Books/Research/Anything to help prepare me for Proprietary Trading job in New York?
Hi all, I am a senior in college and I graduate in May. I am thinking of starting a position this summer at a few different reputable prop trading shop in New York. Does anyone recommend any books/research/articles/advice to read and prepare for before I start that have been in the prop trading career?
What are you gonna trade?
Purely Equities
Other recommendations are pretty decent. I don't know too much about the equity prop trading space. I was kinda under the impression that space is mostly occupied by HFT/algos.
A trader can never read enough. Read everything.
Chances are, lot of what's taught to you at the firm (especially in regards to primary strategies) will deviate from readings. I was in the same boat as you when I tried to read as much as possible before starting the job only to realize theory != real-life scenarios.
That being said, definitely does not hurt to read and it's always n n+1 books. Knowledge goes a long way. I thought it was more of the insights that were helpful moreso than the nitty-gritty trading details.
Learning Material/Insight Market Wizards by Shwager New Market Wizards Shwager Intelligent Investor by Graham (This is more of a investing than trading book, but still a classic read) Options, Futures, and other Derivatives by Hull Japanese Candlestick Charting by Steve Nisson
Anecdotal: Liar's Poker by Michael Lewis Big Short by Michael Lewis Flash Boys by Michael Lewis (I guess I'm a big Michael Lewis fan or he's just a decent author) When Genius Failed by Rogerlowenstein Reminiscence of a Stock Operator by Lefevre
Just a bit to get started. I have a much longer list if you ever exhaust the above. Edit: While I don't discourage reading one bit, I would also spend time improving coding skills, depending on how systematic your firm is. Discretionary strats are dying (still existent) and quantitative skills are becoming a baseline necessary to survive in this industry during this era. Just my 2c.
i interned at a options prop shop in college. They had us read Option Pricing and Volatility by Sheldon Natenberg and Thinking Fast and Slow by Danny Kahneman.
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