Goldman Sachs Algo Trading - Day in the Life
ฝัง
- เผยแพร่เมื่อ 10 ก.พ. 2023
- I worked on the Equity Algo Trading desk at Goldman Sachs for a little over two years, and I thought it would be helpful to share what the average day looks like on a trading desk for anyone who is interested in exploring a career in Sales and Trading on Wall Street.
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Hey Chris, Thanks for posting your experience. It felt informative to someone like me since I trade fulltime but privately and have never worked (or been) to wall street. The reason its worth it to hear a view from the inside is that it helps to create a first-hand reference to how trading functions within big institutions. You do a great job at giving that perch without even revealing any proprietary information. I hope to continue to follow you to help us all become better at this amazing world of trading.
Thanks, I really appreciate that and I’m glad you found it informative!
Thanks Chris. I worked as a trader as well. Great job and very exciting even a few years in. I got a little burnt out due to studying for the CFA exams after an 11 hour work day. It's pretty admirable for some of my colleagues in IB and Trading to have cleared the exams with work.
Yeah that sounds like some tough days studying for the CFA while working. I can see how you could get burned out!
This guy is a former institutional trader and he's not here selling any courses, this shows that most the trading gurus are just scams and young people should avoid them at all cost.
Thanks brother!
Hey Chris,
Your channel is a terrific resource. This honestly made so excited for the future. Really, couldn't have found your page at a better time. I hope you continue to grow it in your spare time as you begin med school. By the way, congrats! I am a university student at UT Austin and decided quite late in the game that the film and television industry wasn't going to be my first pit stop out of college...S&T career options have been one of my top interests and I am looking for some strategic direction and advice (also considered the military as my family are all veterans). Anyways, I am planning to book a 1-on-1 consulting session with you here real soon and wanted to quickly introduce myself. Thanks for all the info you have provided. Hope to talk soon!
Hey Austin, great meeting you! I’m glad the page has helped. I just sent you an email and a message on the platform you downloaded the resume template!
As a student I appreciate u a lot for making this video. Keep up the good work my friend👍🏽
Thanks you for the kind words, will do!
This is very informative, thanks for sharing.
Absolutely! I’ll be doing more videos on working at Goldman Sachs, the stock market, Wall Street, sales and trading, algo trading, etc., so stay tuned!
Hey Chris! This video was really informative. I have quite a non-trad background. Studied PoliSci from a non-target while in the Air National Guard then worked a few jobs in different fields (medical, legal, etc) and managed to get into a Product focused development program at a larger bank. I am curious to learn more about; 1) those that you worked with that came from those non-finance majors, 2) how you leveraged your military experience to get into S&T and 3) the core skills that would make someone without a finance background marketable to a trading group. I have been networking at the bank I am currently at but I know I need to build out that foundational knowledge to show that I am serious about the endeavor. Any info helps! Thanks!
Hi Micah, that's an impressive background! First of all, I really don't think it matters what you major in from what I can tell. I majored in Accounting but like I said, I knew a ton of people who majored in everything from the arts, history, poli sci, finance, etc. Networking is absolutely the key. When I first started, I knew no one who worked on Wall St, much less at GS. I started my networking journey asking people that I knew who might have a secondary or tertiary connection to anyone who worked on Wall St or knew someone who did, and to see if they would make a connection. I only found one person in my direct network who did, but that was enough to start weaving a wide web and rapidly increase my network. After talking to that one person they graciously introduced me to someone else, and so on and so on. Next, I leveraged Linked In like it was google to look for people working on Wall St with similar backgrounds to mine (university, veteran, hometown, etc). Really the most productive niche that I was able to leverage was the vet network. Hope that helps you in the right direction!
@@Moneyandcareers That is incredibly helpful! Encouraging to know that having that initiative and drive can actually open doors in the S&T arena. Appreciate it. Looking forward to watching this channel grow✌🏼
thanks chris, appreciate your sharing
Of course!
