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Graduates vs non-grads in trading

  • #61
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  • Apr 12, 2007 1:44pm Apr 12, 2007 1:44pm
Quoting fibbinarchi
A high school drop out cannot ever be in a postion like this, if he's lucky he could maybe clean the offices after market hours......now there's an idea...
Afraid that I completely disagree...

First of all, it looks like you're boosting fundamental analysis at the expense of technical analysis. To each his own, but I trade from the charts in conjunction with real-time price action. I do just fine - and am far too consistent to be called "just lucky." Although I will take all of the luck I can get.

Assuming that a particular high school drop out had any capacity to learn, I could teach them to be a proficient (profitable) trader in anywhere from six to twelve months - and probably far less time if they were really into it.

So if you're a drop-out from high school, college or any other walk of life - don't get too down on yourself. The universe of Forex is infinite - but you only need to master a tiny slice of it to make money - much more money than the vast majority of college graduates.
  • #62
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  • Apr 12, 2007 2:05pm Apr 12, 2007 2:05pm
Quoting fibbinarchi
A high school drop out cannot ever be in a postion like this, if he's lucky he could maybe clean the offices after market hours......now there's an idea...
Are you joking? I'm a highschool dropout and I can almost guarantee that I would trade circles around you AND your educated broker friend. Book smarts count for nothing in this business. It's all about patience, disciple, and determination to succeed.
  • #63
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  • Apr 12, 2007 2:19pm Apr 12, 2007 2:19pm
I dropped out of high school after my first year. Of course, my parents didnt like that too much. However, when you feel as though you are too good for something ... there is really no advantage to attending anymore. I tested my way into a college at 16 and am currently working toward a law degree. This education is just in case I do not remain profitable trading.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #64
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  • Apr 12, 2007 2:44pm Apr 12, 2007 2:44pm
Quoting Darkstar
I'm a highschool dropout and I can almost guarantee that I would trade circles around you AND your educated broker friend.
Darkstar -

I'm quite surprised. Not that you're a successful trader - we both agree on that account.

So while you might be a H.S. dropout - you ain't no dummy! Some of the most eloquent and insightful posts that I've read have been authored by you.

We may not always agree, but I ALWAYS respect your opinion.
  • #65
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  • Apr 12, 2007 3:37pm Apr 12, 2007 3:37pm
Quoting Darkstar
Are you joking? I'm a highschool dropout and I can almost guarantee that I would trade circles around you AND your educated broker friend. Book smarts count for nothing in this business. It's all about patience, disciple, and determination to succeed.
I couldn't agree more. Having a degree does not give one any clear advantage over another person; all it does is allow you to have an easier start in your life. Everyone I know has great degrees; both of my parents are MDs.
In college, I could not believe the number of people that got great grades, but couldn't construct a proper sentence, make sense when they spoke or even draft a decent letter. I have met many professionals who excell in their fields without having had any sort of degree.
I believe however that true education is priceless; that's why I try to read a lot on my own.
  • #66
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  • Apr 12, 2007 6:09pm Apr 12, 2007 6:09pm
I'll have to agree too. Degrees don't mean anything in the real world of trading.
First off because book smarts alone can't make you successful in this business and second of all, not everyone who gets a degree is deserving. Especially the way schools are these days. Even the biggest moron can get through college. I did.

As long as your mind is somewhat suited for trading and your willing to put in the time to educate yourself and work at it, you can succeed.
  • #67
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  • Apr 12, 2007 6:55pm Apr 12, 2007 6:55pm
Quoting moneybags
I'll have to agree too. Degrees don't mean anything in the real world of trading.
First off because book smarts alone can't make you successful in this business and second of all, not everyone who gets a degree is deserving. Especially the way schools are these days. Even the biggest moron can get through college. I did.

As long as your mind is somewhat suited for trading and your willing to put in the time to educate yourself and work at it, you can succeed.
agreed,

my school was 40k a year, and I came out with 60k in loans now, I loved every minute of school(then non work side), but I wish I had every dime that I spent "learning" there to throw into my account now.

My diploma officially acts as a fly swatter in my room THANKS COLLEGE!
  • #68
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  • Apr 12, 2007 7:25pm Apr 12, 2007 7:25pm
Quoting mbqb11
agreed,

my school was 40k a year, and I came out with 60k in loans now, I loved every minute of school(then non work side), but I wish I had every dime that I spent "learning" there to throw into my account now.

My diploma officially acts as a fly swatter in my room THANKS COLLEGE!
That's exactly how I feel.
I wish I had saved the money and years I spent being "educated" and had put both into trading. But hindsight is 20/20.

Fly swatter? that's a good idea. Mine is just sitting there in my bookcase.
  • #69
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  • Apr 12, 2007 8:27pm Apr 12, 2007 8:27pm
I agree … having a degree does not really help with trading, but I will say that my 2 degrees allow me to work a full-time job at home (in my underwear or naked … ) and trade the Forex market. I’m actually making money trading so this is a plus for me because now I’m getting 2 paychecks … Eventually, I would love to stop making money for my boss : , but the bills must get paid and my kids need to eat … Forex is just helping me payoff some bills faster …

Happy Trading …
If it is not broken, fix it until it is!
  • #70
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  • Edited 11:02pm Apr 12, 2007 10:18pm | Edited 11:02pm
Quoting Blackship
hi mates,

Being a non-grad myself, I really felt intimdated by all the college grads here holding prestigous degrees,

Do you think a degree make a difference in one's trading performance?

Having watched the Apprentice , non-grads tend to be more entreprising but then that's another story
I like apprentice too, and the best season was the grads versus non-grads. Showed why the non-grads got kicked off.

