「並非狂野」的華爾街交易員 What its like to be a trader?

v.qq.com

謝謝收看！請給我們留言分享你的想法或繼續提問！

本集全集中英翻譯稿如下

Hi everyone, welcome to DNA!

大家好，歡迎收看DNA！

Today we are going to talk about "What its like to be a trader"

今天我們要來談談「做一個交易員是什麼樣的」

Welcome, Fred!

歡迎你，Fred！

Thanks for hosting me!

謝謝你邀請我！

Fred was a trader about two years ago, right?

Fred兩年前是個交易者，對吧？

Yup

對

And now youre an investment director

現在你是一個投資總監

Thats right

是的

So lets talk about this upfront actually

那麼我們就來開門見山吧

Was your life as a trader anything like The Wolf of Wall Street at all?

你做交易員的生活像不像《華爾街之狼》？

No, it really isnt like that

不，完全不像

The Wolf of Wall Street is an extreme version of trading

《華爾街之狼》是一個極端版本

that really isnt close to reality in what you would see today

完全不接近你如今會看到的現實

might have been true 30 years ago

可能30年前是這樣的

we know about today; its very different

我們知道今非昔比了

Alright, Im glad we are gonna have this conversation now

既然是這樣，我很高興我們現在要聊這個話題

so we can demystify what its really like as trader

可以揭秘做交易員究竟是什麼樣

Why did you decide to become a trader? 為什麼決定成為交易員？

In my case, I always had been passionate about capital markets, equities in general

就我而言，我一直熱衷於資本市場，大體來說是股票

Since I was a young child, I was interested in stock

當我還是個孩子的時候，我就對股票很感興趣

and so for me, becoming a trader was something that was quite natural

所以對我來說，成為一名交易員是很自然的

Wait, since you were a child, you were interested in stock?

等等，從你是一個孩子起，你就對股票有興趣？

Yes

是的

How did that happen? Was your parents working in Finance?

那是怎麼發生的？你的父母也在財經行業工作嗎？

No, not really

不，並沒有

I was already reading economic journals, trying to follow certain stocks and alike

我當時就開始讀經濟學雜誌，試圖跟進一些股票之類的

It always got me very excited and pumped up

這總令我很興奮

and in fact, I used to decide on trades with my dad

事實上，我曾經與我爸爸一起做交易決定

oh really, cool!

真的啊，那很酷啊！

Youre the first one that I know is interested in stocks since you were a kid

你是我第一個認識的從小就對股票感興趣的人

so then your dream finally came true

那麼你的夢想終於實現了

You become a trader; you worked on trading

你成為了一名交易員

How was your first day as a trader? 成為交易員的第一天如何？

It was quite impressive

非常了不起

On my first day, I arrived on trading floor

第一天我來到交易辦公室

Whats quite interesting is the way the trading floor is structured

很有趣的是交易辦公室的結構

Theres a massive open space with probably 500-600 people lined up next to each other

有一個巨大的開放空間，大概有五六百個人彼此相鄰

Open desk area?

開放式辦公區域？

Very open space

非常開放的空間

and the reason why they have that is so that information can travel very fast

他們這麼設計座位的理由是讓信息可以分享得很快

and people can permanently interact and reach to each other for advice or analysis

大家可以互動並互相徵求分析建議

Each person, at least in my team, have nine screens

每個人，至少在我的團隊，有九個屏幕

Thats quite impressive

這令人印象深刻

Basically have three screens by three, and you have a bunch of information you track on daily basis

一般就是三乘三的屏幕，然後你有一大堆的信息要天天跟蹤

Wow, nine screens! I must get super distracted and I wouldnt know where to focus at all

哇，九個屏幕！我肯定會分神，不知該看哪兒

Why did you need nine screens?

你為什麼會要9個屏幕？

Are you looking at different markets?

