I've been working with this trader and every time he explains something to me, it sound like foreign language. There's so many things going on. I'm a graduate analyst on the bond trading desk and I don't think it's all that complicated. It's just millions of concepts flying around. Anyone have any advice or the best way to learn? I've read Fabozzi but it isn't the same as sitting on the desk.
Don't get discouraged – this is how we all felt when we got started. This is particularly true in fixed income, where a lot of jargons are thrown around.
Ask your colleagues. You can potentially figure everything out by reading books, but it's much better to just consult your colleagues – it's one thing to have an academic understanding of how things work, it's a totally different matter to hear how practitioners interpret and think about different concepts.
I generally find Fabozzi's books to be too academic. Fixed income is all about market conventions and subtleties, which Fabozzi glosses over. There are much better books written by practitioners. Bruce Tuckman's Fixed Income Securities is my personal favorite (I prefer the 2nd edition to the 3rd). Another great one is Siddhartha Jha's Interest Rate Markets – A Practical Approach to Fixed Income.
Assuming you work for an institution that publishes such things, read the weekly rates strategy reports from at least the past few years.
This is how we've all felt when we started in FI groups. Not much way around it other than just time on the job, but what is really helpful for a lot of people (myself included) is to keep a notebook nearby and just take down every question you have or anything you don't understand. Then, when things slow down from a sprint to a walk (and you're only with other junior analysts/associates) you can ask colleagues what things mean and fill in your notes.