I like to believe it's all about aptitude, and ability to read alot so that you can learn alot on your own. Studying the market feels like a four year degree to me. And especially in stocks, it seems being an amateur psychologist is a big help. Then you can play along with what you think everyone else is doing. Though everyone else is probably doing the same thing, so it becomes a self-fulfilling prophecy.

But that's why I love these markets more than other enterprises. The playing field is level, everyone gets a chance, just have to figure it out. Sounds marxist don't it? Just ignore the big banks and brokers who can see everything that's going on and never take a loss.

The barriers to entry are pretty low financially, especially in forex and other high leverage markets. With a business or website, I'd have to have an idea, and be able to give start-up expenses.

And on the other hand, unless you got a 4 year degree from a technical school, college isn't there just to teach you some technical skill a crummy job can teach, it teaches and trains a lot more than that. (this line is mostly for this arguement I'm seeing "college is a waste of time").
  • #71
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  • Apr 12, 2007 10:36pm Apr 12, 2007 10:36pm
Woahhh there big fella...
To the grads and drops.
Every day that you spent(d) during that time was an input on Your Life and as such, made Your Life Unique as it was interspersed with your {then} current woes. Why do you think it has been repeated a terra times over to "Find What Works For YOU"?

I have never wasted a second of my life because it has been and will be a part of MY Life.

Life is what makes you who you are. No Eastern phylosophy intended but Find Yourself {your center} and then you will understand.

This does not require starting at the age of 2. It only requires starting.
  • #72
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  • Apr 12, 2007 11:08pm Apr 12, 2007 11:08pm
Quoting fibbinarchi
A high school drop out cannot ever be in a postion like this, if he's lucky he could maybe clean the offices after market hours......now there's an idea...
On contrary, my experience tells me they have more difficulties in becoming successful trader simply because they know too much and too little at the same time.

1) Too much - too worried about the fundamentals and how only big boys have access to fundamentals data first hand. "What if they do this and that?" "We cant beat their network and news service!!!". "We need insiders to make money!!!"

2) Too little - many school don't teach technical analysis and making money using TA. They don't bother to learn because "hey if it's really good, my school must have made it mandatory". Plainly wrong!
  • #73
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  • Apr 13, 2007 7:36am Apr 13, 2007 7:36am
Quoting Bemac
Every day that you spent(d) during that time was an input on Your Life and as such, made Your Life Unique as it was interspersed with your {then} current woes.

I have never wasted a second of my life because it has been and will be a part of MY Life.

Life is what makes you who you are. No Eastern phylosophy intended but Find Yourself {your center} and then you will understand.
Brilliant and well said.
  • #74
  • Quote
  • May 15, 2007 1:36pm May 15, 2007 1:36pm
Many of the replies did not even fully understand my reply...... Let me explain a little clearer, the long term market is controlled by fundis, the short term market swings you can trade with the aid of charting tools or news feeds for news annoucement trades.
When you have worked for a trading bank you get learn informatation that is not on the internet on free BB's, it's that simple. Why do you think traders in the City get millions a year just in bonuses? That's not including their wages or expenses! If you are a HSdrop out and are earning in excess of a few million a year, I salute you, you are a very rare person to achive this and are natuarally gifted for trading, the rest just get a few thou here and there but will ultimately give all back to the market.
I'm a little Teapot short and stout.
  • #75
  • Quote
  • May 15, 2007 2:04pm May 15, 2007 2:04pm
Quoting fibbinarchi
Many of the replies did not even fully understand my reply...... Let me explain a little clearer, the long term market is controlled by fundis, the short term market swings you can trade with the aid of charting tools or news feeds for news annoucement trades.
When you have worked for a trading bank you get learn informatation that is not on the internet on free BB's, it's that simple. Why do you think traders in the City get millions a year just in bonuses? That's not including their wages or expenses! If you are a HSdrop out and are earning in excess of a few million a year, I salute you, you are a very rare person to achive this and are natuarally gifted for trading, the rest just get a few thou here and there but will ultimately give all back to the market.
So you are saying that traders in the city that get millions in bonuses on top of salary and wages are common - i would find it just as rare as the hs dropout millionaire. Not saying school hurts and of course it may help to open doors, but ultimately a college degree will not get you those millions in bonuses a year unless you are just as gifted as the hs dropout. And most "grad and non grad" will make a thou here and there and then give it back(a diploma has nothing to do with that) - who are you trying to kid? college may open some doors, but it will not make you successful - being successful will also open many doors you know; as I know many city traders that make millions working for select organizations without having that piece of paper, they simply just proved their worth in the field - something incomprehensible to someone like yourself.
Man who scratches ass should not bite fingernails
  • #76
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  • May 15, 2007 2:06pm May 15, 2007 2:06pm
By the way - it takes alot more than a bs to land you a nice salary package with millions in bonuses
Man who scratches ass should not bite fingernails
  • #77
  • Quote
  • May 15, 2007 2:09pm May 15, 2007 2:09pm
I got my degree by graduating from the University of Bad Trades. It has taught me alot. The best way to learn is by doing. Now I have my PhD.

Pretty
High
Drawdowns


Now since march 07 up 58.4% !
  • #78
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  • May 15, 2007 2:36pm May 15, 2007 2:36pm
Well Albert Einstein said; The only thing that interferes with my learning is my education.
  • #79
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  • May 15, 2007 9:01pm May 15, 2007 9:01pm
you don't need a degree to trade, but you do need to be 'smart'
Working towards CME membership
  • #80
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  • May 15, 2007 9:42pm May 15, 2007 9:42pm
i just remember, : the most important thing about learning is presistance to learn , (even better if i like it)

.... i feel de ja vu
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