Comments (9)

Apr 18, 2019

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.

Apr 18, 2019

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!

    • 1
    • 4
Apr 20, 2019

how about research roles within the S&T division?

Apr 20, 2019

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.

    • 1
Apr 20, 2019

super easy to get a pdf of hull no need to pay

Learn More

Boost your resume and land a finance job by passing the FINRA SIE. 264 pages & 1981 smart flashcards written by a former 8X top Fidelity instructor. Try it for 0 bananas here.

Apr 21, 2019

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-hed...
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...

Aug 3, 2019

Reminiscence 100%. It's the best trading book EVER. Will also introduce you to some of the jargon.

Aug 6, 2019

1) Open an IRA retirement account at TD Ameritrade (its free) and put a couple hundred dollars in there.
2) Then go into the market data section and request realtime stocks and futures data
(this is free for retirement accounts)
3) follow zerohedge on twitter (use tweetdeck, so you can see the full feed in realtime)
4) install thinkorswim on your computer (the free TD Ameritrade trading platform), login, and then and on the charts tab, create a grid with 6 boxes, so you can see the charts of 6 securities at the same time.

setup the following grid, all 5 minute charts.
/ES (S&P 500 futures)
/ZB (US treasury bond futures)
USD/JPY (the FX pair)
/GC (gold futures)
/CL (crude oil)
your favorite stock

add more charts as you want to follow more securities...eventually you'll want to add more monitors so you can watch more securities.

Now, watch how securities react to the news feed (zerohedge on tweetdeck is a realtime global macro news feed). Also watch how the securities react to each other. You will see that sometimes they are correlated...sometimes not at all. Depending on the news you will want to follow other securities.

This is pretty much a fulltime job...there is no way to do this looking back, because markets are a living breathing thing...they move fast...and rarely can you trade today off yesterdays news. (well, you can, but you'll quickly go poor)

This is the best way to learn about trading. Also, use your money in the IRA account to trade stocks...there is no better way to focus your attention like a laser than having skin in the game...as much as you can reasonably afford. Try to make money trading.

just google it...you're welcome