KungFuPanda

Dude_CFA Wrote:
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> Bit of a cliche all this trader stuff. How do
> these guys get in the door? You don't just walk in
> and start trading because you are street smart. A
> lot of mythology really. Here is street smart for
> you: use the information advantage that your firm
> possesses to make money. Flows / order books /
> unwitting clients etc. It is not because you are
> really something extraordinary, maybe just willing
> and able to use the information advantage at your
> disposal. It is about having the odds stacked in
> your favour and being given the opportunity to put
> capital at risk to take advantage of this
> fortunate circumstance they find themselves in.
> The rest is time and place. Ok, you have to have
> cojones to put on the risk, but the amount of blow
> ups suggest that they weren't street smart after
> all, just overly confident. Explains why all
> traders need an independent risk manager to stop
> them doing it more often. I accept that you have
> to have a certain amount of nous to use the
> privileged information at your disposal to your
> advantage. This is why CFA is of little relevance.
> Why have some theory of markets to fall back on,
> when you can buy a can of pop at $0.5 and sell it
> to a consumer at $1. That's all we're talking
> here.

I agree, might as well just get a job at Goldman.