Very clear and precise video explaining everything in detail. I’ve been wanting to transition from a financial advisor to sales and trading. I was wondering it you provide a coaching program or consulting sessions.
Hi Sam, thanks for that! And I think that transition is very doable. I do offer coaching/consulting sessions and an online course that I just launched yesterday! You can check it out here: moneyandcareers.podia.com
Thank you for the video Chris and sharing your knowledge and experience. Very clear, precise and informative. I am an equity trader myself, I worked for clients in the past but now I have ventured off and made the difficult decision to be independent in order to grow. My question would be, do you think it's beneficiary to obtain a CFA certificate whilst I am not employed by someone else and what would you recommend for someone in my position? You have a new subscriber and a like from me. All the best.
Thanks Adam, and good luck to you! I knew a few people who got their CFA while working there, and it’s still valuable, but it doesn’t seem to be as popular or “necessary” as it used to be, but with that being said it definitely wouldn’t hurt. Not sure if you’re in the position to make the time commitment to studying for it though, that’s something to consider.
Hey Chris! Great video, could you make a video specifically more about the difference in an algo trader vs normal trader
definitely! I'm planning to touch on that soon!
Hey Chris. Great video. Really informative. I'm studying Commerce and am currently doing an internship in a Big Four accounting firm in tax advisory. I have always had an interest in trading and was wondering if you had any tips to move from financial services to sales and trading. Thanks.
First off congrats! That’s a great internship to have on your resume. With a little bit of networking and learning a few things on your own, you can definitely make the pivot. Lean on your network that you build during your internship and try to leverage it into connections in S&T. Also, if you want to learn a little more about S&T, I’ve linked some great book recommendations in the description, which are the first books I read to get my feet wet!
You look like you don't sleep a lot lol so that checks out.
Not enough!
@@Moneyandcareersnever enough
Good one brother! Thank you. Guess no trader ever takes a lunch break (or even a relaxed pee break!) during market timings - if he does, he isn't a trader! Lol..:)
You’re right, even using the bathroom was rushed lol 😂
Great insights - appreciate you sharing this. You mentioned that some of your sales calls involve you suggesting new execution algorithms for clients. I was wondering if besides selling the service you also had an understanding of how those algorithms actually operate/execute trades? Thanks
Yes, ha ha ha....good question...
Yes, it was important for me to learn about how they worked under the hood. I could not create one myself, but I was able to tweak them, make modifications (ie make the algo more or less aggressive to search for liquidity), etc. But we worked very closely with our colleagues in development, and if I needed help or felt like something was outside of my skill set, I definitely relied on them. Great question!
@@Moneyandcareers thank you for the response! I know this is not the main focus of your channel AT ALL, but I find this topic very interesting/fascinating & I was wondering if this is something you could consider discussing in a little bit more detail at some point in the future! Thanks.
Nice video Chris. I always wanted to become an Institutional trader. The title of an Institutional trader sounds pretty cool. Can you please tell why some traders do Pit trading. Why do they trade from a stock exchange when they can comfortably trade online from their houses or offices just like others. What benefits does Pit trading give when compared to placing orders from our homes.
There are very few people in the pit nowadays. It's almost all electronic, so a majority of traders are behind their desk at their firm. There still are a small amount of representatives for brokerages and market makers that are on the floor, but not nearly as many as there used to be.
Hey Chris great vid, what did you major in and do you think it was the right decision? Also what majors would you recommend for getting into sales and trading? I am currently majoring in accounting, thanks.
Hey Juan, I majored in accounting as well. However, I don’t think it particularly helped or hurt me. People I worked with majored in a variety of things, from finance to political science. To be honest, if you went to a non target school like me, you’re going to have to network extremely well to land a sales and trading job at a firm like GS. I don’t say this to discourage you at all, it’s still doable. But they recruit heavily from their target schools and the rest have to work hard to get a shot. But you can do it!
Amaxingg🎉
Thank you Aryan!
Hey Chris, great video, if you feel comfortable sharing, what was the craziest reason a client gave you for entering or exiting a trade?