你需要看不同的市場嗎？

Youre looking at different markets

你要看不同的市場

and in fact, since the the team I was in, the market was very fast-paced

我在的那個團隊市場節奏是非常快

so you need to be able to look at everything with the blink of an eye

所以你需要能在一眨眼的功夫看到一切

and not by changing windows or clicking

而不是通過切換窗口或點擊

You also mentioned that open space is easier for people to exchange information

你還提到，開放的空間更容易為人們交換信息

Was trading more a team collaboration or a competition? 交易更多的是團隊合作還是競爭？

Because the price changes at any second

因為價格時刻會變化

and if you tell the other person to trade first

如果你先告訴其他人要交易

Its gonna impact your trading strategy, right?

這可能會影響你的交易策略，是嗎？

Not truly, because the way it works is you have a floor with 600 people

這倒不是，因為我們有近六百個人

Team stands range between 5-10 people

每個團隊有五到十個人

and so each team has a product theyre responsible for

所以每支球隊都有他們要負責的產品

and then nobody else will trade

別人不會交易(同類產品）

so within a bank, its very collaborative

所以在一家銀行內，一般是合作性的

and people tend to help each other

人們往往會互相幫助

just send their best interest

這對大家都有好處

but among banks, thats where the competition is

但在銀行之間就有競爭了

competition for clients and for business

競爭客戶和生意

What your day-to-day was like as a trader? 交易員的日常是什麼樣的？

As a trader, whats different compared to other jobs

交易員和其他工作不同的是

You would tend to go in the office pretty early

你往往會很早去辦公室

so the day will usually start around 7 am

通常早上7點左右開始

Wed like to end around 6-7 p.m. at night

我們希望晚上6-7點下班

Is it because its correlated with market hours?

是不是因為要跟著市場時間？

Yes, it is related to market hours

是的，的確要跟著市場交易時間

but the markets at least in US starts at 9:30

但市場至少在美國早上九點半開始

and that people do show up earlier to check that everything is fine

大家通常會早點到檢查確認一切正常

As a trader, today the work has evolved

作為一名交易員，如今的工作已了演變

so the technical skills are more necessary than ever before

技術比以往任何時候都更重要

I would say that the job today would be split in the three big components

交易員如今的工作分為三大塊

The first component would be to research signals and trading strategies

第一部分是研究信號和交易策略

so that you can manage your risk in your book exposure

這樣就可以控制風險

Theres a bunch of statistical research you perform

你會做很多統計研究

The second big component of the job is you tend to have a position that are substantially large

第二大部分是，你往往有很大的一筆錢在運作

and so you need to manage your risk and be aware of what your book is doing

所以你需要時刻監管你的風險

This is where the nine screens you have come in handy

這就是九個屏幕派上用場的地方

because you can, within the blink of an eye, take a quick look

因為你可以在一眨眼之間迅速瀏覽全部

and then the most important and fundamental part is to serve your clients

然後最重要且是最基本的部分是為你的客戶服務

This is really the core of your job

這是你工作的核心

so they would call you and request help to trade

他們會打電話提出交易需求

request large blocks that they will need you to execute on their behalf

需要你代為執行一大筆交易

or provide liquidity for them in the principal way

或為他們提供資金流動性

Is that why in the movie usually you would see the traders always on the phone?

這是不是為什麼你通常會在電影里看到交易員一直在講電話？

Yes, yes

是的

Although they were always yelling at the phone, I dont know why

不過不知為何，他們似乎總是在電話上大喊大叫

Movie needs to be a little dramatic to please the public

電影需要一點戲劇性來取悅公眾

but most of the time, youd be surprised at how silent the trading floor is

但大多數時候，你會驚訝地發現交易辦公室非常安靜

You have people on the phone, but they definitely do not tend to shout except once in a while

會有人講電話，但他們一般不會大喊大叫，除非個別時候

when theres a big mistake that happens

一般是出現了大錯

Gotcha, or when theres a big win, you guys will cheer for their success, right?

明白，或者當有一個大勝利，你們會歡呼嗎？

Yes

是

Do you ring a bell?

