Wall St. Shock: Take a Day Off, Even a Sunday

BSD

Veteren member
3,819 984
I mean seriously, give me a break, such a life is nothing short of a total living nightmare !

"For the ambitious college graduates who flock to Wall Street, working into the wee hours or even pulling all-nighters is an unwritten expectation of the job. Spending both Saturdays and Sundays at the office is the norm.

But on Friday, Bank of America Merrill Lynch issued a small reprieve for those with grueling schedules: Take four days off a month, on the weekends.

Such an offer from an employer would sound like punishment for the average worker. But for junior employees of Bank of America Merrill Lynch, that recommendation was intended as a bit of relief."


http://dealbook.nytimes.com/2014/01/10/wall-st-shock-take-a-day-off-even-a-sunday/?_php=true&_type=blogs&_r=0
 

DaxDestroyer

Established member
661 125
Make your work your hobby :) ... Problem there ... they do it for the wrong reasons and most of them just produce BS only #banksters
 

BSD

Veteren member
3,819 984
Ha yes !

I really enjoy trading and the freedom of trading from home, not having to go to mind boggingly meetings all the time and listen to neverending of drivel, being able to go out for a coffee / beer whenever I feel like it, etc.

;)
 

0007

Senior member
2,307 607
PS all research shows that one of the biggest regrets people have before dying is having spent too much time on work !
Ah! now I understand what they mean when very important people give up their job "to spend more time with their family" :)
 

BSD

Veteren member
3,819 984
Hey mate good to see ya !

:)

PS could also be the mistress, not the family depending on what's what at the moment !

But in any case, same basic idea, do sthg wothwhile with your time as opposed to wasting it making money for your employer.

:LOL:
 

0007

Senior member
2,307 607
I mean seriously, give me a break, such a life is nothing short of a total living nightmare !

"For the ambitious college graduates who flock to Wall Street, working into the wee hours or even pulling all-nighters is an unwritten expectation of the job. Spending both Saturdays and Sundays at the office is the norm.

But on Friday, Bank of America Merrill Lynch issued a small reprieve for those with grueling schedules: Take four days off a month, on the weekends.

Such an offer from an employer would sound like punishment for the average worker. But for junior employees of Bank of America Merrill Lynch, that recommendation was intended as a bit of relief."

http://dealbook.nytimes.com/2014/01/10/wall-st-shock-take-a-day-off-even-a-sunday/?_php=true&_type=blogs&_r=0
Good to see you back on these boards BSD -- Where have you been? Your post above makes interesting reading in conjunction with this thread http://www.trade2win.com/boards/first-steps/182266-do-i-have-chance-trading-career.html where some very knowledgeable people state what is necessary to even get a foot in the door. Even if I had the ability I'm not sure I would want to do that!

Trading for yourself is great if you're successful -- but it must be a nightmare if you can't make it work eventually. I suspect the easiest route is to keep the day job until you are certain of your trading ability or otherwise. But for me, the flexibility of being able to do what I want when I want is always better than being beholden to someone else -- though I must say that Mistress Market can be a hard woman at times. :LOL:
 
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BSD

Veteren member
3,819 984
Hi mate,

you know how it is, boredom with boards leads to a sabbatical from boards, but eventually you get bored again without some interaction so you come back hehe.

I read that other thread you linked to also, and as far as I can tell the employers are also aware that eg you don't necessarily need great numerical skills or even high intelligence to make it as, for example, a trader or even as a broker with amazing sales skills, but, and that's what I presume, the sheer number of applications they get mean they have to come up with a way to wittle that down somehow, and the easiest way is probably simply going with formal educational qualifications and degrees.

Not ideal, but maybe realistically the only way to make the numbers manageable, even if many an uncut diamond will remain undetected that way.

I remember having read some Harvard study about some of the most successful individuals on earth, both career wise, eg who made it to CEO, and wealth wise, eg the worlds billionaires, and most of them had if at all rather mediocre educational qualifications and degrees.

To become the best of the best other things like desire, drive, absolute will to succeed, tenacity in the face of adversity, vision, charisma, commitment, belief in end results, etc, are probably way more important than intelligence. That then is probably something you buy as and where needed, eg rocket scientists and top programmers you tell what you want them to do.
 

