Community College to top MFE program to become a wall street quant trader?

[Vlad S]

Well I wouldn't lose 10 million period... I cut my losses.

I only have 7 years experience but its been a full time job none the less for the past 5 years.

Hard work im not even worried about. I am a hard worker and very ambitious.

 

[euroazn]

Well I wouldn't lose 10 million period... I cut my losses.

Suppose the shares you were trading suddenly shot up, so that if you hadn't cut your losses, you would have gained 10 million? What then?
How would you explain yourself?

 

[tylor]

good luck! let me know if you transfer to u Pitt

 

[Joy Pathak]

Well I wouldn't lose 10 million period... I cut my losses.
.

Wrong answer.

You went to the bathroom. When you came back everything defaulted. You have had no time. What would you do then?

Also, so you're saying you have been trading for 7 years?

 

[Vlad S]

I've been trading real money for 5 years, but spent 2 years just virtually trading. Anyway its never happened to me although the other day a stock I bought jumped 19% the next day. And if thats the wrong answer then what is the "right" answer? All I know is I would never even risk 10 million in a trade so how would I ever lose 10 million? Unless I was a billionaire, but even if I was close to 200 million I would just invest in SOLID underpriced companys rather than trade... And ofcourse back in 08 that week that the market crashed hard I was long but got out went short made a profit covered then went long and you know the rest.



tylor you go to PITT? How is the whole finance/computer science/math programs? What type of internships do people land there?

 

[euroazn]

All I know is I would never even risk 10 million in a trade so how would I ever lose 10 million?

Wait, isn't that what professional traders do...?

 

[Vlad S]

Not on anyone trade or maybe they missed the lesson on risk management? Im talking about prop firms. They may make up to 10K a day average if they are really good. All I know is I would love to run and manage my own hedge fund or prop firm in the future. As a hedge fund manager I would make the the trading/investing decisions. In a prop shop things would be a little more different. Anyway, I would never risk losing 10 million on 1 trade anyone who would needs to do some basic reading on risk management. Or maybe they are just so rich that money no longer matters to them? If thats the case they should just retire.

 

[tylor]

tylor you go to PITT? How is the whole finance/computer science/math programs? What type of internships do people land there?

i'm an I.E. sophomore, so i can't really comment on finance or computer science. i have only taken basic c++ as of now, and will do some more coding in the future. i am minoring in economics. math is math no matter where you are in my opinion. as far as internships go... fairly non-existent i'd say. the school doesn't have any amazing relationships with banks - there are only a few locals banks, and i think only a handful of students have gone directly to nyc. you have to do all of the networking yourself. to be fair, i feel the number is small because there isn't a large amount of students at pitt interested in doing so.

i am going to try my best to pave the path for future students, perhaps help establish a roadmap. i have my own plans for succeeding from here, i can let you know how it goes if you're interested. you would transfer in 2 years i guess?

 

[TBeas]

I honestly think the number of trades is irrelevant. Assuming you already had millions of dollars invested, but then suddenly the market declined in such a way that you lost $10 million and didn't really have an explanation. Consider that.

 

[Joy Pathak]

Not on anyone trade or maybe they missed the lesson on risk management? Im talking about prop firms. They may make up to 10K a day average if they are really good. All I know is I would love to run and manage my own hedge fund or prop firm in the future. As a hedge fund manager I would make the the trading/investing decisions. In a prop shop things would be a little more different. Anyway, I would never risk losing 10 million on 1 trade anyone who would needs to do some basic reading on risk management. Or maybe they are just so rich that money no longer matters to them? If thats the case they should just retire.

You're not making sense. If you're a hedge fund manager, in this day and age, you will have ATLEAST 100 million portfolio at MINIMUM. 150 ish is like the bar right now to get into the hedge fund business. You're telling me that there isn't a possibility of 10 million on one strategy? You're going to diversify so much that you have only like 10K on each strategy? How many people will you hire? With 100 million you can't hire more than 2-3 along with yourself.

Anyways, the numbers as mentioned below are completely irrelevant. This question is a relatively common interview question for traders and usually a person who is gonna make it as a trader is caught on right away with the answer to the question. It is assumed that you have the best risk management in the world. But anyways, good luck with your applications and hopefully you get into a university of your choice.

 

[alain]

The latest comments remind me of these:

 

[Joy Pathak]

The second video is hilarious.

 

[parab]

Dear Guys,
I am an indian. by profession I am a Fx & Commodities trader in an Indian firm. Being in early 15yrs of my ageIi started learning and trading somehow with small amount and gradually got nice skills after 5yrs.Its just that I am eagerly searching ways to expand my horizons from being a prop trader towards a fund manager via CFTC route or something in coming next 3yrs to 5yrs. I am not very good in quant (m not an engineer) so I thought to pursue CQF which is referred to me by a senior of mine and then to get into a quant school. But sorry to say that I dont want to get into hard core quant but still willing to trade CDS,fixed inc arbitrage,fx,commodities and invest in equities, etc as I am doing arbitrage trading too along with directional trading. I got motivated again by reading the life of an emerging market trader and other article which made me stand and post on this forum. so I would be very very greatful if you experienced guys can help me by showing me the possible way becoming a hedge fund manager and rest I will pave the way towards it.
points for getting an answer
do I need a quant school or an mba or a mix of both? (getting into hard core quant is tough for me to understand)
how to proceed to get a prop job in singapore or any other major city?
what qualification is useful as I am already in CFA usa course.
thanks a lot for reading and hope you will enjoying answering me and conversing further.... lemme me know if i cam mention my id

 

[Jayanthan]

Every ivy league graduates want to become hedge fund manager. I don't think, there might be some road maps which will make you a Hedge Fund manager. In America, school teacher/doctors/ college dropped out became hedge fund managers.

I don't think that, you can go to school and become hedge fund manager. It is something beyond conventional wisdom. I wish you the best of luck.Chase your dream.

 

[mfegrad]

sweet thread resurrection!