Clients didn’t usually give a reason for entering or exiting a certain position, it all depended on their strategy. They would a lot of times depend on me to guide them through which algo to use based on trading objectives though.
interesting video man!I trade for myself indices and FX so this was an interesting insight
Thanks man!
Where did you learn to trade?
Where did you learn to trade?
Thanks for sharing.Sounds like technical support or sysadmin tasks, without any involvement in trading decisions or assuming any risks.
Bulge brackets are sell side, not buy side dude
Thanks for your video Chris - Really informative. Can you give us your thoughts on using ML in Algo Trading? Is it worth it? Also, what are some of the best resources/start-points for someone to start building knowledge around Algo Trading in general?
I think that it can be integrated but it has to be done very carefully, especially when you talk about doing live trades with other people's money, because one error or bug and there can be very large ramifications. If you want to learn about the industry in general and how the markets have changed over the last decade, I'd recommend reading Flash Boys, I've linked the book in the description!
Long day. Thanks for sharing the experience.
thanks for watching!
Hey Chris, great video. I see that a lot of military folks get accepted easily into top tier MBAs and top Wall Street jobs cuz their backgrounds and perceived leadership skills seem to be highly favored. Should I enlist in the military just to get it on my background and therefore make it easier for me to get these coveted Wall Street roles in the future?
I would say that enlisting in the military just to try to pivot onto Wall St is a bad idea. Also, it's really not as easy as that just because of a military background. Hiring managers really only fall in love with Seals, pilots, etc, bc they've heard of those. Everyone else in the military, they don't really understand what it is that you did and you have to know how to effectively market yourself.
Thanks a lot for all the valuable information Chris. If you have any leisure time to respond, I’m just a bit curious about the specific work contents working as a trader in big IB, do you guys do basically market making,like executing trades for your clients, as your main daily job , or do you also manage a lot on the P&L and build strategies? Also what do you think is the most valuable skill you have learnt from being a trader in IB in your role? Thank you and I really appreciate for your responses!
Best,
Sean
We take trades from clients, not trading with our own money or our own strategies, that would be prop trading and not very big in sell side, bulge bracket banks like GS, Morgan Stanley, etc. We help clients with their trades and their strategies, and give them access to our algos to accomplish their objectives. Most valuable skill - attention to detail.
@@Moneyandcareers thank you so much for your reply!
Hey Chris,
Thank you so much for sharing your experience. I was wondering what technical skills you believe would help a candidate differentiate themselves in applying to an algo S&T position at a top FI? I'm currently learning Python, as well as VBA and R through my quantitative analytics and class, but with only prior experience in accounting I don't really know what I should be actively trying to master for a role in investment banking. I have my BMC certification as well, though that feels like more of a prerequisite then anything else, haha.
Thank you again,
-Bill
Hey Bill, for s&t I think you’re on the right track. I believe exposure to computer science and a programming language would help a lot. I wasn’t proficient at all, but I learned enough to be able to understand what was going on under the hood with our algos. We had an analytics program built in house to use, but exposure to things like R would be helpful as well. I personally think accounting would be very valuable for IB, since you know your way around statement analysis, but I’m not sure exactly what they look for. I know they crush excel and make pitch decks 24/7 though lol.
@@Moneyandcareers Hey Chris, thank you so much for the feedback. Loved hearing the excel part as building models in excel is definitely a strength of mine, and I have a certification at the associate level. That's also super interesting using an in-house built analytics platform as I'm sure it was a lot nicer than the archaic IBM SPSS or R-Studios of the world lol. When you were trying to understand how the firm's algos functioned, were there any particular languages you found helpful? As I mentioned, I know a bit of Python, but looking at scripts written in C or C Sharp make me want to hurl out of sheer complexity lol.
@@williamt104 when I asked my programming counterparts what language I should study they recommended that I only study python
Hey, I'll be working as Quant Researcher and Developer this summer as an intern. I was just curious how much you interacted with those people and in what fashion. Like, would you ever refer a client to say the person/team who developed the algorithm?
