Chat With Traders 293 · Rick Bandazian Jr. - The Art of the Wait: Merger-Arbitrage Killer Moves
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Dec 19, 2024 Rick Bandazian Jr. is a seasoned trader with over 15 years of expertise in event-driven and merger-arbitrage strategies. He shares insights on his journey from banking analyst to independent trader, highlighting the critical role of patience and discipline in trading. Rick delves into mastering merger-arbitrage, emphasizing meticulous research and understanding market catalysts. He also discusses balancing trading strategies with risk management while illustrating how his volunteer firefighting work enriches his sense of community.
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Seeking Immediate Feedback
- Rick transitioned from investment banking to prop trading because he wanted more immediate feedback.
- He found the fixed compensation structure of investment banking unappealing despite putting in significant effort.
From Unemployment to Trader
- Rick's team was let go from a Canadian bank just before his first child was born, highlighting the precarious nature of trading jobs.
- He was rehired at First New York Securities within 48 hours, transitioning to a trader role with his own capital.
Specialization is Key
- Focus on a single, well-defined trading strategy where you have an edge instead of multiple strategies.
- Rick found success by specializing in event-driven trading after realizing other strategies were less profitable.