News announcements were made throughout the day teaching us first-hand about how sensitive the markets can be to new economic data and news releases. Before we could even participate in the Trading Game on Friday, we all went through a training session on Thursday night. After scarfing down every type of Parmesan sandwich imaginable, the first-years were ready to learn how to make millions of dollars trading. During this explanation, McNiff noticed a look of confusion on about half of the faces in the room. After we assured him that there weren t any SIPA students present, McNiff went on to explain the concepts a little more slowly for the neophyte traders.
Some questions remain better unanswered.
We started the day with a practice session to get acclimated to the topsy-turvy world of trading. People were buying when they wanted to sell, selling when they wanted to buy, bidding for Van Gogh paintings, and offering their first-born child. The salespeople got some early practice for their fulltime jobs as they learned the art of brown-nosing. Successful salespeople at Wall Street firms generally have excellent relationships with their clients and often spend time outside of the office wining and dining them. In return, clients throw them a great deal of business.