Congrats! The only time that typically happens is if it is a client that is very technical, like a quant fund, and we might schedule a call together to discuss some of the more technical aspects of how the algo works/behaves. Also, there may be times I’d schedule time with you to help me understand something a little better so I can relay to the client. I hope that helps!
@@Moneyandcareers Sorry just saw this. Makes sense thanks!
Thank you for sharing and explaining a day as a trader at Goldman as Algo trader, can you let us know how much you are getting from payroll?
I have another video where I explain the average compensation for working at a bulge bracket bank like GS, check it out!
Thanks and sounds like it’s client services focused. Is trading the firms money for profit a thing of the past now?
Prop trading still exists a little bit, but it’s not very big at brokerage firms/bulge brackets like GS, MS, etc since the majority of revenue coming in is from outside clients, hence the client services focus in sales, trading, IB, etc
1:25 answer client call, log into bloomberg terminal
4:00 trade flow analysis
👍
Hi Chris, the hardest info I haven’t been able to find out all the ins of what divisions and desks there are in trading. If someone says they are in repo and Stir trading with UST cash, it’s hard for me to compare that with other desks. What desks existed at GS?
pretty much everything, but keep in mind most roles at a bulge bracket bank are supporting clients on the sell side, not buy side
Great video, was you ever given a group focus, for example the “Head” Trader of your department might say “This week our focus is strictly on trading Gold” or was you able to just choose what you wanted to trade but had to hit a certain target
Thanks! No, typically desks are split and solely focused on certain products, ie equities, derivatives, etc. Also, working at a bulge bracket bank like GS, you are mostly on the sell side, not the buy side, helping your clients which are buy side. So you are helping them with their trade objectives on a daily basis!
@@Moneyandcareers so sell offs are mainly for your clients to get some short term profits?
@@GOATLAVISH777 not necessarily, could be a number of reasons like unwinding a position due to a particular strategy
@@Moneyandcareers Ok makes sense, do companies like GS focus on fundamental analysis or technical?
@@GOATLAVISH777 they have products and solutions to fit both types of clients
This gentleman literally says word for word that there are algorithms in the market. And people still deny that and call ICT traders scammers. Okay
Traders use algos to execute orders and some ppl use algos to decide on trading strategies
Appreciate the insight, I'd love to work as a market maker.
Anytime!
Another question, I’ve noticed from what you was saying is that the focus times for trading seem to be opening and closing time, so 8.30-9.30 opening and 2-3pm closing, is this correct?
Market open and close are usually busier times of the day, which is 930 EST for market open and 4 EST for market close. The hour or so before and after are typically very busy as well.
@@Moneyandcareers Ah ok i appreciate you answering questions, so is big market movements during lunch hours due to IPOs like you mentioned in this video?
@@GOATLAVISH777 it could be due to IPOs or any number of reasons, news, etc
@@Moneyandcareers Back again to ask a question, so for people that day trader would you say to focus on opening, news and closing times. Other than that stay out the markets
Great video. Nice work in the comments too
thanks for watching!
Nice to meet you Chris, really informative video.
My name is Chris too . Im a freshman in college currently on computer science because of the promising good salaries. Currently not doing the best in my grades because of my obsession with trading. Im a retail trader myself for 2 years and have achieve constant profitbility trought out loosing my mind and most of my wallet, I've tried convincing my parents who are funding my education for me to switch to finance/IB(Investment banking) but they doubt the credibility of my own results since they think is just "gambling"" and dont believe it would be sustainable to pursue a career into finance for my future.
I was wondering how did you educate yourself on the side to become a better trader(books)? How hard was it to break into the industry? Is there a shortage of jobs in wall street? and How sustainable do you see working in finance/IB in the next decade?
Thank you.
