Each year Gelber Group hosts 4 MIT students during their IAP in January to work as externs at the Chicago and New York offices. Throughout the month, externs interact with the markets through live simulated trading and discover what the life of a prop trader is really like. One extern summarizes his experience: “the program completely surpassed my expectations […] I feel like I learned way more in the last month about trading and the markets than I could have possibly learned from a semester of ‘relevant’ coursework. All of the knowledge we gained was practical rather than rigidly theoretical, and I envision this foundation exerting a highly positive influence on my trading in the future.”
In our White Plains office, the externs work closely with MIT alumnus Tom Pelletier, former bank trader turned Gelber Group rock star. They begin each day by sifting through trading blogs and journals in preparation for what the market would deliver and then, once markets fire up, actively trade currencies on an in-house simulator. The White Plains externs spend their afternoons hopping on the Chicago based calls, engaging in simulated replays of major economic events, and collaborating on small projects to broaden their market fundamentals.
In Chicago, the externs spend their mornings in a similar fashion to their East Coast counterparts by researching and trading the currency markets. Their afternoons are filled with discussions featuring a diverse group of speakers who explain the nuances of the different asset classes and their own trading experiences. Unlike those in the White Plains office, our Chicago externs also have the opportunity to work closely with the algorithmic trading team, allowing them to experience firsthand the direct utilization of technology in trading. This year’s project had externs strategizing and implementing new logic for queue positioning in Gelber’s in house backtester.
All in all, it was a great month with some fast moving and exciting markets! Thanks externs for bringing some positive energy!