When Tiffany Chen was first introduced to the idea of proprietary trading and “eating what you kill,” she fell in love.
The idea of her performance being tied to individual revenue generation and the competitive nature of trading fit perfectly for Chen, who was raised in Hinsdale, a western suburb of Chicago. Chen grew up playing tennis competitively; her Hinsdale tennis team won the state championship, and Chen continued playing at the University of Chicago on the NCAA women’s tennis team. Upon graduating with a bachelor’s degree in economics and a minor in statistics, Chen was hungry for a job that challenged her. She quickly discovered that similar to sports, trading is a meritocracy.
Gelber Group, LLC., a Chicago-based proprietary trading firm that operates in a variety of asset classes, including fixed income and foreign exchange, was a natural fit for Chen. Having roots in Chicago, she was excited to join the well-established Chicago based firm that promised to train her from the ground up.
After spending one year working on the macro desk, she moved to the fixed income desk, where she has been building her career ever since. Over the years, Chen has refined her trading acumen while benefiting from a focus on work-life balance she considers “unrivaled” in the industry.
“I’m very fortunate that I feel this way about a job I landed right out of college,” she said. “It feels like the right place, and I’m not looking to jump to the next best thing.”
For Chen, the “next best thing” is right in front of her — and she can’t wait to see what she’ll tackle next.
Give us a snapshot of your career so far. Briefly, what has been your path to this point?
I was an economics major at the University of Chicago who didn’t know what I wanted to do coming out of college. Most of my peers were either going into investment banking or consulting, but neither of those sounded interesting nor did the lack of work-life balance seem appealing. After interning in the middle office of a bulge bracket bank my sophomore summer and wanting something more fast-paced, my manager at the time suggested I tour the bank’s trading floor. I immediately fell in love with the competitive energy, the big screens and flickering prices, and the idea of “eating what you kill.”
The next summer, I interned at another bulge bracket bank’s commodities sales and trading desk. While I enjoyed it a lot more, I felt a proprietary trading shop was a better fit for me with a more casual environment and more freedom to express my ideas. Being one of the oldest and most well-established prop shops in Chicago and one of the few trading firms that train you from the ground up, Gelber was the best place to start my trading career. I spent one year on the macro desk then moved to the fixed income desk where I’ve been since.
How does working for Gelber Group help you make progress toward your career goals?
I’ve been at Gelber for almost eight years, and I’ve realized that I love working here and being a trader. However, it’s a competitive and stressful industry with high turnover, so nothing should be taken for granted. My career goal is to stay sharp, relevant and adaptable enough in the market to make a decent and consistent living year after year. It’s a unique job where you aren’t trying to do well to get a promotion or move to another company; you work hard purely for profit/loss ratio upside and to bring in new unique strategies and edge to the firm.
What makes Gelber Group a unique place to work from a professional development perspective?
Trading is like playing a sport; instead of wins, you track your success with your profit/loss ratio. It’s a meritocracy where your goal is to make profit, not partake in work politics and climb a career ladder. The firm’s organizational structure is also very flat: it’s me, my manager and then CEO Brian Gelber. Even as a rookie trader, I felt like I could reach out to Brian and get feedback as well as make a difference in my group from the start. It’s rare to have that kind of access and impact at bigger firms.
The work-life balance at Gelber is unrivaled as well. You decide your own PTO, and there’s a lot of flexibility in deciding your own hours. The vast majority of a trader’s salary is performance-based, so I’ve become more self-aware of how I manage stress and take time off when needed. Despite the pressure, the environment at Gelber is collaborative and casual but also disciplined; there’s a lot of banter, but our pencils are sharp when it matters.
“Despite the pressure, the environment at Gelber is collaborative and casual but also disciplined; there’s a lot of banter, but our pencils are sharp when it matters.”
How have you grown professionally at Gelber Group? What skills have you learned?
I’ve become more well-informed on current events that directly affect the markets, whether that’s by parsing through economic data or following political developments. I then quantify and structure the risk around my trade ideas, staying in tune with market psychology and positioning and being wary of any tail risks. There also aren’t many jobs where you experience such a wide range of emotions daily. After almost eight years at Gelber, I’m aware of how I perform under pressure and adversity as well as how I think — fast versus slow, reactive versus proactive. I’ve dealt with plenty of highs and lows throughout my career and learned how to bounce back during the hard times and stay humble when I’m doing well. It has forced me to become more emotionally mature and continues to test me every day. Even though it’s a stressful industry, the pressure that comes with this job is a privilege. As Brian Gelber likes to say, “Trading is fun!”
What professional development tools and resources have you leveraged during your time at Gelber Group?
When I first started, I spent four months in Gelber’s new hire program where I learned the basics of each asset class, placed simulation trades and shadowed desks across the firm. Since I had no prior experience trading, the program allowed me to build a solid knowledge foundation and taught me good habits around risk-taking that I use to this day. The best resource you can leverage as a trader is the people around you. As a new trader, I was encouraged to write daily emails to my manager and Brian Gelber detailing my thought process, emotions and lessons learned from the day. Using their feedback, I reflected on my mistakes and honed my trading process. While I no longer write daily emails, my manager is always open for a conversation and checks in a few times a year to evaluate my performance and make sure our goals are aligned. I also have a network of traders and dealers I talk to throughout the day. It’s invaluable to gather and assess others’ views on the market and compare them to your own, even if they are inexperienced. You can learn from anyone.
Empowered to Excel
Chen said that trading managers at Gelber Group offer guidance and feedback while giving their direct reports freedom to explore their own ideas and develop their own trading style. They also adjust the amount of risk traders can take based on their individual performance.
How has joining Gelber Group positively impacted your professional and personal journey?
After almost eight years at Gelber, it’s clear I’ve grown my roots in a workplace where I can thrive and learn something new every day. I’m very fortunate that I feel this way about a job I landed right out of college; it feels like the right place, and I’m not looking to jump to the next best thing. The amazing work-life balance and salary potential have allowed me to find financial stability, start a family and still feel like I have quality time outside of work.
What are you excited to accomplish next?
There’s always something I can improve on in my trading, whether that’s sharpening my process, taking on more risk, adding new products and strategies or learning from my peers. With the amount of uncertainty in the markets right now, I’m looking forward to seeing how the economy unfolds over the rest of the year. It’s an exciting time to be a trader.
