07:25 Get train to the office

When I worked for an investment bank I had to be at my desk for 07:30. But most systematic traders don’t actually trade – their systems are fully automated. So there is more flexibility around working hours: because it’s a creative job it’s better to work when it suits you.


當我在一家投資銀行工作時,我必須在07:30來到我的辦公桌。但大多數係統交易者實際上並不交易 – 他們的系統是完全自動化的。因此,工作時間周圍有更多的靈活性:因為這是一項創造性的工作,所以當它適合你時工作會更好。

8:15 Arrive at the office: Check overnight risk, market news, and strategy profit & loss

This part of the job is the same for all traders. I managed a team and we took turns doing this relatively boring but important task. Too many ‘quants’ get caught up in the abstract world of financial models and lose touch with the market.



9:00 Daily scrum meeting

At systematic funds traders work closely with software developers. We even adopted some of their working practices – including this meeting. Every morning we discussed what progress we were making and what was holding us up. This meeting is sometimes called a ‘stand-up’: nobody is allowed to sit down – which ensures it’s is over quickly.


在系統基金中,交易員與軟件開發人員密切合作。我們甚至採用了他們的一些工作實踐 – 包括本次會議。每天早上我們都討論了我們正在取得的進展以及阻礙我們的進展。這次會議有時被稱為“站立”:沒有人被允許坐下 – 這可以確保它快速結束。

9:15 Work with new source of data

Data is the lifeblood of the systematic trader, and new sources of data are always appearing. But using new data isn’t straightforward. The data has to be sourced, we have to work out how to feed it into our databases, and it will probably need to be cleaned to remove erroneous entries.



10:00 Client meeting

We had a dedicated team of client managers, but as a senior manager I still had to show up for meetings with more important customers. My everyday clothing was jeans and casual shirts, but on days that clients visited I would don a suit and tie. Clients were usually interested in new ideas, and we were quite open in discussing them. The more information you can give about your strategies, the more likely you’ll get investment.



11:00 Strategy testing

Once you have some data the next step is to test and develop a trading strategy that uses the data. This is probably the most exciting part of the job – nothing beats the “Eureka!” moment when you find something new that appears to be profitable. However this is just the beginning: the strategy has to be thoroughly tested to make sure it is robust.


獲得一些數據之後,下一步就是測試和開發使用數據的交易策略。這可能是這項工作中最激動人心的部分 – 當你找到一些似乎有利可圖的新東西時,沒有什麼能比“尤里卡!”更勝一籌。然而,這只是一個開始:必須對策略進行全面測試,以確保其穩健。

12:30 Lunch

At lunchtime I would head downstairs to our office canteen. The menu changed every day, and there was even a bar (sadly not open at lunchtime – probably a good thing!). If I was really busy I just grabbed a sandwich to eat at my desk, but there was usually time to sit down and catch up with some colleagues.


午餐時我會到樓下的辦公室食堂。菜單每天都在變化,甚至還有一個酒吧(遺憾的是午餐時間不開放 – 可能是件好事!)。如果我真的很忙,我只是抓起一個三明治在我的辦公桌上吃飯,但通常有時間坐下來跟上一些同事。

13:30 Writing up research

All research has to be written up before the idea can go further. It’s also important to document ideas that didn’t work – otherwise someone else will waste time trying the same idea.


所有的研究都必須在這個想法進一步發展之前寫出來。記錄不起作用的想法也很重要 – 否則其他人會浪費時間嘗試相同的想法。

15:00 Research review meeting

Some funds operate in “silos”, where you develop your own ideas and keep them secret. But I worked in a colloborative business where we worked together and shared information. This helped improve good strategies, and made it less likely that bad ideas would be implemented. The downside of this is that there a lot of meetings!



16:00 Pair programming with developer

All systematic traders have to be able to code, otherwise you can’t manage data or test strategies. However it’s unlikely that the prototype code written to test the strategy will be robust enough for trading with real money. Professional software developers code up the “live” production algorithm, working closely with the traders.



17:00 Implementation meeting

Actually putting a strategy into live trading is a team effort involving people from all over the business including technology, operations, compliance, risk and many others. Systematic funds don’t usually have the “rock star” mentality of other hedge funds where star traders get all the attention. Everyones contribution is important and acknowledged.



18:00 Leave the office. Read on the train home

The journey home was an opportunity to catch up on the latest academic research. Hopefully they would inspire me to dream up a new idea whilst I slept.






答案是一秒!由Google translate翻譯!!(按此




Google 的AI愈來愈厲害,翻譯的水平愈來愈高。串錯的英文字都可得出正確的中文,中文標點符號的運用亦十分理想。又有文字及語言轉換,多國語言已經手到拿來。




投資界亦有一堆古老石山,視新科技新技巧如洪水猛獸。泰斗如John Bogle 反對ETF出晒名;出名盛產水魚的香港,其股民對於Robo Advisor更是視為天外來客,就如歷蘇遇上可樂樽,高等文化遇上穴居人類一樣。現代香港散戶其投資生涯長期甘心處於獵物狀態,比起用手工具打獵搵食的獵人歷蘇,還遠遠不如。你今天畀家用阿媽阿爸及老婆老公,如果唔係用「轉數快」,而係寫cheque或者排隊過數,你便知道自己還停留在什麼年代。










獲得一些數據之後,下一步就是測試和開發使用數據的交易策略。這可能是這項工作中最激動人心的部分 – 當你找到一些似乎有利可圖的新東西時,沒有什麼能比“尤里卡!”更勝一籌。然而,這只是一個開始:必須對策略進行全面測試,以確保其穩健。


所有的研究都必須在這個想法進一步發展之前寫出來。記錄不起作用的想法也很重要 – 否則其他人會浪費時間嘗試相同的想法。





















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