What do I think of automation wiping out human traders? Will Python help those cavemen traders to get a bank job?

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(Last Updated On: December 17, 2014)

What do I think of automation wiping out human traders? Will Python help those cavemen traders to get a bank job?

Someone on Facebook asked me about this.




Just remember that software programs are developed by people. So newer traders need to update their skills to the modern era of ‘next generation of trading’. As in programming. Now, I did a webinar a few weeks ago of a London trader who lost his job in a bank. He said that Python Meetups are huge now with hundreds of people showing so it seems these same people are learning Python to keep up with the changes in the financial industry. This is the same reason for NYC and the West coast.Ā  Just remember that Python is just a scripting language and many seem to get that. It will break and future package updates will hold you back when you build a mission critical trading system you rely on. I have seen it more than you know whichĀ  ends up where the complete Python trading system gets abandonded. Personally that is a waste. I also got word that half the jobs at banks are hiring over half in .NET. Why? Microsoft tools are an easy sale at these institutionsĀ  asthey have concerns on unproven open source technologies. As being in this industry for 30 years, I have seen many things come and go. Just remember these same institutions need some vendor to sue if things go wrong on their mission critical systems. Vendors are chosen where companies like Mathworks (Matlab maker) Oracle and Microsoft. BackĀ  to the jobs, I was also told the balance of job openingsĀ  was split between Java and Python. So if you are considering to get back into the trading game as a software developer, you need to ask your self the fierce competition you will face with the hundreds of thousands of those same Python ex trader developers you will be competing against. You can thank sites like Quantopian and Quantstart who have popularized this way of thinking. I am not saying anything is wrong with Python, I am very impressed with its capaibilities but just be aware of this. If you are intending to move into being an indie trading operation, Python should be fine if you want to stick with medium or low frequency trading. I could be wrong.

I also read that Hadoop is being questionsed as prime time technology as some JP Morgran project went of the rails as end users complained it was too slow.

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