Do SAs in S&T actually do any trading?
Do SAs in S&T do any real trading or is it more research-oriented? Can you get summer internships in prop trading?
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of course not. that would be insane (and illegal since they aren't licensed). and there is almost no such thing as "dedicated" prop trading desks at BBs any more with the exception of goldman. and besides, a prop trading desk isn't where you go to learn- I think that should be pretty obvious.
No you can't do any trading, because you're not licensed
Sometimes the trader will let you take a position but you won't execute obviously. We got to buy/sell a lot (1000 barrels) on a commodities desk. The position could only be held for a day though and we had to use a stop loss. It was still better than nothing.
You'll get to trade money for Starbucks, your dignity for almost constant abuse, your sex life for insane hours...
Trust me, kid. You'll be trading all the time.
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Heard a story of a Currency trader at Citi/DB cant remember which who pestered his boss 4 times a day with trading ideas during his SA stint. Rumor has it he was actually allowed to run a small book for the summer. He made the Trader Monthly's "30 under 30" list for 2008. Will try and find the article.
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
As Promised.....
From Trader Monthly September 2008
Jeff Lo Age:25 Firm: Citigroup City: New York Trades: Currency, rates, and commodities
Growing up in Hong Kong, Lo heard about the world of bank prop trading from a family friend. Those seeds planted, he made his way to Manhattan, attending New York University as an economics major. After his junior year, he applied for an internship at every major bank on Wall Street. "They all turned me down," he recalls. "Except one."
Lo got that shot at Deutsche Bank, interning one the firm's forex desk. Within a month (he spent his first four weeks e-mailing his boos, Maura Craven, three times a day with trading ideas), a million dollar limit was his to exploit. In the next two months, he generated profits totaling several hundred thousand dollars for the firm.
"That experience sealed it," he says. "I knew prop trading was for me."
In the spring of 2005, still a few credits shy of graduating, Lo snagged a pure prop-trading job at Citi on the firm's Global FX desk -- that family friend from years ago, Wayne Chang, worked at Citi and helped open the door. Lo made the most of it. Mentored by Street veteran Jeff Feig, Lo now runs positions totaling notionally, hundreds of millions, trading everything from spot dollar/yen to Eurodollar options. "My trading style can't be put in a box," he says. "Yout can't trade currencies these days without looking at equities, commodities, rates, everything - it's all intertwined.
"My boss likes to say that if you're comfortable, you probably don't have enough risk on," he adds. "We push it."
"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.
If you are a really good SA, the trading desk might let you be a liaison between the salesmen and the traders by booking trades throughout the day. Therefore, the traders can focus on trading the flow of their book. This is great experience but if you fuck up, you'll get reamed by the MD.
got to do this for a few accounts when salespeople were out for lunch and the desk was undermanned
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x
isn't trader monthy the same one that had zach michaelson and timothy sykes on the cover?
replace "trading" with "work" and the answer is still "no"
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