The things that can make you successful cannot be taught in any school" What a load of shit. Tell that to the GS team that shorted the CDO markets and just cleaned up. Tell that to the MBA grads of University of Chicago, MIT, etc. 90% of trading is now "Financial Modeling and Black Box Trading". Which require not only a degree in Finance but a degree in "mathematics" The days of the "Street Hungry" guy trading his way to millions is over. Just ask all those pit traders that couldn't make the transition to "Off the floor". 99% of "retail day traders" fail. Period. Soon, "day trading bucket shops" will no longer have customers. I am came from the "old school" of Prop Trading. I had a degree and now a advance degree. I was reading market wizards just as many others were too back then. Markets have changed and so has the game. Markets have changed, more efficient, so much more than the human mind can Calculate. The human mind and psychology , wired brain is not fast enough to take advantage of the narrow spreads in most instruments, let alone a "winning" average year to year. More complicated trading using Dervatives, hedges require on the spot calculation to the tee, with in seconds once you take a position. To tell this guy that "Education" is pointless when coming to trading is ass nine. Those who speak this way are the "Etrade" bandits and SOES bandits of the past. It is not a guarantee one with an education in finance or Mathematics will be successful in todays markets. But I will put one of my former class mates, against some off the street, uneducated, poor and hungry trader. That shit is for the moves. This is real life. And "black box models" alone will not work. You need a combination of a "Trader" who is educated and able to adjust the system based a variety of indicators. They "system" still needs a trader that is not afraid to jump in when needed. A trader and a team of quants, but the trader must also understand and speak the quant language.
This is laughable..... Who said to be a good trader you didnt need to become educated????? This is a total deviation from the point of the thread.... Do you need a college degree to be successful???? If you grabbed some poor uneducated trader you'll have issues but take a trader who has some seasoning under his belt and see what you get....
Oh, and Frank Thomas, I'm not implying my above statement to your posts here that you were misleading people Tradestrong, It is all good. School is not a bad place for a person who is not quite sure what to do in life, the millitary is not bad either. Anyone going the route of trying to make a living trading from scratch should be ready for a challenge and should not attempt it unless they are willing to put the work in required. It is not a job!!!! where you go to "work" and get paid fot it. Not quite sure what it is lol..... other then a lot of stress, hardwork, etc. etc. If a person can make it, it is nice to have the freedom that comes with it......
The words of one of the best, if not the best trader to ever hit these boards. I'd say that's a pretty good answer right there. Did anyone say trader envy? Oh yeah, tradestrong, good luck with the investing, hopefully you'll be able to retire well after another 30 years at your corporate job. I
This is all silly all traders are very educated when it comes to markets(where they make their money) Unless they blindly place trades, a great deal of education goes into placing each and every trade. Degree or none if you plan on trading for the long term this is a must.
If that makes you feel more powerful....stroke your ego. I'm still waiting for you to say that you're making a lot of money trading. Tell me you're making more than my "investing". I've averaged between 15-20% doing "boring" investing the last 5 years. What's your track record over that time frame. C'mon....put me in my place. Tell me the big-time trader that you are.
90% of trading is now "Financial Modeling and Black Box Trading". Which require not only a degree in Finance but a degree in "mathematics" EMRGLOBAL, The MSFE degree is good stuff, really good stuff. But trading is trading. Goldmans Quant Funds have gotten killed since august. Floor traders cant make it if they dont adapt to the market and nether can quants. Markets are becoming more and more efficient, so the more edge a person can have (quant background)the better they are positioned.