won't get too much of a jolt from the crude release on Wednesday. Thursdays are generally exciting its 9:30 central time when the gas inventories get released and our bsd NYMEX guy will normally shout out the number to the floor. Depending on the number people either shrug it off and don't pay much attention or watch the screen run up or down .30 - .40 cents in a matter of minutes. Guys will jump on any opportunity they see in the NYMEX or basis markets. Lately as inventories have finally come down to less than year on year and closer to the 5 year average things have been dull. Gas is sort of trapped right now. Last summer and fall inventories were approaching physical capacity and gas would get crushed if the storage number came in higher than expected. Spot gas got weak enough where it started displacing term coal in the power gen world. Those Thursdays were crazy.
earned yourself the king.
Monty:
What advice would you give for an experienced hire with looking to break into trading? MBA? Assume 5 years of work experience.
Experience doing what?
Advice for someone with 5 years of unrelated work experience? (Teaching, etc) And advice for someone with work experience in finance, but in a MO/BO capacity?
Depends on the experience still. Like teaching what energy, mining, economics etc...
Also big difference between risk, back office, middle office so on....
Need to be bit more clear still.
seconded
Hi Monty,
I have the same question-- how do I break into trading with unrelated experience (corporate finance program for F500 technology company)? I graduated in May 2009 with a BBA from Michigan and started soon after but am looking to get into trading. I've been brushing up on option theory/statistics but am struggling to find ways to break into it.
Thanks for the help-- much appreciated.
What do you feel about working for Sempra - CT?
TONS of turnover there recently in Gas/Power, mostly to Noble Group (Also in CT, I believe). Probably something to do with the uncertainty of the JV w/ RBS going forward. Looks like RBS's stake will be bought by SOMEONE (MacBank maybe?). Also, can't remember where I read it, but there's the possibility of them continuing with RBS, but scaling down size so that they don't require as much capital for collateral requirements.
My feeling? Risky.
Monty,
I saw that you were in energy trading, power/natty/wind. I live in NY and I am working for a small CTA trading commodity derivatives. I am looking to relocate, and I want to get into the energy trading business specifically.
How would you recommend going about that?
Thanks Monty for the help!
pm me direct questions
to everyone starting their internships or full time in coming weeks... stay focused, work hard and learn as much as you can. good luck
to everyone else not in energy trading or banking this summer... keep working hard
Oops
you a fool.. that was funny
Monty09, how much is the standard rate for the following sexual favors from a mid-range prostitute in Queens:
-Blumpkin -Houdini -Cleveland Steamer
Also, do most prostitutes offer group discounts? Thanks!
male or female?
Trannies, I thought that was obvious, sorry.
hahah
man monty's threads on here are slowly becoming NSFW.
agree but all so fun
Yea, you gotta get past the serious shit sometimes :-p That's how you build relationships and start networking HINT HINT :-p
Well, now this thread feels slightly more gay and less cool, sorry.
Monty,
What's on your daily reading list?
mw daily mw daily - europe gartman gas daily barcap, citi daily report bloomberg.com chron.com cricinfo.com (for the cricket news)
monty where you from? your reply to the first question on this thread is "from spain". i took it at face value. spanish people into cricket now?
ps - thanks for the list though. good thread, too.
Is your username inspired by the 25th hour or Monty Python?
either.
Monty09 was born in Bama in 2002. I played baseball in college and some solid nicknames are born on a baseball team. We were in bama playing and at the hotel ran into some rather "large" women. We were in no way interested but one guy was so we played wingman for him. Really we just chatted with the girls while he got her number. Well, the other ladies started to ask why where we were staying? what time did we play? what was our room number? One guy thinking fast said we already played, staying at hotel across town and his name was D Wanye(tell me if you dont get this joke). Next guy said his name was Skip and for some reason I said my name was Monty. Well it stayed and for the next four years we were called by those names.The "09" is simply my number from little league, high school and college. Why "09"? My coach gave it to me in little league and if it aint broke, dont fix it.
Skip and I roomed together for the next 3 years of college then 1 year after. When you spend as much time around the same people you learn some funny stuff. For skip i learned 3 things... 1. he loved baby powder 2. he thought his singing was a "panty dropper" 3. if you came inside on him you better be throwing 95 mph plus... I saw this kid twist the lid on a lot of pitchers.
Monty,
Are MBA's (or any of those other business related masters programs) a sought after goal among traders in the energy industry? I was always under the impression that traders didn't require a graduate degree to advance their careers.
depends. I am applying to grad school but because I wanted to leave trading. If your looking to trade no advanced degree is required and most mba's will never trade anyway. Of the 15 or so mba;s I know.. only two are trading
Thanks.
Why do you want to leave trading?
Whats the most important economic indicators for Nat Gas and Crude besides storage...
right now I have a slight plan but its highly interchangeable. i dont care about greener i care about change
anyone that knows me will tell you I really love my job and everything that comes with it... however I also love my family and spending time with them
do you prefer target or non target girls ?
smart and with some internships is best bet for all...
