Should I go to college before becoming a trader?

Discussion in 'Professional Trading' started by Player01, Jan 9, 2013.

  1. Then my suggestion is pick very very carefully there's more snake-oil and useless crap in academia than at trader's vending expo.
     
    #31     Jan 9, 2013
  2. NoDoji

    NoDoji

    OMG! Once in a lifetime opp, boys!

    :D
     
    #32     Jan 9, 2013
  3. Mr_You

    Mr_You

    Player01 don't assume you can become a trader just because you want to. Always have a plan b, c, d.
     
    #33     Jan 9, 2013
  4. NoDoji

    NoDoji

    A basic college degree takes about four years and you'll likely have to work your way from the bottom up to attain a high-paying job, and you may find out that you're unable to accomplish that last part.

    Learning about trading, researching ideas, developing a trading plan, practicing under simulated market conditions, messing around until you have something viable, practicing more under simulated conditions, trading live, screwing up royally, practicing again in sim, screwing up some more, and attempting to master the psychology of working in an ambiguous and uncertain environment, takes about four years and you may find out that you're unable to accomplish that last part.

    The order in which you attempt these things probably doesn't matter all that much.

    The thing about trading is that you can find out pretty quickly whether it will be a long arduous struggle or whether you're likely to get on the fast track to success (consistent profitability in less than a year). As Surf knows, the TopStep combine is an ideal approximation of the reality of trading for a living. If you think you have what it takes, give that try; I believe you can even do a practice combine at no cost.
     
    #34     Jan 9, 2013
  5. newwurldmn

    newwurldmn

    These threads always are filled with unreasonable comparisions and stories.

    This is the first test to understanding if you will be a good trader:

    What's the risk/reward of forgoing college for a career in trading with just a highschool education?

    This becomes pretty clear to someone if they are honest with themselves. And if it's not, then they will probably fail as a trader.
     
    #35     Jan 9, 2013
  6. NoDoji

    NoDoji

    I love tests! Here's another one:

    An aspiring day trader spends 6 months researching price action and comes up with a set of rules that results in a 60% win rate using a risk:reward ratio that ends up 50/50 on average when accounting for commission and slippage.

    The trader takes the plan to the market and has four losing trades in a row, which s/he can't remember ever happening during the 6 months of research.

    What should the trader do at this point and why?
     
    #36     Jan 9, 2013
  7. newwurldmn

    newwurldmn

    Question whether or not that he is "special" enough to justify foregoing a hedge on his life for a speculative out of the money call option.

    The career of trading and the act of trading are very different things. And sadly, someone who doesn't get a more formal education won't even know what he doesn't know.
     
    #37     Jan 9, 2013
  8. gimp570

    gimp570

    With trading so hot right now. I would just put off college and go fulltime trading....you gotta strike while the iron is hot!
     
    #38     Jan 9, 2013
  9. Mysteron

    Mysteron

    Be extremely careful how you act on the advice you read in these forums as 99.9% of it is rubbish. Also bear in mind that many subjects available for study for a degree are also rubbish in the harsh competitiveness of the real world.

    http://www.bbc.co.uk/news/education-20958928
     
    #39     Jan 9, 2013
  10. Ash1972

    Ash1972

    It'd be great to start your trading career with $100K of debt. That's some serious motivation :)
     
    #40     Jan 9, 2013