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Old Mar 13th, 2012, 09:05 PM   #25
shopster
 
 
Join Date: Jul 2011
Posts: 1,479
Quote:
Quote from blowingup2012:

The key to making six or more figures in business is one thing, but the key to making six or more figures in trading is really an Ivy League degree............
i have done both.

Harvard clowns are a dime a dozen and they cannot trade their way out of a wet paper bag.

-1

s

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Old Mar 14th, 2012, 06:21 AM   #26
ssrrkk
 
 
Join Date: Jun 2005
Posts: 440
Quote:
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.
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Old Mar 14th, 2012, 06:28 AM   #27
shopster
 
 
Join Date: Jul 2011
Posts: 1,479
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Old Mar 14th, 2012, 06:30 AM   #28
shopster
 
 
Join Date: Jul 2011
Posts: 1,479
" To put the problem in the simplest terms, the interests of the client continue to be sidelined in the way the firm operates and thinks about making money. .........."

Salomon Bothers ran the same style shop.
the culture was to offload all the crap to the client and rack up a big bonus at year end.

pretend to sell value to your client and dump the garbage in his account with a fat spread.

pure bullshit.

" Liars poker " by Lewis who worked for the lads in the 80's, chronicles the entire culture and mentality of Wall Street.

you were either a " grunt, wimp or a Big Swingin' Dick.........."

nothing has changed in the past 40 years except there are more zeros on the end of all the numbers.

" Wall street has a grave yard at the top, a river at the bottom and kindergarten with the kiddies in the middle......"

Bozzo the clown is still in charge and pulling the levers.

cheers,

s
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Old Mar 14th, 2012, 12:05 PM   #29
highballs
 
 
Join Date: Feb 2012
Posts: 883
Quote:
Quote from blowingup2012:

I had posed a question earlier in the ET community if they had found the Holy Grail. After about 10+ pages of moronic replies, I came to the conclusion that they had not found it. Now I will reveal the Holy Grail to you.

The Holy Grail is at a place called H-A-R-V-A-R-D. If you can get there, then you will have found the Holy Grail. I hope this thread has been helpful.



Did you make this? Very clever and very funny!
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