BSD

Veteren member
3,819 984
Lol just remembered, George W. Bush.

D E F I N I T E L Y not the brightest bulb in the state of Texas nor it's neighbours, yet look how far he got.

And one can't really take the easy way out and say it was connections, that just got him a bit of a head start, a presidential race in the US is one of the hardest and most brutal competitions in the world, and Daddy's coattails won't get you far down that route if you're not cut out for it.

I'm no fan of his, not talking about the errors he made once in, just that he is a perfect corroboration of that Harvard study saying that intelligence and a rise to the top simply aren't all too correlated.
 
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DaxDestroyer

Established member
661 125
When I had my company, I preferred other skills ... I used to say: Get me an outstanding athlete or an elite soldier ... make better traders than guys from any university, who think they invented the universe ;-)

Hi mate,

you know how it is, boredom with boards leads to a sabbatical from boards, but eventually you get bored again without some interaction so you come back hehe.

I read that other thread you linked to also, and as far as I can tell the employers are also aware that eg you don't necessarily need great numerical skills or even high intelligence to make it as, for example, a trader or even as a broker with amazing sales skills, but, and that's what I presume, the sheer number of applications they get mean they have to come up with a way to wittle that down somehow, and the easiest way is probably simply going with formal educational qualifications and degrees.

Not ideal, but maybe realistically the only way to make the numbers manageable, even if many an uncut diamond will remain undetected that way.

I remember having read some Harvard study about some of the most successful individuals on earth, both career wise, eg who made it to CEO, and wealth wise, eg the worlds billionaires, and most of them had if at all rather mediocre educational qualifications and degrees.

To become the best of the best other things like desire, drive, absolute will to succeed, tenacity in the face of adversity, vision, charisma, commitment, belief in end results, etc, are probably way more important than intelligence. That then is probably something you buy as and where needed, eg rocket scientists and top programmers you tell what you want them to do.
 

BSD

Veteren member
3,819 984
Makes sense mate.

He is at a hedge fund these days:

"Problem is that these days there are so many people coming out with degrees that that doesn't seem to matter so much anymore as where you got your degree from.
To be honest, in my experience education is no gauge of potential to be a trader. The best trader I know (apart from myself ) left school at 16. I have Degree in Physics & Maths but have not applied it once during my working life apart from maybe the way to approach a problems. BUT as an employer you need to apply filters in order to get what you consider the best candidate, degree is an easy place to start.
Incidentally it is hard to spot talent for trading, I have not been able to do this with success and nobody I know has either, the only way you find out how good somebody is, is to dump them in the market, tell them the basic rules and see how they turn out."
http://www.trade2win.com/boards/trading-firms/10344-qualifications.html#post104958
 

BSD

Veteren member
3,819 984
Actually I really wonder why banks or hedge funds looking for traders don't do just that what twi said, letting anybody have a go at a simulator, and hire those who over time have shown consistency, and decent returns with acceptable drawdowns ?!?!

Easiest way to solve the problem of finding good traders.

And once you've selected the top of the crop, start them with small money to see if they can emulate what they did on the sim in real life with real money pressure.

Not rocket science, I shouldn't think, and also faaaaar easier on the human rights departments and all the interviews they have to waste time on that don't prove nor forecast anything anyway.
 
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DaxDestroyer

Established member
661 125
... the only way you find out how good somebody is, is to dump them in the market, tell them the basic rules and see how they turn out."

(y)


Makes sense mate.

He is at a hedge fund these days:

"Problem is that these days there are so many people coming out with degrees that that doesn't seem to matter so much anymore as where you got your degree from.
To be honest, in my experience education is no gauge of potential to be a trader. The best trader I know (apart from myself ) left school at 16. I have Degree in Physics & Maths but have not applied it once during my working life apart from maybe the way to approach a problems. BUT as an employer you need to apply filters in order to get what you consider the best candidate, degree is an easy place to start.
Incidentally it is hard to spot talent for trading, I have not been able to do this with success and nobody I know has either, the only way you find out how good somebody is, is to dump them in the market, tell them the basic rules and see how they turn out."
http://www.trade2win.com/boards/trading-firms/10344-qualifications.html#post104958
 

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