Quote from blowingup2012:
In this thread, we are talking in terms of finding the holy grail in trading. This is not about being the captain of industry or the pilot of an aircraft. Of course, there are CEOs out there without degrees.
My belief is the golden key is landing in an institution as a trader. You are recruited right out of college and are given a guaranteed salary along with a discretionary bonus. If things dont work out after a few years then there are other avenues to go. In any event, you are making a salary the entire time along with a bonus.
The lower bracket prop firm trader or at home day trader is an entirely different ball game for obvious reasons. The Holy Grail might be found there and sometimes it is found there, but its less likely you will find it there.
The Holy Grail and guaranteed path is through the institutions like Goldman Sachs. You wont be penalized if you fail at Goldman. Only the day or prop firm trader is penalized. Look at Fabrice Tourre...the "fabulous fab"...even though he was called in front of Congress suprisingly he got to keep his job. It was a stressful situation, but a happy ending for the fabulous fab. There is no happy ending for the failed prop or retail trader if they screw up.
emg, seems to me you were posting calls on the ES journal a few years back, i.e., you are a retail trader. Putting that together with your blowingup story which I assume is true, then I guess: (1) you don't have the requisite higher education to make it in trading, (2) you blew up your account and ended up in the 95% loser category.
I suppose it only makes sense. People who have the "traditional qualifications" rarely belabor the point. They know it takes much more than just a line in the education section of your CV. In fact those qualifications only help to get your foot in the door (and there are many routes to getting your foot in the door) -- the rest is all about hard work, ingenuity, skill, knowledge, and of course politicking. People who don't have the qualifications often make that their focal point in their explanations as to why they couldn't make it in the field.