I am an academic who trades 4 hours a day during the academic year and all day during breaks; if I am too busy during the day (I also serve as department chair), I'll trade the Hang Seng morning session before going to bed. Even though I am an academic, I believe that it is not impossible to make money trading, but I would agree that most academics would make lousy traders, because their massive egos would get in the way. I read Lowenstein's book on LTCM at least once a year. It is a reminder that even the most educated can make the most stupid of mistakes, and that hubris and leverage make a lousy combination.