How long do you think Nyjer Morgan will be suspended for? I thought that was one of the better baseball fights in a while but this is strike two on the guy for a temper problem.
would guess 60 then he will appeal... pay fine and seat out 3-5....
i been in one fight before on the field... i dont mind a little passion...
in was not done right... you bean a guy on shoulder and move on... happens .. you dont play chicken shit and throw behind, at head or at feet
Agreed. The only problem is he is already in hot water for something he did to a fan. I think the clothesline he got from the 1B was punishment enough, but we'll see what Selig has to say
selig has to step in with a stiff ruling but he will appeal. pay fine and get off... end of day their union is stronger then school teachers
Whats an average pnl for a flow trader on ur desk?
depends.... 4-8
is that 4-8 million per year? A friend told me some associate on his desk (a BB FI desk) had a pnl of 38 million ytd and i don't know if this is believable or not.
i believe it but on a phy power desk your total PNL for desk is maybe 50 million... you may have 5-10 traders working on that goal...
firms strong on the phy side will be looking for 100 from nat gas and 100 from power... not a rule but general idea.. firms big on the paper can be 3x-10x that
certain firms swing bigger
and you haven't seen pnls on rates desks
Great thread, thanks for sharing the knowledge, Monty09.
I have a question regarding full time offers, etc.
I was an SA at a BB where I received an offer to join a rotational program next summer (2011). I would most likely end up in middle office. However, I have been shopping around and will be doing a superday interview at another BB for Sales and Trading.
1) Any recommendations on how to prepare for a S+T interview if I have no S+T experience and how to get more S+T interviews?
2) Should I tell the bank that gave me an offer that I am interviewing for S+T roles and see if they are willing to let me interview in their superday for S+T or will they hold this against me?
What is an average pnl for one trader on a rates desk? And how much bigger is bigger?
pm me any direct questions
i will be addressing my gs lehman choice tomorrow
any trading war stories - maybe the widowmaker?
few
Let's start this baby back up. I am home and open for questions
What does Greek food entail? No, I'm not putting that question into Google. You said you know about it. Tell me.
Nikos nikos in Houston. All the education you need
still in the process of leaving trading and going back to school?
Si
How does someone interested in trading choose a product? Should you actively research or just be willing to take whatever might come your way?
Internships would be best bet as you can see a few things. If you are past that and in an analyst/assoicate program dont limit to only trading. Check out a few different areas that fall under s/t and ask ask ask questions to get a better idea on how various groups make money.
What are you looking to do next with your MBA/Graduate Degree?
HR
Great thread monty09.
I have secured a job as a Derivatives trader at GHF group in India.My aim is to end up as an equity Portfolio manager someday.I'm really into fundamental value investing and an admirer of the Buffetts and Lynchs of the financial world.From what i have heard and learned most of the PMs come from ER or IB.Rarely do traders end up as PMs.My questions are :
I might be able to get a job at an equity research startup. Would this be a better route towards my ultimate goal?
This trading firm deals only in derivatives.What product(s) have a close correlation to / are traded like equities?
I plan to pursue an MBA from US in about 3-4 years time.How is trading work experience viewed by adcoms?
What do you think of Middle office Risk Management roles at BB (Deutsche, CS, Goldman etc.)?Where do these guys end up.Would it be better than Trading workex?
Thanks
What's the best ice cream brand and flavor?
BlueBell Homemade Vanilla
Best answer on WSO.
Best Books For: 1)Options pricing 2) Futures trading 3)Elliot Waves (if you believe in it)
tons of better people to ask then me.
Que tan importante es hablar muchos idiomas en el area de trading de energia?
english please
How important are languages in energy trading?
they are not
I've met you in person, and nothing in your background suggests that you have even come across Cricket. Where does this interest come from? What are your favorite team/players? Do you play yourself?
islandoffmorocco wrote: monty where you from? your reply to the first question on this thread is "from spain". i took it at face value. spanish people into cricket now? ps - thanks for the list though. good thread, too. THAT WAS A RIP ON MR DEEDS AND THE CRICKET IS A RIP ON THE BEACH
how many times have you seen the beach?
1-2 times a day my junior and senior year of college. My roomie LOVED it.. like he ordered a movie poster off ebay and put in his room
Have you had BlueBell Buttered Pecan?
Why did you not show up to the WSO happy hour?
was busy in town
what is the difference between power trading at an energy house and a bank?
how does wind trading work?
in what sense?
is it OTC only? who's the counterparty? (wind farms?) is it limited to a single location? is it both futures and options?
Do you think Specs is like heaven or that heaven is like Specs?
win win either way
Very good question! I might add, Specs is the shit!
Is this a good path to energy trading?
Undergrad in Petroleum Engineering with minor in Energy 4-6 years military MBA from top school
Could someone with this background land a job trading energy?
you could do it at every stage in that path
Would the MBA be worth it?
way to many factors to tell....
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