You have just as good of chance of breaking into IBD or Trading with a degree in CS, maybe even a better chance than peers with any other degree assuming you also have good people skills
Are there any specific courses you recommend taking while in college or perhaps certifications that could help someone stand out during recruiting for institutional equity and trading? What’s your take on this job in the world today? Is it much harder to land this position because of computer algorithms, etc?
every trader, no matter what desk you are on, relies on algos in some way or fashion. which is a good thing, no one wants to calculated VWAP manually. it doesn't mean trading jobs are going away completely, it just mean you need to understand the landscape. adapt or die.
The narrative here is incredibly powerful. A similar book I read offered a transformative experience in its depth. "Game Theory and the Pursuit of Algorithmic Fairness" by Jack Frostwell
thanks for watching!
I am a prop trader here in NYC. I need to know when to execute a MOO (Market on open order) that has the most edge. For instance, if you placed a MOO order on $DG June 1 after $DG had earnings. You would have been 8 points in the money on this trade. Also want to pick your brain about a few other things.
Not sure I understand the question, you asked when to execute a MOO order, but of course they execute on the opening auction. Do you mean when you can place the order to be first in the book?
@@Moneyandcareers When I execute an MOO order I want the stock to go straight up or straight down. I see this happen when there is less volume pre market.
If I showed up everyday and did a MOO order everyday I would lose money because stocks can get highly volatile off the open. I’m looking for a stock to go instantly up or down. I generally see a stock go straight up or straight down the day after earnings.
I’m looking for the days a MOO order can give me the most edge.
hey chris do you have any advice or strategy for the retail trader🙏
Hi Sahil, I personally stick to a buy and hold strategy on good value stocks, index funds, ETFs, etc. I don’t do a lot of active trading in my brokerage account or any technical analysis to be honest. I just invest in strong companies that I think will be around in 50 years.
hey i want to study algo trading but currently i am in 2nd year of my college. so from where should i learn this skill and what would u recommend me
Hi there! There are links in the description of this video to books I recommend, which is exactly where I started. I didn’t know anything about it before reading those books prior to working in it.
Is any of the execution done manually? Do the algos or traders paint fake patterns to drive traders opposite their position and create liquidity? If so how big and how long are the fake moves? Thanks
yes, execution is done manually as well sometimes, especially in circumstances where the client wants to execute quicker than the algo is timing or be more aggressive for some reason, as an example.
@@Moneyandcareers Thanks, as a daytrader I am interested in this subject, because I suspect many of the little traps laid for retail and pro traders are moves created by execution traders or algos to create liquidity . Ex you want to sell a lot drive it really hard into a top then in addition wash any buy stops left by pro traders trying to lean on you. If you know of any books, website or channels on execution techniques I'm interested.
Hi, I am a Junior Commodity Trader at Cargill. Is it more rewarding to stay in the physical side, a bigger tradinghouse or into a hedgefund? 10-20 years down the road
I mean that’s hard to answer, it really depends on what you want to do!
@@Moneyandcareers Hahah understandable but which career pathway gives the most monetary reward?. I think as a young gun, that's what's always been on my mind XD
isit a salary or comission based? do u get a small cut of each trade exceuted?
Base salary plus yearly bonus that’s based off of your performance, the teams performance, the firm’s performance, etc
Currenlty in tech as a SWE based in London, want to pursue a career in an algo field as it is ultimately where my career aspirations lie. I have a full ride scholarship CompSci degree from a top 10 university. Would this be enough to get me into this world or would you suggest I go take a masters? Don't think I could go take an MBA as it would bore me. Also what does your mathematics level have to be at? Do they test it during the interview? I did well at school doing calculus etc but haven't really done any complicated math for a good 2 years so feel like I am out of touch - in your day to day do you really have to be on the ball game mathematics wise? Cheers man have a fantastic day.
I don’t think a masters is necessary, I would say a majority only have a four year degree. As far as the interviews go on the development side, I’m honestly not sure. I was more on the client facing side and assisting with equity trading and selling our algos. My interview was very conversational and I believe it was truly just gauging my interest in the field, if I would fit in on the team, ability to interact with clients, etc.
