Tag Archives: cavemen

Banks like Credit Suisse trader need programming to succeed, not cavemen fossil chart click trading?

Banks like Credit Suisse need a trader  with  programming skill  to succeed, sorry who are into cavemen fossil chart click trading?

Sorry for all those ‘cavemen’ losing their jobs. For the masses learning Python, it will work for a little bit you will quickly hit many walls.

The industry expects you be a solid programmer but the fossils known aas day traders and retails traders are going by the way of the Dodo. Another useful article found at QuantNet.com

A recent NYT article sheds light on how the trading landscape has been changing on Wall Street, due to technological advances as well as regulatory reforms such as the Dodd-Frank financial legislation.

The article makes clear that technology has been and will play a HUGE part in the industry as an increasing volume of trading occurs over automated exchanges as required by laws or other factors.

“The increased use of automated platforms means that more programmers are needed, but fewer employees over all.”

The trading desks at Credit Suisse are demonstrations of how changes have transformed the type of trading and traders needed for the job.

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

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.

 

https://www.linkedin.com/pulse/computers-make-human-traders-jack-schwager

 

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.  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 which  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 institutions  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. Back  to the jobs, I was also told the balance of job openings  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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NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!

More fossils and cavemen complaining HFT destroying the stock markets, uh old traders get with the times?

More fossils and cavemen complaining HFT destroying the stock markets, uh old traders get with the times?

Thanks to Paul Cottrell for sending. The good old days? They are gone

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UPDATE: This is a grumpy old man going on about the glory days.  I tried listening for an hour but had to turn it off. It is really about this: Adapt or die

 

HOW DO YOU START A PROFITABLE TRADING BUSINESS? Read more NOW >>>

NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!