I passed Economics, now I'm thinking about taking a course in Psychology. According to this thread http://elitetrader.com/vb/showthread.php?threadid=73482 the poll shows that most people think that success as a trader is how a trader thinks. I will have an edge over MOST traders. OR is the mental aspect of trading something that anyone can learn and not worth the time in taking the class? -- Anyone here have a degree in Psychology and can tell me if your degree has helped you as a trader?
Why is it that no psychologist is a HedgeFund caliber trader? Its because they can't trade. It because to be a good trader, you don't need Psychology. To be a GREAT trader, all you need is: 1) Learning from your mistakes. 2) Keep on trading. Learn to TRADE by trading. Don't try to be good trader by doing something else.. A trader trying to improve his trading by taking a Psychology class is akin to a Day Trader that trades off of 200 DMAs. a TRADER trades.. a TRADER gets better by TRADING.
I know one. He used to moderate a forum in ET. I'm not sure if he wants to be acknowledged as one in here.
it is quite interesting that you don't answer where the edge is coming from? one course in psychology is going to give you an "edge over MOST traders" thanks for the laugh.
The edge comes from knowing how people feel at any given moment and having the ability to exploit that.
I don't have a degree in it but I did accumulate 15 hours before I changed my major to economics. The problem with psychology is you tend to over analyze everything which is not good for trading.
The general thoughts of what one learns in psychology class is usually inaccurate. Many classes focus on statistics and biology. The stat courses are helpful in trading IMO. You will learn about behavioral and cognative therapy but most undergrad courses will only give you a basic history. Yes, I have a B.A. in psychology and was a PhD candidate in a clinical program. It wasn't something I intended. Just that during registration in my first semester of college most of the girls were signing up for psych classes.
I think that Psychology is over estimated as a cause of success or failure. If somebody has a real method to trade their psychology is going to be good after awhile is it not? I read somewhere that a psychologist that worked with traders was quoted as saying that most of them had problems with their psyche because they really had no method of trading the markets. One psychology class is not going to be much of an education either, but it wll be interesting for sure, and lots of chicks, dang I could hardly get home to the wifey some times after that psych101 night class..... ok I shan't dwell on that... yes I shall... ahh, serotonin is flooding my overworked brain...