Complex Systems with Patrick McKenzie (patio11) How the Smart Money teaches trading with Ricki Heicklen
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Jul 11, 2024 Ricki Heicklen, a former US equities trader at Jane Street Capital, shares her innovative teaching methods for trading. She discusses the unique challenges of learning trading, emphasizing the importance of understanding adverse selection and market dynamics. Ricki advocates for practical examples to demystify trading mechanics, while also addressing the critical role of liquidity and its impact on costs. She delves into cybersecurity in trading and the need for a security mindset, highlighting how information risks can affect traders' success.
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Trading Knowledge Scarcity
- Trading firms benefit from keeping trading knowledge in-house.
- Good trading materials are scarce outside these firms, making in-house training essential.
From Trader to Teacher
- Ricki Heicklen transitioned from trading at Jane Street to teaching trading.
- She developed a trading curriculum while teaching high school students.
Adverse Selection
- Consider adverse selection: when trading, the trade might be worse than initially anticipated.
- The willingness of someone to trade with you should make you adjust your model.
