I think the thing with the IQ is a huge failing in the definition. The standard IQ-Tests only show parts of the numeric and the verbal intelligence. But people don't see that a human being doesn't exist out of those.. there are also other kinds of intelligence! - technical intelligence - sensorial intelligence - physical intelligence - creative intelligence - personal intelligence - communication intelligence - spiritual intelligence just to mention a few... we don't simply exist out of numbers and words. alain
IMHO there is very little correlation between education level and trading sucess. I am merelly scratching by at trading and probably would be making 3 times as much if I had a corporate job. The stats: BS in Management Masters in International Management from Thunderbird MBA Finance and Telecom from University of Miami Average GPA in all 3.3 It seems that too much traditional education forces you to look for the catch, that may not always be there. At least that is my problem, if I look hard enough I will find the correlation and trading strategy that are not there at all. I have improved since I started applying the KISS (keep it simple stupid) principle to trading... RandomWalker
This is going to be a riot...I'm just gonna sit back and smile....Education and Trading skills...Hmmmm....
It's easy to knock the benefits of a decent education if you weren't able to get one for whatever reason. Fact remains though that the average Ivy league grad probably makes 4-5 times what the average guy makes, and anyone making a few hundred K a year isn't likely to bother with daytrading. IMO, most people entering daytrading probably aren't able to make big bucks in a regular job and have some pipedream of making it big someday. Statistics would prove otherwise though. The number of daytrading millionaires is minisule. Contrast this with any Wall St. firm, where you'll find virtually everyone is a millionaire by their late 20s.
Just curious, which Wall St. firm are you currently with? I would love to see 20-29 year olds making $250K /year these days. If you're doing that well, and I assume you are (or else you wouldn't be posting that info), I would like to know. No debate this time. My research points to the opposite end of the spectrum. layoffs and only entry level jobs at best. I even had people send in resume's to several firms (my 'Ivy League" interns") to no avail. I do agree with you in this regard....if these jobs were more prevalent than the number of opportunities to make money trading, then you should definitely go for it. Try to disregard my "signature" and let me know, I would like to see a more positive future for the recent grads. School is tough, and there should be good jobs for graduates. Anyway, let us know if you don't mind. Sometimes I think that "nichalsgue" (sp?) and a few others may be having that proverbial "pipe dream" about these Wall St. jobs.
As with everything else there is two sides to this coin... The way I see it is graduates of an ivy league school may fall prey to one of the biggest psychological hindrances for a trader EGO On the other hand DISCIPLINE is anenormous part of the process and someone who has the will and discipline to graduate from a top Ivy League school must have this sooooooo... Two sides to every coin... Im sure there are also a lot of other ways to look at it BUT I think when it is all said and done... Educational background has little to with it...
i'm at GS.... to give you some background info, i have a BS degree but it isn't from an Ivy league school. joined my first Wall St. firm in '95 and my year on year salary progression since has been (rounded to the nearest 10K). 1995 50K 1996 125K 1997 180K 1998 200K 1999 250K 2000 300K 2001 325K 2002 ? i'm definately not the smartest or most successful guy of my intake either so i think i'm pretty representative of what is still typical these days.
<i>StatTrader 04-03-02 09:45 AM IB anyone know what the minimum balance is to open a IB account to trade futures ? thanks</i> Where is all that money going if you are asking about account minimums at IB? (just an honest question)
That's great thing about the market, it doesn't care who you are or where you're from or what "pieces of paper" you have acquired over the years. The only thing that matters is how well you can trade. I will admit that connections, education, etc. are helpful in opening doors to jobs within those institutions (not that I would know, I don't work for one). It's just too bad that the rest of the job world isn't as unbiased as the market.