你們會搖鈴嗎？

The bell rings at the open and the close

一般是在開盤和收盤會有鐘聲響起

but you wont have somebody ringing it physically; its automatic now

但你不會看見有人親自搖鈴; 都是自動的

Probably ringing it physically 30 years ago?

可能30年前是有人搖的？

When you trade and when you are talking to your clients

當你服務客戶的時候

do you usually make recommendations?

你通常會做些推薦嗎？

"hey, this is what I see on the market; I suggest you buy or sell this stock"

比如「這是我對市場的看法，我建議你買進或賣出這個股票」

or do you usually execute what clients want, but provide them feedback on whether its a good strategy or not?

還是你通常就按客戶的意思執行，但給他們提供一些回饋這是否是個好策略

Clients usually would not want to share with the banks their use of the market

客戶通常不希望與銀行分享他們如何利用市場

They would more come for advice on what is the best possible execution

他們通常會來諮詢什麼樣的執行最好

So as a trader, really your specialty is to find liquidity in the most efficient and cheap manner for the client

所以，作為一個交易員，你的專業是為客戶用最有效和廉價的方式提供資金流動性

and thats where you were asked for recommendations

你會從這方面提供建議

Within banks, you have research team who are specialized on

在銀行里，你有專業的研究團隊

having an opinion on European equities, US equities, certain industries

會對歐洲股市、美國股市、某些行業有觀點

and (they are) actually the typical people our clients will speak to

而（他們）是客戶通常會諮詢的對象

when they want recommendations on their trade ideas or use the bank as a sounding board

一般他們會向這些人尋求交易建議

How big was your book usually?

你的交易量一般多大？

How much money do you have to trade every day?

每天交易多少錢？

I wouldnt be able to give you the specific number for myself

我無法給你具體的數字

but what I can tell you is traders and banks would usually trades hundreds of millions dollar per day

但我可以說交易員通常每天會交易數億美元

so its a pretty important amount

是一個非常大的數額

What was your favorite part about being a trader? 你最喜歡交易員工作的哪方面？

I think there are a couple of very exciting parts

我認為有幾個非常令人興奮的地方

First, every day is different

首先，每天都不一樣

You dont know what to expect when you go to work

你每天去上班，不知道會發生什麼

The second thing I would think is the job has certain intensity

第二，這個工作有一定的強度

so its definitely a more stressful job than others

比別的工作更緊張

but people like it; they get excited about the stress and the intensity

但是有喜歡緊張和壓力的人

Is it because you feel challenged?

是不是因為你感覺有挑戰？

You do feel challenged

你感覺有挑戰

You have to think all the time; you have to be aware; you have to pay attention to many things at the same time

你必須一直思考，耳聽八方，同時注意很多東西

so thats challenging and exciting

所以這很有挑戰性並且令人興奮

and the third component that is quite exciting

第三個令人興奮的地方就是

You find it in a bunch of industries, but I think specifically in trading, its quite important, too

你會在很多行業看到，但我認為特別是在交易上，這相當重要

Teamwork is crucial; nothing can be done by anyone on their own

團隊合作是至關重要的，沒有任何事情可以只通過個人來完成

When youre working in the large institutions, such as a bank, as a trader

當你在大型機構做交易員，比如銀行

You would need the help of the IT team

您需要IT團隊的幫助

You would need the help of the researchers for an opinion on industry

您需要研究員的幫助，提供行業見解

You would need the help of quantitative models that are developed internally to have smart orderly running systems

您需要量化研究模型的幫助，使得內部運營智能有序

Theres permanent teamwork among teams that makes it also quite exciting

團隊之間一直有合作

because then you can learn from each other and benefit from each persons expertise

可以互相學習，從每個人的專業知識中受益

What was your biggest challenge when being a trader? 你做交易員時最大的挑戰是什麼？

I would say the biggest challenge and the most important requirement is the extreme attention to detail

最大的挑戰應該就是要對細節極端的關注

A mistake or the lack of attention can be extremely costly for the person (and) for the bank

一個錯誤或關注不夠可以使銀行的人虧損很多

People have seen in the past large mistake that ends up being very expensive to the shareholder

大家看到過，過去的一些大錯誤最終使股東損失慘重

the people usually lose their job and their team

人們通常會失去工作和他們的團隊

Mistakes arent allowed in a certain way

錯誤在一定程度上是不被允許的

and you have to be very careful with what is done and never go too fast and not think on

你做事必須非常小心，不要太快、想都不想

Would there be trading support people to help validate the number before you actually execute?

