From completing his Bachelor of Commerce in UCD and earning a master’s in Financial Services from the Michael Smurfit Business School, John White, the Co-Founder of Positive Equity, has taken a route less travelled by the majority of UCD graduates — but one marked by success and great interest.
Trading may not be the first career path that comes to mind in Dublin. Still, advances in technology and the growth of firms such as Positive Equity make it possible to be just as successful from Dublin as in many of the traditional trading hubs around the world. Positive Equity itself is a proprietary trading firm based in Dublin.
John has experience working globally in trading, not just in Dublin. “Of the first two proprietary trading firms I worked with, one had offices in London and the other still has its head office in Chicago. So, I got to experience living and working as a trader in both of those places.”
Trading may not be a topic on which many have insights, especially when it comes to firms based in Ireland. The only exposure some may have to trading is through the bright lights of the New York Stock Exchange floor, as seen in films. Although the intensity may be depicted accurately, my first real experience came when I walked onto the Positive Equity trading floor. I was greeted by up to eight screens at each desk, with figures streaming in based on news updates from across the globe. The constant clicking of keyboard keys made it evident that every announcement could demand immediate action, and “action” is precisely the word that came to mind. So far in my career, it’s one of the more fascinating experiences I’ve had walking into an office space. It really did feel straight out of Wall Street — but John is committed to bringing that same level of success to a trading firm in Ireland.
Positive Equity is a proprietary trading firm, which means traders work with the company’s capital and earn a percentage of the profits they generate.
Many believe that to succeed in trading, you need to be in London or New York. But John made a compelling point: if you have the same technology and preparation as traders in global hubs, why can’t you perform just as well, if not better, with the right mindset and drive?
The world of trading is undoubtedly one that demands high performance and dedication. However, this also requires managing the stress that often accompanies the job.
“The one non-negotiable for me personally throughout my career has always been to get physical exercise into my routine during the week — if nothing else, to detach and de-stress. As a trainee trader in my first firm, we were actively encouraged to join the local gym through discounted rates.”
While many traders do come from a finance or numbers background, John pointed out that other traits make a successful trader, and these don’t necessarily require prior finance experience. “Some traits I think are important are a love for numbers and puzzles; curiosity about data; curiosity about the world and how it works and how geopolitics drive markets and prices; an openness to embrace mistakes, learn from them and do things better tomorrow.”
Now Head of Innovation at Positive Equity, John does less day-to-day trading, but one trade still stands out in his memory. “The biggest single trade I ever had stands out because of what happened the next day. On the first day, I had a trade that was big, quick, and felt like the right time to go ‘all-in’ on a market I understood very well — the German DAX equity index. I was decisive and it paid off. The following day, I made a similar trade, in the same market — except this time the trade quickly turned into a loser. In my stubbornness and hubris, I stayed in the trade, added more size, and ended up having the biggest loser of my career. Right after my biggest winner at the time!”
This story illustrates the constantly shifting nature of trading — unforgiving, but part of what makes it an exciting career path.
When asked about the biggest challenges facing Positive Equity, the word “competitive” came up again — a recurring theme. “The financial markets can be hyper-competitive. So, we always have to be searching for new trades and strategies, connecting to new exchanges, chucking out things that don’t work, and retooling when our competitive advantage or ‘edge’ in one strategy is waning.”
John’s advice to any young aspiring trader is to read or listen to content about what trading is really like. If you don’t find yourself intrigued, it’s likely not the right path for you. “It is an intense career, and to be successful, you have to genuinely enjoy what you’re doing — otherwise the long days will become quite hated, especially if you’re only in it after hearing the ‘success’ stories that come from trading.” He recommends the book Market Wizards, and for something more accessible, the podcast Chat with Traders, to get a clearer idea of what the career entails.
I often find that when speaking with founders or those who have made significant progress in their careers, asking what advice they would give their younger selves brings interesting responses. With John, it was no exception. He had three things he would say if he could rewind the clock: make fast decisions rather than procrastinate, because waiting means missing opportunities; remember that happiness is the most valuable thing; and finally, never ever get complacent.
That last one applies particularly well to trading: you can have a hugely successful day, but it resets the next day, and to keep performing, you need to put in the same effort every time — or the markets will eat you up.
Overall, it provided a valuable insight into the trading environment in Ireland and what it truly takes to become a successful trader.
Mark Cullen: Contributor
