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Questions concerning risk taking and speculative trading for a Bsc dissertation
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Questions concerning risk taking and speculative trading for a Bsc dissertation

  #11 (permalink)
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Yes, there are many institutional people here. I get contacted by them on occasion and they always say the same thing, that they are not allowed to speak publicly about any of their work...

Mike

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  #12 (permalink)
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Since you said the topic is "on risk taking and speculative trading", some better questions might possibly be:

1. What kind of risks do you take when trading?
2. Can you quantify these risks?
3. Do you consider yourself risk averse or risk seeking?
4. Why do you trade?
5. Do you follow a rigid trading plan, such as an automated trading system or a mechanical system, or are you a discretionary trader?
6. Why to #5?

etc.

Mike

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  #13 (permalink)
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Shichao View Post
No offense taken. I am only a university student with almost no experience in financial sector, I would welcome some advise on how I can improve the stucture of my questions.
I know that people do not like to talk about violations and I hoped that the anonymity of a forum could get me further than personal interviews.
I called and emailed many banks, but none were interested or willing to me.


I am an individual trader myself, and I have never worked for a financial institution. I have a few friends that does, though. They are not exactly encouraged to write on message boards or speak about their operations in general, but are bound by pretty strict contracts.

Like I said, I think you'll find it hard to find someone to talk to. Your best bet is probably hanging around certain pubs or speaking to people who have left the business. Nick Leeson and Kweku Adoboli, e.g.

By the way, your questions gives the impression that traders are cowboys with a lot of leeway, but that is not how it works. Most are trained to do specific tasks. I doubt you'll find many breaking neither internal nor external regulations.

Good luck!

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  #14 (permalink)
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I cannot describe how happy I am to finally find a helpful forum. I have been trying multiple forums to get some answers with no success... Thanks alot again for helping me.

The objective of my dissertation is to try to find a pattern and link between "rogue traders", emotions and regulations. I am really interested in why traders go rogue and break regulations. It is because of greed, success or is it the system itself who pushes them to the edge. I hoped to find some common pattern from traders and bankers how they deal with their emotions and regulation with my questions in hope that it could be linked to why traders go rogue. It is a sensible topic and I could have choosen an easier one, but I would rather write about something harder which I am interested in than to gain a better mark by writing something easy.

Regards Shichao


Last edited by Shichao; March 13th, 2012 at 12:18 PM.
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  #15 (permalink)
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Silvester17 View Post
no offense, but that statement is simply not true. let me correct it for you:

"Regardless, you will not find many people of interest here that are willing to share that kind of information."

ps of course not talking about myself, but I do know of a handful.


Big Mike View Post
Yes, there are many institutional people here. I get contacted by them on occasion and they always say the same thing, that they are not allowed to speak publicly about any of their work...

Mike

Yes, I was being imprecise. My point was that the topics discussed on this board do not revolve around internal regulations of financial institutions, which is the basis for his/her question. The poster is looking for rogue traders, on all scales, I think.

Anyway, I just needed my daily quarrel. I really have nothing to contribute and will leave you to it.

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  #16 (permalink)
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Shichao View Post
I cannot describe how happy I am to finally a helpful forum. I have been trying multiple forums to get some answers with no success... Thanks alot again for helping me.
The objective of my dissertation is to try to find a pattern and link between "rogue traders", emotions and regulation. I am really interested in why traders go rogue and break regulations. It is because of greed, success or is it the system itself who pushes them to the edge. I hoped to find some common pattern from traders and bankers how they deal with their emotions and regulation with my questions in hope that it could be linked to why traders go rougue. It is a sensible topic and I could have choosen an easier one, but I would rather write about something harder which I am interesting in than to gain a better mark by writing some easy.

Regards Shichao

that should be easy to answer. as a trader you normally are paid with a salary/bonus based on your performance. bad performance = little income = soon without a job.

and sometimes you take a big risk and it goes against you. then you try to outsmart the system. tying to hide that position from the internal controlling and adding to your losing position. and disaster is waiting for you.

this is just one example. there're many more.

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  #17 (permalink)
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Shichao View Post
I cannot describe how happy I am to finally find a helpful forum. I have been trying multiple forums to get some answers with no success... Thanks alot again for helping me.

The objective of my dissertation is to try to find a pattern and link between "rogue traders", emotions and regulations. I am really interested in why traders go rogue and break regulations. It is because of greed, success or is it the system itself who pushes them to the edge. I hoped to find some common pattern from traders and bankers how they deal with their emotions and regulation with my questions in hope that it could be linked to why traders go rogue. It is a sensible topic and I could have choosen an easier one, but I would rather write about something harder which I am interested in than to gain a better mark by writing some easy.

Regards Shichao

A last thought before I get some work done:

It might often be to cover up failure, and then it just snowballs. Whatever the initial reason may be, it quickly turns into the same problem as everyone at Gambler's Anonymous have: desperation. That explains why they continue down the path of ruin.

This only explains the losers, though. The motivation for successful rogue traders (have there been any?) is more likely materialism or excitement.

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  #18 (permalink)
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Lornz View Post
A last thought before I get some work done:

It might often be to cover up failure, and then it just snowballs. Whatever the initial reason may be, it quickly turns into the same problem as everyone at Gambler's Anonymous have: desperation. That explains why they continue down the path of ruin.

This only explains the losers, though. The motivation for successful rogue traders (have there been any?) is more likely materialism or excitement.

According to Jerome Kerviel (the guy who almost destroyed UBS) “Rogue trading” is not only acceptable, but also covered by his superior if the trader makes profitable wins through these methods. Kerviel’s former superiors and Societe Generale reject this statement and blame Kerviel as the sole knowing and responsible for his actions. But Kerviel outlined that when his unauthorized action was caught the first time by the controlling system, his two superior Martial covered him and told him to secure his actions in the future. When Kerviel was caught a second time, this time with more money involved, none of his superior stopped him either. It continued until he accumulated a loss of 4.9 billion euro.
If what he says it true, then every high stake trader could be classified as "rogue traders" and accepted aslong they make profit for their institution.


Last edited by Shichao; March 13th, 2012 at 12:35 PM.
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  #19 (permalink)
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you might address some of your issues to privatebanker https://futures.io/index-futures-trading/6393-es-s-p-500-futures-contract-great-pomo-rally.html, I don't know if he is willing to help, normally he does, and he is a nice guy. Another great member with many followers and lots of experience is tigertrader https://futures.io/index-futures-trading/13452-es-s-p-500-futures-contract-sp500-spoo-nalysis.html

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  #20 (permalink)
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redratsal View Post
you might address some of your issues to privatebanker https://futures.io/index-futures-trading/6393-es-s-p-500-futures-contract-great-pomo-rally.html, I don't know if he is willing to help, normally he does, and he is a nice guy. Another great member with many followers and lots of experience is tigertrader https://futures.io/index-futures-trading/13452-es-s-p-500-futures-contract-sp500-spoo-nalysis.html

Thank you, I will try my luck and send them a message

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