Greed can ruin any strategy no matter how smart or clever you are. There are exceptions to every rule. Sure, you don't HAVE to be educated to be a great trader-- however, the majority of top traders today are highly educated. In the past, this was not the case , but today it definitely is. surf
I disagree. Some very smart fund guys are getting clobbered this year. A lot of these "highly educated guys" have enjoyed a nice slow bull market. Now they are being tested and not doing so great. Also it wasn't greed that did those guys in at LTCM, it was zero risk management skills. Not having the ability to admit when wrong. But I am talking more about the guys I know at big prop desks and traders at hedge funds that I know of. Not the Jim Simons of the world.
Sure but he isn't trying to pick up chicks on ET. Why lie about something like that and reveal the truth afterwards? Its just a peculiar discrepancy.
To work as a professional trader at some firm...today you gotta have a college degree just to get into the interview process. I personally know several institutional traders. All of them have college degrees and so does those they work with. Yet, if you want to get an interview with any of the top firms...you better be from a top tier school along with having the right connections. That's today's reality especially after 2008 financial fiasco when they were getting rid of traders. In contrast, anybody can be a retail trader...even high school dropouts. Only requirement to be a retail trader is to have enough funds to open a trading account with valid ID. Yet, you gotta be smart (market smart) to be a profitable retail trader. Yet, if you're trying to trade full-time as a retail trader...you gotta know how to treat your trading like a business considering in reality its self-employment. Regardless if you're retail or professional...if you have a problem with learning, motivation or just don't know how a manage a business (for those trading for a living)...you're at a great disadvantage as a trader especially after your first drawdown.
Learning how to trade takes a lot of work and study so be prepared to put yourself through "trading college" and spend at least 10,000 hours+ if you want to teach yourself truly what the bars mean and how to trade. I would recommend a price action mentor or good PA system.
If you are not educated in higher math, computers, or stats-- the ONLY way to make it is to joun a prop firm that will provide leverage and teach edges. If you are educated, you can join hedge funds , institutions, etc and learn under a mentor if they think u are a smart cookie. With the prop firm u may have to out up first loss capital, but its way smarter than the stupid DIY 10,000 hour way -- which just ends up making you poor and desperate friendless and angry. unless u get lucky. EVERY verified succesful trader on elite worked for a firm first or still did. No one DIYd with evidence-- lots of keyboard cowboys pretenders and stealth vendors trying to convince you otherwise but after 13 years on this forum, i have never seen evidence of a non firm trained trader ever being succesful.