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It has dubious value to the overall economy. Like certain types of lawyers
Dunno, I've always thought that if you're truly smart and only following the money, trading is the place to go over IB. Regular hours and 6-figure bonuses if you're good
Very seedy and hard to cut your teeth in. A lot of turnover and a lot of places require you being your own capital
Much more blue collar than IB, best exit is really execution trading at HF
@PwC I think bros and floor traders are the blue collar traders, HFT guys tend to be super quantitative. Also, limited sample size but most of my trader friends basically made a quick million by their mid-twenties and left to form their own startups (often times leveraging the quant/machine learning skills that served them so well in trading)
Turnover...I have a friend fired 6 months in and another making 200k 2nd yr
So why is it looked down upon?
Compared to what?
In general people don't like traders and the industry
See my post. They are looked upon as leaches on the economy
That probably goes to a general lack of understanding of finance and it's role in the economy. Consultants get the same rap for not "making" tangible things. Even tech doesn't get the same respect as making an actual physical product.
@D1 - I'm not an expert, but quants usually aren't executing the trades themselves. They build strategies, send actionable requests to execution traders who deal with institutions to negotiate these securities (buy/sell/put/short/etc.) ... So "traders" for HF are often times blue collar guys who have great institutional relationships where as Portfolio managers + Analysts are analytical.
Im talking about hi frequency prop traders. They are screen traders. Trade their firms money with super fast transactions for futuresx options, snp w.e . They can make 200k for their firm in a day of trading or lose that much.
@PwC1 HFT guys tend to come up with the strategies they implement, although they may additionally have quants. Depending on product, though, traders may have to deal with bro(ker)s, who are the real blue collar guys with nothing but their connections