An exclusive extract from 'The New Millenium Market Wizards' (to be published in 2010), an interview with Q, an anonymous quantitative trader.
To what do you describe your success?
Basically, I'm privileged enough to be trading what is more or less the sinewave.
Are you serious?
Yes, I am, pretty much.
So if you're trading the sinewave, where exactly is it being quoted and traded, because I for one would like to know!
Well, of course it's not exchange traded. We'll come to that later.
Ok, so could you describe a typical trading day?
Well, I'm 36 years old and I'm obligated as a co-founder of this firm, and that marketing thing is a pain in the ass. But no matter how much socialising I may have been forced into, I can tell you, I always get up in time to see the markets open bang on 8. I have never been late for the London open. Never. If you're not ready for the open, you're in trouble - the rest of your day is out of phase. So, you could almost say I'm religious about this. I normally like to be at the office well before 7, close to my desk with a strong coffee in hand.
And what do you do in preparation?
Well, first of all, I like all my guys, and gals, of course, to be there to outline their overnight holdings, and I demand that everyone be open, so between us we figure out if we're going to hold on to it or dump it.
How long do you spend on that?
Well, fifteen minutes normally covers it. We like to be sure about what we're all doing.
Could you describe the typical working day?
Sure, bells at 8, if anyone is holding the wrong side overnight we all help to reverse it. But on a normal day, we're all holding the right way, and we're good to go, sorry you gotta forgive me for that phrase, I picked it up at Princeton. Well, of course the market is fast at the open, fast as it's gonna get. Normally mid-morning it typically slows down and reaches a peak. Now that might sound like time for a breather, but we are all go, checking reports from our quants, reversing positions, looking at our targets...
To what do you describe your success?
Basically, I'm privileged enough to be trading what is more or less the sinewave.
Are you serious?
Yes, I am, pretty much.
So if you're trading the sinewave, where exactly is it being quoted and traded, because I for one would like to know!
Well, of course it's not exchange traded. We'll come to that later.
Ok, so could you describe a typical trading day?
Well, I'm 36 years old and I'm obligated as a co-founder of this firm, and that marketing thing is a pain in the ass. But no matter how much socialising I may have been forced into, I can tell you, I always get up in time to see the markets open bang on 8. I have never been late for the London open. Never. If you're not ready for the open, you're in trouble - the rest of your day is out of phase. So, you could almost say I'm religious about this. I normally like to be at the office well before 7, close to my desk with a strong coffee in hand.
And what do you do in preparation?
Well, first of all, I like all my guys, and gals, of course, to be there to outline their overnight holdings, and I demand that everyone be open, so between us we figure out if we're going to hold on to it or dump it.
How long do you spend on that?
Well, fifteen minutes normally covers it. We like to be sure about what we're all doing.
Could you describe the typical working day?
Sure, bells at 8, if anyone is holding the wrong side overnight we all help to reverse it. But on a normal day, we're all holding the right way, and we're good to go, sorry you gotta forgive me for that phrase, I picked it up at Princeton. Well, of course the market is fast at the open, fast as it's gonna get. Normally mid-morning it typically slows down and reaches a peak. Now that might sound like time for a breather, but we are all go, checking reports from our quants, reversing positions, looking at our targets...
