First of all, please let me make clear something...I am not complaining because trading requires lots of work, or strong personnality, or even passion... I m complaining about the fact that it requires, like sports, pure solid genetically gifted genius... academic genius not physical genius in this case What happened... u ask? 1st of all, I love trading, I love tracking, trends, news, and most of all...I love the fact that trading tests your personal psychology and inner traits...and I love the fact you need to produce results in trading more than anything else. However, recently I was speaking with some college alumnis about how to work as a prop trader for a top tier firm in Chicago. They basically told me that these top tier firms care nothing about what I wrote above... that your only chance to get in is through college recruiting. Why you ask? because these firms are looking for one thing...wonder kids or math wizards who have the potential for hardcore quantitative analysis, statistical arbitrage, and know how to use majorly complex trading softwares. Some of these kids who have gotten in didnt even know the first thing about trading or had any passion in it at all...they just applied because they were top level math students or econ grads that only knew trading meant lots of money I thought trading could be done by your average smart person who can build the right personnality and passion for it. It seems now, like most things in life...its about natural selection than passion and guts. I m not saying this is wrong...I m just saying that I have to face the facts...as an indiviudal...I dont have the genetic potential to be successful in high level math or statistics. Just like I dont have the potential to play for the NFL no matter how hard I work or how passionate I am at football. Its just I love trading so much. I dont do it just for the money. Theres a lot of things one can do to make money. I love the who philosophy of it. Its helped me build a lot of character. I guess I m just a lil sad to think I may need to depart with it.
Why dont you get a job on one of the exchange floors?? Chicago is he perfect place for that.. You are giving up wy too easy...
Yes that is exactly correct. You dint need schooling but you do need the gift or raw genius. Otherwise you are just another loser who will either grind away slowly or Lose it all quickly depending on your personality type and or self control Fact tis market is loved most by those least suited for it. Therein lies the alure and danger. If you love trading if it's your passion. . You WIILL lose!
I think some of the responses are filled with bull***t! While you do have your mentally gifted geniuses in the world of trading, you are selling yourself short. I don't know your situation, but if trading is your passion, stick with it. While you may not be good at it NOW, the power of results will come from the moment of your choosing. And that may be a few lost dollars down the road, but it can be victorious for you. All this crap about quitting and find a new passion, why are you even listening to a bunch of nobodies across cyberspace? While they may or may not be successful in this business, YOU DETERMINE YOUR DESTINY to the point of total failure and destitute! Then you can say you gave it your all and it wasn't meant to be for you. GL
xxfunguyxx Not everyone is suited to be a day trader.If you really want to continue trading Back off and look into position trading of stocks or eft's. No heavy duty math analysis is needed or necessary. All you need is a 6 month log chart of candles.Apply the innate ability of a normal 5'th grader. Use trend lines. Look for bounces or breaks and initially go with the greater trend. Ie Don't buck the market. It's very slow. It's not challenging , but it's a start you can build on. I recommend looking at the charts generated for sufficient time that you begin to understand them and your biases before pushing it with too much money. Keep It Damn Simple. If there is any doubt. Stay out! The first rule is to not lose money. The second rule is to try your damndest to implement the first rule. Damn. My spell checker doesn't know how to spell damndest.
Well said... I would strongly suggest that you apply for a position at an investment bank or major prop shop.Doesnt matter where you start or what position,if you work your ass off and stand out you will ultimately acheive your goal..
You just might be the SMARTEST person on these boards. 99% of the people on ET are full of shit and failures at trading, but won't admit it. At least you have the sense to recognize trading for what it is and get out while you can. Good luck.