I'm a college student interested in trading currencies. I've already got some econ and finance classes under my belt. I was wondering if you guys had any classes you wish you took in college that could have helped with trading, or if there's any classes that taught you a lot and you still apply today? thanks ahead of time
Back in the day when i first learned of Trading, i took Ken Roberts Course and it laid the base for Technical Trading with Charts for me. Since then i have only learned from free information that is all over the net for Technical Analysis. Things like Chart Patterns, Multiple Time Frames used together to make your Entry/Exit Decisions, a few good indicators to help confirm Patterns and good Money Management are things to Consider when looking for Trade Setups and Managing those Trades. A Demo Account can help you with getting started and getting all this put together before Trading Real Money. This is Your Laboratory to try new Systems and Apply things you have learned, it takes dedication and patience to put together a Good Trading Plan. But , the following things i have outlined should help you in getting started with learning a practicing before beginning to Trade Real Money. Like i said there is Alot of Free information out there, if you can get some Good recommendations on Courses without spending too much it may be good idea, and it could help your learning curve. No Need in Spending alot of money in my opinion. Hope this helps in directing you, i cannot Really Recommend any Current Courses other than my own experience as i have mentioned.
Here is a Chart with Indicators and Pattern 1-2-3 Top Pattern on a 5 Minute chart which happened today on AUD/USD 9-9-11 Friday. Download a Demo Account from some Broker and try and establish a trading technique for entering/exiting trades without risking much money in case your entry is not good, practice and add new things that may help in the entry/exit of trades.
Okay, honestly there aren't many classes that have helped me in my trading. Most of what I learned about trading has been self-taught and can't be learned from general academic studies. However, if I were to recommend classes to a trader I would recommend the following classes: Take classes in statistics and basic probability. If you're not good in math then you don't need to take a math heavy course but learning the basics of statistics and probability will be useful. The main thing is you want to learn how to use statistics and when they apply. Programs can do most of the mathematics today. Concepts like z-score, average, median, and distribution are useful. Prefer a research vs a math oriented class unless you are strong in math want to go into a quantitative position. Take classes in programming. Again, many quantitative positions are for C++. But, I recommend C# if you can find it. Prefer class that focus on concepts and use modern language versus basic programming. You'll want 1 to 3 classes. Data mining, Artificial intelligence, machine learning, time series analysis: These tend to be higher level classes but anything you see about data mining might be applicable and useful. Take any classes in entrepreneurship. ------------ If you choose a "standard" path, there are a few paths you could try. I don't really recommend any of these and would not be successful myself if I had attempted this: Business/Financial Adviser: You can go to school and get a business degree with financial investment classes. The financial adviser business classes are specific to financial planning and won't be as useful. You hear mix things on this because you'll probably need to go and get an MBA and then take the same classes again. But it is one possibility.. it will help you get into financial advising, possibly broker, or research analyst. Quantitative/Programming: You'll want to take math heavy classes and programming/computer classes. This route has the benefit that most of these jobs pay better and many of the jobs today in trading are for quants. The downside is if you don't really love math then you're unlikely to finish or enjoy the work. Math plays almost no part in my trading decision making. Economics: Again research based. ------------ If I were you then I'd just take the classes that interest me and not worry about whether it will help with trading. There are only a few trading jobs and unless you go to a top ranked school there is both little chance of the classes helping you to make a profit and little probability of the classes helping you to get a job. However, I would recommend some basic programming classes, Excel, data mining and statistics classes because you can probably apply that stuff in actual practice. Also, while most of us who aren't mathematically inclined will never be very good at it, a strong mathematics background will help in any other scientific field or interest and if you take more difficult math classes then it could help with your basic problem solving.
Sorry double post. Hope it helps. On the programming, you'll need at least 2-4 classes in that -- the more the better. Again look for classes in statistics, data mining, programming, fund raising/entrepreneurship/business.
I had trouble loading the above Chart, I did not realize it was bitmap file which is not excepted, the above is Gif file, maybe it would help some others with spotting patterns and putting together similar Charting Screen for Technical Analysis.
other than hedging, currencies are not discussed much in the business school. But on the economics side, anything relating to monetary policy would be helpful. Keep in mind, college knowledge is not the same thing as trading knowledge. To just learn the basic mechanics of forex trading open up a free demo account, but don't give those scumbag bucket shops a dime of your real money, unless you just want to gamble a little with 1k (which actullay is better than the casino because you can over time make money trading.)
Mathematics - Stochastiks - Probabilties.... Meditation - Self suggestion - psychologie....... Karate - Kung Fu........... economics - politics...... war history - tactics - strategies........... business - trading - producing - buying - selling......... philosopy - sense of life........... Simpsons - futurama............. lol