@@Moneyandcareers I think the client facing roles are probably the area of the finance world where most professional growth can com in to play. Within algo sales, do they work on commission? Or would the sales reflect in ones bonus etc?
@@Moneyandcareers btw thank you for your time I seriously appreciate it!
@@benstirling9324 no you work on base salary and get a bonus at the end of the year. The bonus can fluctuate wildly and is based on a number of factors, ie your performance, the performance of your team, the performance of the firm, etc.
@@benstirling9324 of course, happy to help. Career exploration and pivoting careers can be difficult, I’ve gone through it multiple times already!
What they use for trading algos? Fundamental analysis or technical?
Neither, the algos we use are for execution. The client decides to trade based on their strategy (fundamental, technical, etc) and sends us the order, and we use algos to ensure the trade is executed and done so in the best way possible, i.e. accessing the best liquidity, executing in the dark, matched with high quality flow, not picked off, based on trading schedule (VWAP, TWAP, etc), minimizing execution cost, etc.
Another Question, based on my first question.
If you are using client account, so it is client money.
But if you are doing on its own and then doing trade against client, do client give you money before for trade? How does money flow work?
High Chris I’m 28 with a postgraduate degree in Accounting Finance would it be possible for me to move into quant trader/researcher? Im conscious about my age being 28 if they would accept me
I started at Goldman Sachs when I was 29, anything is possible!
so wat retails traders follow charts/ technical charting patterns/waves skills are useless since u guys just following algos ? just curious
You may be confusing this with prop trading, which would be trading your own firms money. At a sell side bulge bracket bank like GS, we mostly served clients and helped them with their strategies and trade objectives. They route orders our way, we make sure they are executed properly, minimize market impact, get the best pricing possible, and did this by utilizing algos.
@@Moneyandcareers thanks for reply, i meant here that u guys follow chart patterns or different technical anyalysis tools to execute trades for clients.
Can you give us an example of who your clients are/ could be?
at first I covered other broker dealers then switched to covering quant clients
SIR, I have 2 choices--1) buy one given forex pair every new day at the open at market price wth take profit(TP) 50 pips and stop loss(SL)50 pips on one ticket as one order 2) second choice is to buy same pair but order is placed as pending order at the open of every new day--buy the same forex pair 100 pips below the open price as pending order with take profit of 50 pips and stop loss of 50 pips all on the same ticket.And after one year of every day trading which strategy is more likely to make any money?And what answer SUPERCOMPUTER would give to my question?Seek your wisdom.
buy SPY, reinvest dividends, and sit on it forever!
@@Moneyandcareers Sir,With SPY crums no trader at GOLDMAN would be able to afford family & pay for the mistress.And how does Goldman trader handles it when market(SPY) heads south.Wife can not go on food stamps & how do you handle MISTRESS parked in HAMPTONS on the beach under the adverse circumstance(She is not going to be young for ever & life span is limited).Thank you.
do traders have to understand computer science? Or just the algorithm?
I didn’t know any programming language before I started, but I quickly had to learn the basics just so I could understand the algos we were using and selling, and so I could communicate with the engineers efficiently. I never became proficient in coding but was knowledgeable enough to talk with them and have a deep understanding of the algos. Hope that helps!
@@Moneyandcareers so you’re not really trading, the algorithm is trading for you. Wish I had that advantage here at home.
@@skr8674 you sound salty as fuck lol
what qualities are recommended? program skills? math skills? soft skills? thanks
More soft skills on the client facing side for sure. Still need to have a decent understanding of how the algos worked of course, but I didn’t have much programming skills. But if you’re on the development side, soft skills aren’t nearly as important as the programming skills of course.
@@Moneyandcareers thanks for your generous reply
Hello, who are these clients? Are they people buying stocks? Or companies?
Institutional clients (HF, Asset managers, quants, etc)
@@Moneyandcareers ahh ok thank you.