會有交易支持團隊在你交易前來幫助驗證數字嗎？

so its not all dependent on one man?

這樣就不用完全依賴一個人了？

No, it would be dependent on the trader

沒有，這都取決於交易者

but you have many many IT checks that would happen at many level in the system

但是，在很多層面都有系統檢查

to prevent the worst mistake, which is a fat finger

來防止最糟糕的錯誤，比如說「胖手指」

Say you wanna buy 50 S&P futures and you end up buying 500

比方說，你想購買50個標準普爾期貨，而你最終輸入了500

if denominal isnt expected by the machine, you will probably see a flag

如果這不是機器預計的結果，你可能會看到一個提醒

"Hey, be careful! you entered 500. Is it really what you want to do?"

「嗨，小心！你輸入了500。你確定這是你想要的嗎？」

and then you would need to click a second time

然後你需要點擊第二次

Check as simple as that can avoid many mistakes

這種簡單的檢查能避免很多錯誤

Thats just a simple example

這只是一個簡單的例子

You have security checks at multiple places

你在很多個地方有安全檢查

Whats the long-term career path for a trader? 交易員的長期職業發展如何？

Unlike many other industries where some people could join and think about

不像許多其他行業，一些人可能會邊做邊想

"Ill do a couple of years there, because then I can get access to this industry or this type of job"

「我在那兒做幾年，這樣我就可以去接觸到這個行業或者這個類型的工作了」

People usually join trading are passionate by markets

加入交易行業的人一般對市場非常感興趣

and see their career as traders and will stay there as long as possible

他們覺得自己的職業生涯就是做交易員，會長久地呆在那裡

so typically people would stay in trading

所以一般人們會留在交易行業

and just little by little, they will become more and more senior within the bank

然後慢慢在銀行內部升職

some people will also join buy-side firms still as traders and trade for them

有些人也會加入買方，繼續為他們交易

Whats the interview process to become a trader? 交易員的面試是什麼樣的？

Interview process are quite different than in other places; and that is true across most banks

採訪過程和其他地方很不一樣，在所有銀行都是的

You would tend to find the heavy component of brainteasers

你往往會發現有很多的腦筋急轉彎

The second set of question that you tend to find quite a bit is everything thats market related

另外就是有相當多的和市場相關的問題

Whats your view on the US economy? Whats your view on emerging markets?

你對美國經濟的看法、對新興市場的看法

Third, the most important they think part of the interviews would be fit questions

第三，也是最重要的，就是契合性的問題

Cultural fit?

銀行文化契合？

Yes, cultural fit

是的，文化契合

because remember, if you ever saw a trading floor, you have a desk thats 20 meter along with basically each person having one meter of length

因為在交易辦公室，你有一張20米長的桌子，每個人分享到1米的部分，挨個坐著

What it really means is that youre sitting 12 hours a day next to people you see more than your family

這就意味著你每天12個小時都要看到這些人，比你看到家人還多

so its really important that you can spend the entire 12 hours a day, five times a week with them and be happy about that

所以，確保你可以每天12小時、每周5天都能高高興興地和這些人在一起，是非常重要的

Memes 口口相傳

Traders can be very aggressive on trading floors 交易員有時候會比較好鬥比較凶

just like in the movie

就像電影里說的

I would say its not so true

我會說這不是真的

You said sometimes its even silent on the trading floor

你提到過有時候在交易辦公室會很寂靜

so what you can see in movies about trading is people bursting out and exploding

你在電影里看到的是人們常常爆發

it does happen but definitely not at the frequency that you see on The Wolf of Wall Street or other funny movies about trading

這的確有時候會發生，但絕對不是你在《華爾街之狼》或其他電影里看到的那種頻率

What tends to happen is people do explode, but its not I think at much higher frequency than anywhere else

人們可能會爆發，但和其他地方會發生的頻率沒什麼區別

Why would they explode?

