Classes to break into Sales & Trading
Are there any good classes to break into Sales & Trading?
I want to learn more. I bought some of the books recommended by some of the other threads, but want to get some better insights.
Foreign Exchange: A Practical Guide to the FX Markets by Tim Weithers wasn't too helpful. It just wastes pages but putting in pictures of money and listing out the currency codes and doesn't talk about how actual trading is done. Option Volatility & Pricing: Advanced Trading Strategies and Techniques was pretty dry and seems very dated. It's just hard to go through.
Has anyone here taken the Wall Street Prep Sales & Trading course? They have one in two weeks in NYC that I'm thinking about signing up for.
I know WSO has a review on their modelling courses for banking - but how are they for S&T? It's a lot of money but there isn't much out there that seems helpful. Taught by former S&T people and seems to be taught at major banks which i think is worth the money if that is the case.
Any other ideas on how to learn more to break in?
Follow macro guys on twitter, lots of good conversation and trade ideas
Who do you follow?
There isn't much out there that has much edge (why would you publish it?). I work in commodities trading and learning how infrastructure owners (e.g. natural gas storage/pipelines) optimise and risk manage their assets is an important first step. This is partly why graduate schemes at majors are so valuable.
Otherwise I would suggest books that encourage probabilistic thinking and having some skin in the game.
I am curious as to why macro guys tweet their views. I can see long short guys rile up Elon Musk. Goes back to the question of why give away an edge unless you have a position and want people to move in that way.
Thanks for the tips so far. Any other suggestions would be great. I may just sign up for the wall street prep class to learn a bit more. Can't hurt to do all of the above.
Because it’s not giving away their edge. If someone has a view that the 5s30s curve is going to steepen, or the euro will weaken it will take 10s if not 100s of billions for the market to move that way.
It makes sense for them to put out their view and let others challenge their thesis
Agree on generating discussion but spazzing views out on Twitter? Ideas should be worked through with analysts and traders. A view is different to a proprietary strategy, but I suppose it depends on your definition of trading.
For me, helpful classes in college were computer science courses and higher level mathematics and statistics. Depending on which product you are interested in, accounting/finance courses were somewhat useful for my interviews (basic credit/equity fundamentals). I can’t speak to using outside courses, but none of my friends and I found it necessary, and we all got jobs. Otherwise you're doing the right things. Read markets/trading books on the side and keep up with WSJ, Twitter, etc. Odds are none of your professors were former traders, and therefore could not provide the same insight that some solid literature could. PM if you want some of the study guides I used. Best of luck.
If you are interested in FX and more specifically FX options I found this book very good: https://www.amazon.com/Derivatives-Trader-School-Wiley-Trading/dp/11189….
The topics are all applicable to real sell side FX options desks.
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