🚀 go-pugleaf

Vincent  Lai (vql0608@is.nyu.edu) wrote:

> I'm really curious to know how the skills set of an avid gambler can carry
> over to a Wall Street trading position.  I hear that you essentially gamble
> with money (yours or the firm's) and loosely speaking make bets.  Friends
> of mine are avid gamblers and are thinking about a career change.

> They're also interested in work lifestyle, hours, all that career stuff
> that would help them make an informed choice.  They're MBA students, and
> looking for interships this summer.

> Thanks.

It depends what you mean by gamblers.  I have known quite a few people
who have been successful blackjack players.  These are card counters who
actually have the odds on their side.  Several then went on to be
successful options traders.  Both ventures involve disciplined
application of systems that are dull but actually work.

True (losing) gamblers are bad to have around when investing real money.

David Emanuel

In article <3hrauu$2ka@cmcl2.NYU.EDU>, vql0608@is.nyu.edu (Vincent  Lai) says:
>
>
>I'm really curious to know how the skills set of an avid gambler can carry
>over to a Wall Street trading position.  I hear that you essentially gamble
>with money (yours or the firm's) and loosely speaking make bets.  Friends
>of mine are avid gamblers and are thinking about a career change.
>
>They're also interested in work lifestyle, hours, all that career stuff
>that would help them make an informed choice.  They're MBA students, and
>looking for interships this summer.
>
>Thanks.

In article <3hrauu$2ka@cmcl2.NYU.EDU>, vql0608@is.nyu.edu (Vincent  Lai) says:
>
>
>I'm really curious to know how the skills set of an avid gambler can carry
>over to a Wall Street trading position.  I hear that you essentially gamble
>with money (yours or the firm's) and loosely speaking make bets.  Friends
>of mine are avid gamblers and are thinking about a career change.
>
>They're also interested in work lifestyle, hours, all that career stuff
>that would help them make an informed choice.  They're MBA students, and
>looking for interships this summer.
>
>Thanks.



I have worked as a broker for a Wall Street firm, and have been involved
with traders.
Traders do just that: they trade stocks, which means buying and selling them,
for the firm's or for clients' account. In that process, they may or may
not take some risks, depending on the situation.
When they do take risks, you could say they actually gamble, just like
anybody who conducts business does; and, as a matter of fact, there are
accounts of gamblers making a career in securities trading (cf "Liar's
Poker"; I forger the author's name).
Gambling skills, however, are far from being the main criteria for
a good trader.

Get some litterature and may be a summer job at Wall Street, and see if
you like it.


Good luck,

VV

Have U.S. newspapers been reporting the collapse of BARINGS bank.

A trader in the derivatives market managed to lose millions of dollars 
taking a position on a rising Japanese Stock Market.  He lost - they went 
broke!

Similar thing happened about 15 years ago Lloyds Bank in Lugano traders 
taking uncontrolled positions caused huge losses - Lloyds too big to go 
under but sustained losses.

Reasons for lack of control - the senior managers in the trading 
departments do not understand these new financial instruments.  While 
their traders (gamblers) are making money they leave them alone and give 
them larger credit lines.  They then find it gets out of control.
And...
      .....
           ......


Mike Herman
MBA scheme tutor
U of Hertfordshire - UK

The topic of success in business and games is written up in Forbes
Magazine.  Bridge players, chess players, backgammon players and 
poker players are written up as favored to win over MBAs.

Chess anyone?  
No?  I'll raise you five and call you.