He really is isn't he? I have yet to meet a more intelligent man than my dad. Although to be honest he is not a big fan of formal education and the likes. In his opinion it is just a piece of paper (but he also says you need that piece of paper because everyone else has it). Yeah I should probably work harder on my grades but if I could do it all over again I wouldn't change a thing. I would of missed out on all the valuable knowledge I have learned about the markets. Thats whats so great about this business, anybody can make it in this game. There are traders out there with harvard phds and then there are guys that barely graduated high school. The great thing is each of them can be successful traders! The market doesn't care what kind of degree you have or how well you do on the standardized tests they give. Anybody can make it if they want it bad enough. Yeah being on trader monthly's 30 under 30 would be pretty damn cool, being filthy rich would be pretty neat too but to be honest I trade because I truly love to trade! I like competition and I like the constant challenge everyday to beat the other guy to the punch! Knowing that someone is on the other side of your trade thinking that the markets going the exact opposite of what you want is just insane! Its something only a trader can relate to. If I was rich not much would change in my life.
I started the day I turned 18. Show enough desire and a firm will take you... except you're in Iowa, so you might be fucked. were I not in NYC I would not have found a mentor and a backer - two key things necessary for someone trying to learn the game without a good chunk of money saved up.
My parents thought I was going to become a gambler too. I have mixed results right now except for the fact that I now think I'm a lot more calm when I see the fluctuations and can look at situations from different points of view a lot more easily when under the pressure of a loss. In Market Wizards, I noticed the only ones who started out with gains either thought they had beginner's luck or were coached by a parent. By the way, if you say you have street smarts, what kind of books do you believe contain a lot of street smarts? I'd also like to know if you know of any books on futures that are considered "standard" or "obligatory" reading. (I know about Jack Schwager's book but that's it.) BTW, has your father ever used Ralph Vince's mathematical formulas to manage risk? EDIT: This may sound weird but I mean, I actually bought several copies of "Stock Market Wizards" by Jack Schwager for x-mas so they would know what the hell I want to do. I got an interview for a prop firm and I'm still waiting but the positions are only open in July anyway so...
To be honest street smarts imo can not be taught through a book. The only way to learn it is to be thrown out in the jungle with everyone else. You have to learn how to survive and not only survive but thrive in any particular enviroment you find yourself in. You do whatever it takes to become successful. Giving up is not an option. If the door is closed go through the window, if the window is shut go through the chimney, if the chimney is blocked dig a hole through the floor. My dad taught me this very early in life. As far as books are concerned I can't really help you there. My dad always said "if they knew so much why are they writing books?" If you think about it that statement is pretty true. Most books are on the basics of trading...and I mean the very basics. After the basics good books that talk about advanced techniques are few and far between. Ralph Vince? My dad is very old school. He hardly ever used a chart until I started trading. He focuses primarily on seasonal stratagies and fundamentals. He is a long term position trader who gets an opinion on a particular market (usually lumber, gasoline or s&p) and takes huge size in the market. He doesn't even use stops to be honest. Trading the market on a mathematical equation would be like flipping a coin in his mind. He is very stubborn to change his trading style and has little or no faith in charts, quant stratagies, technicals, etc. Like I said very very old school. Hope this helped
Actually, I incorrectly edited my message. I wanted to say I bought the stock market wizards book for my family so they would understand what I want to do.
I have encountered many wealthy people who barely had high school. I've also known many well educated people who don't earn that much but love what they do and help others.