他們為什麼會爆發？

Because a client order was handled poorly, a client isnt happy and is complaining

因為客戶訂單處理不當，或者客戶不開心、在抱怨

Some IT glitches prevent them from doing their job

一些IT上的毛病不能讓他們好好工作

There are many many reasons

有很多很多的原因

Traders earn a lot of bonus when market is great 市場好的時候交易員能賺很多

It is a tricky question

這是一個很難回答的問題

And you feel this way about earning a lot?

你對賺很多錢是這個感受？

Not this?!

而不是這個？！

It is a difficult question to answer, because banks keep their numbers very secret

這是一個很難回答的問題，因為銀行對這些數字非常保密

Top performers can sometimes even have seven digits

業績最佳的交易員有時甚至有七位數的收入

Its not so dependent on market because some talented people can do very well in a down market

並不是那麼依賴於市場，因為一些有才華的人能夠在市場低迷的時候也做得非常好

Along with the high bonus, theres also high risk involved in the job

隨著很高的獎金，交易員的工作也有很高的風險

As you talked about, the detail really matters, right?

就像你說道的，細節真的很重要

Its easy to lose your job anytime as a trader 交易員工作風險很高，很容易丟飯碗

because its so easy to make a mistake

因為很容易犯錯誤

Yeah, I would say yes

我會說是的

And you feel happy about it?

而你對此感到高興？

Your reaction to the emojis is completely different from what I would expect you to choose

你的表情選擇真是和我的預期完全不一樣啊

It is an industry that assumes that youre talented enough not to make mistakes

這是一個假設你足夠有才華並且不犯錯誤的行業

and it is very clearly stated that above a certain level of risk or of losses, the people will lose their job

並且有非常明確的表示，如果風險或損失到了一定水平，人們將會失去他們的工作

Traders love playing pokers 交易員喜歡玩牌

Do you like playing poker?

你喜歡打撲克嗎？

I do like playing poker

我的確喜歡打撲克

I would say yes, but probably theyre not playing poker every day or every week as it would be described

我會說是的，但可能不是像被描述的那樣，每天每周都玩撲克

You have to answer questions while drinking whiskey in interivew 交易員面試的最高境界是邊喝酒邊回答問題

No, absolutely not

沒有，絕對沒有

No? Never?

從來沒有？

Never

從來沒有

Alright, I think it would be fun - drink some whiskey, answer some brain teasers, talk about the market

好吧，我覺得這還挺有趣的。喝一些威士忌，回答一些腦筋急轉彎，談談市場

Never never heard about that

從來沒有聽說過（這樣的）

No whiskey for interviews; no shouting at each other, yelling at each other, no ringing the bell in person

面試不喝威士忌，不會互相喊罵，也沒有人搖鈴

Basically anything you saw in The Wolf of Wall Street - Scratch it! its just a story!

基本上我們就不要把《華爾街之狼》當真，這只是一個故事！

Yeah, pretty much

是啊

Trading world has really evolved

交易行業已經演變了很多

As it goes to a more and more technology centered business, all the little human stories tend to fade a bit

在變得越來越以技術為中心的同時，這些人物小故事也慢慢淡化了

別忘了，我們在很多地方等著你哦！

每周末更新！敬請期待！

微信公眾號：評常DNA

騰訊視頻頻道

http://v.qq.com/vplus/8e5a9be2034ac9216327cef9581e0400

愛奇藝頻道

http://www.iqiyi.com/paopao/u/1437889638/

嗶哩嗶哩

https://space.bilibili.com/204003859/#!/

喜馬拉雅頻道

http://m.ximalaya.com/88854489/album/9696777