@@Lachronix no problem!
I gotta say, I’m incredibly excited to be a part of your firm. I mean…the clients you have are absolutely…
Mark Hanna: Fuck the clients.
Couldn't help myself. A very good video though!
Hahaha 🤣 thanks!
If hedge funds and asset managers don’t beat diversified index funds, why do they still exist and actively trade?
They are all trying to rationalize their existence 😂
I don't get it. If ya'll have all the algos, why not just use them to make way more money then providing them to clients?
Great video btw, looking forward to your future content
the clients i'm referring to are very specialized for "executing" the trades, not so much the strategy of deciding what specific stocks to buy/sell. once a client knows what they want to buy/sell based off of their strategy, they use our algos to execute the trade with the least amount of adverse effect and at best prices.
Hello sir I am study cse in normal university I want to become algorithm development in quant company like citadel jane street and I already study dsa and web development and ai with ml on couresa now what should be learn and what roadmap follow for algorithm development can you share me some best book
I have some books linked in the description that i highly recommend, not necessarily for learning dev, but how the system works from a high level
Where are the best discretionary prop firm desks
sounds like you're looking for more of the buy side, not sell side
Great video. I am a junior studying CS, but regret not getting into finance/business. I trade stocks daily, so I have some background, and I wanted to ask you if there is a pathway you recommend to transition from CS into working for a company like Goldman Sachs doing trading? Thank you!
Look into quant / high frequency trading. They only hire people from engineering or math backgrounds.
Honestly, with a degree in CS you probably have a leg up on any other degree. What’s interesting about GS is I worked with people with a range of degrees, from CS to Political Science. But CS is very desirable these days and I think you’re on the right path! If you’re more interested in trading than development, I would def look into algo trading, quant, hft.
You dont need a finance degree at all to become a trader, the three people that I know become traders at investment banks, studied maths, physics and CS. I also know of a few people who studied history, classics and politics and becam traders but they all went to cambridge or oxford. So the lesson is if you are at a good enough college/university they just care about how well you interview. As your prior experience is irrelevant for trading at an IB they will teach you everything you need to know on the job, they just care about your aptitude and work ethic.
@@williambardsley7540 Thank you so much. Gives me a lot of hope, especially since I go to a top 20 university.
@@Moneyandcareers Thank you!
what level of qualification do i need to work as a trader?
You have to pass the Series 7, 63 and 57 license exams, but if it’s your first job in the industry and you don’t already have them, they will put you through training and have you take them after your hired.
@@Moneyandcareers so basically i just need to know finance?
@@daniellim9640 you need a bachelors degree but it doesn’t have to be in finance. I knew ppl in S&T with degrees in political science, history, the arts, all kinds of backgrounds. They want people with an interest in the markets and will work like maniacs with a high level of attention to detail. They’ll teach you everything you need to know on the job.
@@Moneyandcareers do i need to know like a lot of math?
@@daniellim9640 unless you’re creating products like algos, no. It’s all four function basic math.
So GS traders don't even trade? Just clients assist?
As I mentioned, algo trading at a sell side, bulge bracket bank like GS is very low touch. There are times where you have to manually split child orders and trade manually, but you try to let the algo do it’s job. There are more high touch trading desks, but they also use algos quite a bit as well. The other part of the job is sales heavy, trying to sell our products (algos), direct low latency connections to exchanges, etc. Hope that helps.
@@Moneyandcareers From reading his comment, I think he’s confusing prop trading with institutional sales and trading.
@@Luxetveritas11 agreed, I definitely think that’s the confusion here!
I tripped and fell into this channel. First time here. I find it very interesting, very good information. Did you happen to run into Steve Bannon? Or maybe you're friends with him. It's funny how youtube algo recommendations work. TH-cam can take you deep into the rabbit hole.
