Hey there! I'm a first year student of finance and accounting. I chose this degree because I want to work in the stock market, but most of the jobs require maths, physics or engineering knowledges. I want to be a trader, I don't want any other job related to the world of the finances, so for me is very disappointing to see this. What should I do? Thanks.
Then switch majors to math, and get a PHD in math. Watch the movie margin call. The only one not fired was a graduate of MIT.
option #1 Save up money and open an account with one of the firms that support professional traders (IE interactive brokers, tradestation, lightspeed or think or swim). Option #2 do a combine with topsteptrader - patek trading Read market wizard books, reminiscence of a stock operator and others. Listen to TOS shadow trader sqawk box and email questions (its free) Listen to educational seminars from various sources including tos And/or trade in a simulated account. All of this applies if you want to trade on your own. If you want a prop firm that pays you salary plus p&l% go with a math and computer science - major in one minor in the other. Just my opinion, feel free to seek out others for their opinion.
Trading requires a good amount of mathematical intuition. I'll rephrase. Successful trading requires a good amount of mathematical intuition. Odds are that if you are not passionate about some technical subject your mathematical intuition might not be very high. This might not be something you can fix. Just like how if you are < 5.5 feet tall it is unreasonable to make playing for the NBA your goal. You are still in collage and haven't properly entered the adult world enough to really have a sense of just how many really gifted people are in this industry. If math/CS/engineering/tech hasn't been a passion of yours for at least a decade now your odds of succeeding here in the modern era are extremely slim. For example: I started collage (math major) when I was 10 years old and I've NEVER considered myself the brightest of my colleagues in any group I've worked in. Are these really the people you want to compete with? Ever wonder why so many people on this board make little to nothing and keep talking about some mystical long slog of paying 'dues' to finally become profitable? I'd really recommended a different career path. Also, I've never met a finance undergrad who actually got a job in finance. It seems to be the newest university scam. For most people trading is a sucky job where, even if they are good at it, profits get consumed by expenses. Talk to more people about their profession and try to get a sense of what else you would enjoy doing. Being a collage student provides you a unique but limited time where you can explore a variety of opportunities and people are willing to share their opinions with you. This is a valuable time in your life so don't squander it.
Hmmm... STEM fields are not necessarily the only way to be an institutional trader, which is what I am interpreting as a 'professional trader' here. I've known various traders with different backgrounds in arts and sciences. Yes, you probably wouldn't cut it to be an algo/systematic/hft trader. However, there are still loads of other types of traders out there too, high yield, credit arb, event-y stuff, macro, fundamental L/S etc. I think its more important to study what you enjoy for those four years than something you don't like. In order to maximize your chances, start networking, snag the right internships, stay abreast of business news and developments. Most importantly explore and try to find out if you really want to do this. That said you do have to have a head for numbers. There is no other way to stay alive in 'professional' finance. And know to code at least a little bit.
Sorry to mention this, one extremely successful trader at a prop firm does not know how to read, nor write( yep they exist!!!). So much that he hires a chauffeur to drive his limousine ( does not have a driving licence). But for sure he knows how to pull money from the market. He is ashamed of his "fault", and thus has never taken the step to learn to read/write. But good for him, as one millionnaire lost all his fortune just after learning to read/write ( and rebuilt it using his experience). So best for him to keep the money and the "illiteracy". To the thread started : * enjoy your education : any subject as long as you really enjoy it, so as to develop your mind ( concentration, critical thinking, analytical mind,...) * keep practicing trading with topstep trader * keep an online trading journal at ET of your progress
I am also realising that you are studying finance and accounting : so do your best to really enjoy it and start trading stocks on a demo say around earnings announcements. This will put to good use your education.
I'm already doing the first option. I also search for educational seminars. I want to trade on my own but what I really want is to be hired by a prop firm. Is not possible without a math and computer sciences degree? I have also tried simulators, which one do you recommend me? Thanks!