Flawed education system? | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

TD-Demark flawed in MT4? 1 reply

What happens when you have a flawed trading system 21 replies

Isn't 2% per trade massively flawed? 98 replies

Algorithm to convert flawed 1min data > 5min data? 9 replies

Attachments: Flawed education system?
Exit Attachments

Flawed education system?

  • #1
  • First Post: Edited Oct 2, 2018 11:39am Sep 27, 2018 7:54pm | Edited Oct 2, 2018 11:39am
Hey everybody,

I'm currently attending a university, getting my bachelors in finance. I'm writing this post because I'm honestly not sure how university can help people who are getting business degrees. In fact, I believe the material you learn in school is... useless. It's just regurgitating information you will forget the minute after you take that exam. So, what is the point? School has such a distinct method of sticking to the "script", you do as you are told and there is no room for entrepreneurial, experimental thinking. Creative intelligence is very limited. On top of that, the material seems a little outdated too

Why is the education system like this?
I'm not implying that anybody should drop out at all, but do you think the education system is suppressing potential?

My question for you folks on ForexFactory is:
Did you drop out of college? If you did, what did you end up doing that got you into the position you are in today? If you finished college, what did you take away from it? Did it truly help you with your entrepreneurial and trading endeavors?

Thank you for taking the time to read
  • #2
  • Sep 27, 2018 8:51pm Sep 27, 2018 8:51pm
School isn't a waste of time. It's really what YOU do to apply yourself. School is there to give you different ideas, and increase your knowledge base. What does it say about your discipline if you cannot attend and complete school tasks? You only spend about ~23% of YOUR time to attend to school matters. What are you doing with the other 80% of your life? You shouldn't blame school for not being creative. You just don't have enough perspective with the other 80% of your time to be what you want to be. I'd say parents dictate more of one's life than school. What they know, what your connections are, and how your home life was brought upon you. That's the majority of your time, even if you were attending school.
  • #3
  • Edited Sep 28, 2018 1:05am Sep 27, 2018 9:25pm | Edited Sep 28, 2018 1:05am
Quoting Swisse
School isn't a waste of time. It's really what YOU do to apply yourself. School is there to give you different ideas, and increase your knowledge base. What does it say about your discipline if you cannot attend and complete school tasks? You only spend about ~23% of YOUR time to attend to school matters. What are you doing with the other 80% of your life? You shouldn't blame school for not being creative. You just don't have enough perspective with the other 80% of your time to be what you want to be. I'd say parents dictate more of one's life...
Hi Swisse, thank you for your response

I would have to respectfully disagree. What does it say about my discipline? My grades, volunteer work, leadership activities, etc. are on par. So I would say my discipline is top notch. This is not the matter of discipline, this is a matter of time now. Why am I spending hours learning about material that does not, and will not apply to real life experiences?

I have many older colleagues that end up telling me, "man... I felt like I wasted 4 years of my life, now I'm working a job that doesn't even apply to my degree." So what is it that's making many students today stay in school? Is it that sense of 'security'? The only fields I can think off the top of my head that would require school is engineering, medical, and law

You also say a person spends 23% of their time attending school? ... Well that's the problem, you are solely thinking about attending classes. Did you forget about the mounting amount of daily assignments? Multiple individual projects? Multiple team projects? Over 50-60% of my life is consumed by school. On top of that, the other "80%" of my time is spent working, running a business, and watching the charts. If you truly believe a person only spends 23% of their time in school, you are mistaken. If that's the case for you, please let me know which country you went to college because I'd love to transfer there

You talk from a standpoint that most college students only have to worry about academics. Many people have other things going on with their lives as well
  • #4
  • Sep 27, 2018 9:31pm Sep 27, 2018 9:31pm
We need politicians to get their hands out of education and actually give it back to the people who love it. Give education back to the teachers. No more politically appointed board members. Instead, give us teachers who have worked and understand what it’s like to have a connection to individuals and care about their well-being later in life. Let’s make public education good again.
Profit growth tells you the trader ability.
  • #5
  • Sep 27, 2018 9:41pm Sep 27, 2018 9:41pm
What's the average life span in your country? Maybe 80. Your school should be done in your early 20s... if you attend to get a job afterwards, as most do. Unless you're aiming to be a higher level academic. You're telling me about how you manage your time. 60% spent with school assignments. Again, are you speaking for everyone? I mean, I have to be certain there's some millionaires out there shedding cash who presumably don't spend all that much time understanding concepts, and doing assignments and school because they probably found ways with how to be efficient, with their time. You can't just assume that because it takes a lot of your time to do assignments, that everyone has that schedule. Have you thought of doing school in a business manner?

You don't do things yourself... You're not a one man island. Business 101
I paid for tutors to get my schooling done and I sure as hell didn't use up more than 40 hours a week to do it all. If you're attending class for some 40 hours in classes, you should be finished with school before you're even 20 years old, it's not even up to discussion.

Because you live an average way of doing 'school' doesn't mean you're managing like everyone else. Hence, we have boy geniuses etc. Some people find ways to solve their problems. If it's about time: try and implement ways to save a whole lot of your time. The fellows who are telling you that they wasted 4 years of their time, are going to be wasting 4 more years after that, and so on. If they don't have what you're looking for, they're the last people on earth to take advice from.

