CFA is the gold standard in the biz. Want instant respect? Get the CFA. On the other hand - MBA's are a waste of time and money in finance. surf
Again, I just learned enough to pass the test for that specific time. I only majored in finance to learn more about trading. To my disappointment, it was mainly for the corporate world. I just did the "work" to pass. Then I spent the rest of my free time dug up in the library reading every book I can regarding trading. In college, my education was simply that I learned to not trust the system and if you really want to learn something, you can learn on your own through books, internet(have to dig through millions of data to find treasures), and by testing in real life. And in regards to your answer, no. I realized CFA level 1 is pretty much undergrad all over again and I don't intend to waste my time learning about something I don't find useful in my life. Also that I don't have the knack for it and respect to anyone that does. Even if I do get the CFA, that doesn't mean you automatically get into a good firm with a good job, just gives you an edge. And no need for more replies, I already found my answer lol. This is 2 years old. I don't have the knack for it, I don't have the desire to learn it. But respect to anyone that has obtained it!
I think a top 10 MBA is worth 100x what you pay for it. a top 100 MBA isn't worth the paper it's printed on.
You didn't learn about risk? About present value? Discount rates? Yield curves? Opportunity cost? NPV? Real Options? Project valuation? Trading is about math, it's about numbers, statistics, data. This is EXACTLY what finance is about. Are you sure you attended class? LOL.
i dont use anything in my trading in which you mentioned. But I did learn everything you mentioned. =]
This is a very broad response to that statement as I'm sure it applies to many on this board. But trading and understanding risk is ENTIRELY about the things I mentioned. I don't even know how it's possible for one to survive long term without having a solid foundation in risk analysis. It's like a pilot who flys a plane and says he doesn't need to understand what makes a plane fly he just turns on the auto-pilot. I use to run a prop office full of a lot of guys that simply thought trading was looking at charts. Not ONE of them made it.
Do you think that college teaches you proper risk analysis in terms of trading? Not even close. You have to learn by yourself through either this forum or books in the library and do the work to see what works for you. Ex: Optimal F and kelly Our current education system in the states is f'd. When I was going to a Japanese Saturday School, the math I would learn there was way above the public school that I would go for 5 days. So for 1 day of education to shit on the rest of the days I would go to school....well that's a pretty significant factor. Needless to say parents got divorced, I stopped commuting to Saturday school, and my math skills flopped. Also just the basic concept of risk/reward in planning a trade is way more valuable than the time I spent in college learning about random walk theory.
Partially correct. All the numbers and education in the world won't help a trader unless he understands what moves instruments and when
Without finance skills you are not going to properly understand what risk is. Risk is not your stop. LOL. That's very elementary. The reason most people fail at anything in life whether it be sports, a small business or trading is because they are clueless about risk. A stop is not risk. It's an operating cost. There is a big picture you need to understand in this business. If you narrowly focus on the trees (your charts and stops) you will never truly see the forest.
I agree, that's economics. Also part of a good education. But even if God himself told you exactly what the market would do, without understanding risk, you will never be able to properly price his advice.