Hi All. I was laid off at the end of 2008 after a little more than 2 years of trading at a big bank. Over those two years, I had a steady progression of trading responsibility on an equity flow desk. It was pretty fun but was nowhere near challenging or intellectually satisfying enough. So last year, I got the chance to build out an automatic arb trading strategy. Except for quoting and execution, I built the whole thing, and not only made it work but also made it profitable. Because of my software background (first job before trading) this new area of trading was the most exciting and interesting thing I had ever done. With my market knowledge I had ideas out the wazoo on how to grow the system and make it more profitable. With my technical skills, I could implement many new ideas nearly on-the-fly. It finally seemed that only the sky was the limit. Unfortunately I was let go after six months in the position, and I am now searching for a comparable role.I know exactly what I want to do: dream, design, test, and pilot equity arb strategies, with a team of IT ninjas to help with implementation. In other words, do something a lot like what I was doing when I was let go. I don’t yet have enough mathematical sophistication to be a pure quant (mere masters of engineering here). Without a PhD or prior HF experience, it seems that I can't even knock on the door of a high frequency trading shop. And software development in a vacuum just seems like holding on to a chisel and hammer without a stone. As for school, I already have one masters degree for which I am still making payments, and its relative uselessness really makes me think twice before jumping to get another degree (MFE or MBA).The layoff feels akin to having pulled the emergency break cord on what seemed like the perfect career for me. Has anyone else been through something similar? Any advice on what my options are now? My qualifications don't put me neatly into any category, and the job market is extremely tough even for people with perfect qualifications. I would appreciate any thoughts....

>> auto-tradingused car salesman ?

I guess that you are talking about algo/quant trading. As far as I know, risk management and quant trading still remain hot in this bad job market. Talk to headhunters and you will realize that you are in fact sought after by many firms. Good luck!

aggree with quant123, algo/quant trading is still hot

Thanks to everyone who replied to me and PM'd me. What I seem to be finding is that there don't seem to be almost any jobs that reflects what I am looking for. I've seen titles such as quant, strategist, developer, analyst, trade operator, HF trader, and all permutations thereof. After reading a few hundred job postings to see which ones might actually be a fit, there seem to be just two major buckets of responsibilities: developers and quants. However, the work I was doing was really a hybrid of strategist, trader, and developer. It was somewhat happenstance that I had the chance to work in such a role. Is it even realistic to think that I will find such a hybrid position without first being in a specific position? Since I am trying to broaden my horizons in the HF/quant trading area anyway, might it be better to find a development role that deals directly with strategy implementation/analysis (which hopefully allows me to then grow to a full strategist role)?

i don't understand something. if you already developed a profitable strategy, why don't you just trade it yourself?

That's a great question!The strategy I developed requires a base a minimum of infrastructure and capital that I don't have access to right now. Also, any single strategy also has a half life, and while it was quite profitable, I am looking to build a career in high freq / quant trading. I would like to work with others to grow my skill set and sophistication, even if that means taking a step back in my responsibility. The experience in my last role proved to me beyond a doubt that automated and systematic trading is what I want to do because it drew on all my strengths at the same time. I had a heck of a lot of fun working on it as well.

QuoteOriginally posted by: traderdeluxeThat's a great question!The strategy I developed requires a base a minimum of infrastructure and capital that I don't have access to right now. Also, any single strategy also has a half life, and while it was quite profitable, I am looking to build a career in high freq / quant trading. I would like to work with others to grow my skill set and sophistication, even if that means taking a step back in my responsibility. The experience in my last role proved to me beyond a doubt that automated and systematic trading is what I want to do because it drew on all my strengths at the same time. I had a heck of a lot of fun working on it as well.what is the minimum capital and infrastructure? what are the performance stats?

QuoteOriginally posted by: traderdeluxeHi All. I was laid off at the end of 2008 after a little more than 2 years of trading at a big bank. .... I built the whole thing, and not only made it work but also made it profitable. So why were you let go? QuoteI know exactly what I want to do: dream, design, test, and pilot equity arb strategies, with a team of IT ninjas to help with implementation. I think you need to be realistic. You are not going to find the 'perfect' job. Every job will have some shit stuff that you don't want to do, or that you normally consider yourself 'above' doing. Move on. You are too inexperienced to be dictating the terms of your ideal job. You haven't reached that level yet or proved yourself - Get a job in the field that interests you, excel at it and then start making demands.

QuoteOriginally posted by: traderdeluxeI know exactly what I want to do: dream, design, test, and pilot equity arb strategies, with a team of IT ninjas to help with implementation. Try book making in Vegas.