[DcifrThs]

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Can you please clear up this mathematical inconsistancy i cant figure out. I used to work in the settlements area for goldman sachs. Institutional Fixed income trading office. All the traders traded with the SAME counterparts and other traders from competing firms for the most part day in day out.

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did they only trade with those counterparts?

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For every trade there is usually one winner and loser. If thats the case in the long run should HALF of all those traders be losers? How can they all be employed for so much $$ if only half likely to make $$$? Or if thats not the case, how can more than Half turn profits?

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i dont' think they only trade with each other, but if it is the closed community you state, then there are 50% winners and 50% losers assuming all trades are the same size. further, you have to assume that it isn't 1 guy takin a huuuuuuuuuge loss and the rest cleaning up etc.

so there are explanations ... just depends on what exactly was going on

Barron