From Joe Biden giving condolences to Bill Richardson's wife and daughter heather but then his team had to retract his statement that they never had a daughter 😂. Then youtube takes me to jan 6th vid, then trump vid, then Robert Mercer, then Steve Bannon, then Goldman Sachs, then YOU! Pretty interesting don't you think? You never know how a person will be caught up in other people's messes or conspiracy theory. On a wacky off topic, could you tell me more of your background? Did you have to get your Masters or higher in finance or did you focus on economics? Did you get your CFA and if so was it hard? Did you get a lot of scholarships and have a high GPA? Or did you network a lot and have friends to help you get in the door? Maybe you can answer me this. Why do so many financial TH-camrs come from Wall Street? A person merely has to say this is not financial advice.
So if the goal was to make money then skip the 4-year degree and all the certs and just outsource it. Plenty of people are just using chatGBT to write out their ebook to throw up on Amazon to just get the low-hanging fruit and to create the passive income that they wanted in the first place.
thanks for watching!
@chrisdwaynewilson if you answer your client calls in the same way you answer TH-cam comments, there's no wonder you're making videos on TH-cam. I guess your clients and boss got tired of waiting on hold for 7 months for you to pick up the phone and respond. I totally understand how they feel.
@@FLOODOFSINS no I’m way faster at answering TH-cam comments
ALGOS - STRUCHA
Thanks for watching
Hi how can I get into goldman sach this is my dream
network, network, network. i have a networking video you should check out and a video on how i broke through
hi chris how much you earn
I made another video about that!
Is there some women traders in wall street ?🤔
Yes of course
Why not trade on your own?
Are you asking why I don’t personally trade on my own (I do) or are you asking why clients route orders to us vs trading on their own?
@@Moneyandcareers I'm asking why trade for Goldman Sachs if you have the skills to trade and make all the money for yourself?
A fellow soldier🫡
yezzir!
What? No front running trades? Yeah right.
No, we help protect clients from being exposed to getting run over
Trade for yourself if you can do what he does
everyone should invest for retirement over the long term, but day trading is a dead end. most hedge funds can't even beat the S&P
Have u ever traded anything? You say u worked at trading desk, but it seems you were at sales…
Did both, it was very much a sales & trading role. Most trading in the industry is being executed by utilizing algos based on the strategy/objective of the order. That’s true across low touch and high touch desks. Sometimes you still had to trade manually, but it’s way more efficient to let the algo do the work. On the sales side, I was trying to sell our algos, new products, low latency connections to the exchange, access to our dark pool, etc.
@@Moneyandcareers very interesting ~ thanks for sharing your perspective. Can I ask u questions in regards to Goldmans’s trading desk?
@@ScalperSpecltr sure
lol such a hell life hahaha
🥲
Dude, you are doing everything but algotrading.
I used algos to execute trades all day for clients, that's what it looks like on the sell side. Sorry to disappoint you, thanks for stopping by.
@@Moneyandcareers OK, I see. Do you know how is development of new algos looks like? Where they take ideas, how much AI is involved?
@@belfort777 when new algos are created (or old ones are tweaked) they are tested very heavily using real market data in a test environment before being released to prod. Feedback from clients and what they need are also heavily accounted for in development. As far as the actual coding goes, not sure, I wasn’t a developer, I was on the sales and trading side.
@@Moneyandcareers ok, thx, good luck
@@belfort777 you too
there seems to be a lot of "reaching out".....
there is
You say "uhh" or "uhhhmm" between every single sentence
@EdgeTradingFX- what a shit excuse instead of taking the feedback and try to improve yourself
@EdgeTradingFX- Are you dense? Listen to the video, he has horrible presentation, sounds tense and like I said in my original comment he has extremely excessive use of filler words such as "uhh" "uhhmm" and such which makes for a very unappealing presentation.
The uhhhs and uhhhmms got me into Goldman and medical school, so I’ll be okay 😘
Mr. Chris, great insight on what it takes to be successful on Wall street. Name is Nakesha, Do you have an email address that i could reach out to you directly regarding a potential interview with Mr. Hammond and Wealth Champs Podcast?
Thank you and nice to meet you!