Hi Guys, First off, I hope this is the right forum for my thread. I havent posted here in a while, and a lot has changed with me since I did last. But anyway, I am a rising senior in high school, and Im trying to figure out what to do with my life. I have had a big interest in the stock market for a few years, and I have done some paper trading here and there with marginal success. I am trying to decide though if I should take the leap into planning for a future as a trader. Im trying to decide if getting a finance degree would be the right course, or if I should just jump straight into trading with a prop firm or something like that after I have educated myself. I would really like to hear what you guys have to say about me planning on making my career in trading. Thanks a lot, I really appreciate any information you can provide. Jake Ohh, and I realize I have posted about this before. I didnt exactly get a ton of response on the other thread, and it was a way long time ago. Mabye I can get some more ideas here.
Traditional schooling is overrated IMO. That said, having an MBA from a credible university does look nice on a resume. The best traders (and other professionals) that I know are self-starters that taught themselves from reading books, and actual experience, not from sitting in a classroom. It basically comes down to this; if you can add value to a company (and know how to market yourself as such) you should be able to eventually get your foot in the door. The fact that you are still in high school gives you a great head start over many that started late (including myself). I would say continue your paper trading and keep good records of your trades. That is how I got better at trading. I trade for myself, friends, and family, not for a firm.
You mentioned books. Are there any really good ones that you would reccomend? I have read some biography type deals on Warren Buffett and Jim Cramer(haha..), but I have never exactly read anything specific to trading. I always usually just find my information on this forum. Also, are there any good websites out there other than this?
Buffetts fine if you like to pay attention to fundamentals. His theory holds up true (buy good companies when they are a bargain, duh.) Stay away from Cramer, unless its for entertainment. Check out Alex Elder Traiding for a living (All his books are pretty much the same recycled content). I read this book countless times. Nothing special about it, just BASIC technical analysis; charting, trader psychology, etc. This is an old book, but psychological theory still holds true. I hope others can chime in with their favs. I write automated trading systems that trade e-mini future instruments, but my discretionary swing trading (based on elders rules) always outperforms my futures ATS. It drives me crazy.
Thanks, I will definately look that book up. Yeah, as you said, Buffet is definately good for fundamentels, but Im really interested in day trading, which I guess is where technicals apply more.
I also have another question relating to this: What does it take to get into a prop firm? I've heard that some guys don't even have any sort of formal education before they get hooked up with one.