Now you can argue that you don't have money to do this or that, or invest with any more things regarding school. Again, that's just business. Take out a loan, after all you're betting on yourself. If you're not sure 'it's the right way' to go about things, you can solve it anyway you can in life. You get a whole lot of options to figure things out.
  • #6
  • Edited Sep 28, 2018 2:18am Sep 27, 2018 9:50pm | Edited Sep 28, 2018 2:18am
Quoting voketexpert
We need politicians to get their hands out of education and actually give it back to the people who love it. Give education back to the teachers. No more politically appointed board members. Instead, give us teachers who have worked and understand what it’s like to have a connection to individuals and care about their well-being later in life. Let’s make public education good again.
Hi voketexpert, thank you for your response

I feel like public education is molded into what it is today because of the stigma of, "go to high school, get diploma, go to college, get good grades, and then you will succeed in life." How can people expect 18 year olds straight out of high school, who literally had to ask for permission from their teacher "may I go to the restroom?" to take on $50,000-$100,000 debt? Most students are not prepared for that kind of decision. They don't know what they're getting themselves into, they just assume they will go into this extreme debt and come out the other side somehow paying that debt back. It's terrifying. This student debt bubble will burst soon

At the same time, there are professors who don't care about your education. From experience, I have had arrogant professors who walk into a classroom treating all of their students like subordinates. They lazily teach the material, tell you to study the material in a textbook, and then expects you to pass the exam with flying colors when the questions on the exam wasn’t like the material you studied in the textbook. What lol

Quoting voketexpert
Instead, give us teachers who have worked and understand what it’s like to have a connection to individuals and care about their well-being later in life. Let’s make public education good again.
I agree, well said
  • #7
  • Sep 28, 2018 2:50am Sep 28, 2018 2:50am
Without a decent degree - you won't get into any of the banks (in the City of London)
Degrees open doors- it proves you are not thick
Next stage is to get a professional qualifications (CFA, MBA, accountancy exams)
Then work your way up the ladder
In 10 years you are on the board of directors
  • #8
  • Sep 30, 2018 5:25pm Sep 30, 2018 5:25pm
Quoting Fader123
Without a decent degree - you won't get into any of the banks (in the City of London) Degrees open doors- it proves you are not thick Next stage is to get a professional qualifications (CFA, MBA, accountancy exams) Then work your way up the ladder In 10 years you are on the board of directors
And working harder and making less than a Good private trader...............
  • #9
  • Edited 6:31pm Sep 30, 2018 6:14pm | Edited 6:31pm
Quoting tradestar1
{quote} And working harder and making less than a Good private trader...............
(circa) 96% of retail forex traders lose

https://www.thebalance.com/why-do-fo...-money-1344936

Not sure how many of the remaining 4% will beat say a Barclays director's salary

https://www.glassdoor.co.uk/Salary/B...6_D_KO9,17.htm
  • #10
  • Edited 10:36pm Sep 30, 2018 7:24pm | Edited 10:36pm
Quoting Fader123
Without a decent degree - you won't get into any of the banks (in the City of London) Degrees open doors- it proves you are not thick Next stage is to get a professional qualifications (CFA, MBA, accountancy exams) Then work your way up the ladder In 10 years you are on the board of directors
I understand what you're saying. But that's not where I want my life to head towards though... I don't care for being on the board of directors for some xyz corporation. Lol, what a drain on life. I care about making money way more than status, and you can definitely achieve that through other means without being some big executive boss man
  • #11
  • Edited 7:42pm Sep 30, 2018 7:31pm | Edited 7:42pm
Quoting Fader123
{quote} (circa) 96% of retail forex traders lose https://www.thebalance.com/why-do-fo...-money-1344936 Not sure how many of the remaining 4% will beat say a Barclays director's salary https://www.glassdoor.co.uk/Salary/B...6_D_KO9,17.htm
I would have expected more than what your link showed.
A good trader trading 3 contracts of the ES and achieving 4 points a day can make $144,000 a year.
Yes there will be good days and bad days but this can be done spending only a couple hours a day in front of the screen instead of dealing with all the full time plus overtime and BS of the responsibilities of a director.

But your right.... I doubt there are nay traders but 1 or 2 here at the factory that could do this.
Attached Image (click to enlarge)
Click to Enlarge Name: Screen Shot 2018-09-17 at 10.09.17 PM.png Size: 188 KB
  • #12
  • Edited Oct 1, 2018 5:15pm Sep 30, 2018 7:33pm | Edited Oct 1, 2018 5:15pm
Quoting tradestar1
{quote} And working harder and making less than a Good private trader...............
My friend the profits are enormous if an individual can figure out how to make money... and then multiply that working capital by being a private trader and branching out to external wealth. I've learned that sometimes it's not even about possessing the wealth itself... but if you can connect wealth then the results are still the same. All you need is the proof. You can provide that proof by showing financial statements and this is how you gain the trust of others. Of course that would mean you have to be a person of integrity as well and do your part. This is how most businesses operate lol, just prove your business model and investors will start swarming you to take their money (also depending on how public you want to make this information, I would personally be selective on who I choose to share this information with)

I hear time and time again "95% of traders lose" and it's complete bs. There's a logical explanation why that flawed "statistic" is often repeated. But i'm not going to entertain that thought right now
  • #13
  • Sep 30, 2018 7:42pm Sep 30, 2018 7:42pm
Some people want the prestige of being able to say they are Vice-President of this or Chief-whatever of that, and some people don't care about titles, but more about the money. Depends on how you're wired, I suppose. Heck, San Francisco has a 'Poop Patrol' where the members make over $184,000 a year in salary and benefits...I know some that would jump at the chance to work there and some that would rather die!

I Do know when I pay cash for stuff, no one has ever turned it down because I didn't have a degree!
  • #14
  • Sep 30, 2018 7:45pm Sep 30, 2018 7:45pm
Quoting moneymaker2
Some people want the prestige of being able to say they are Vice-President of this or Chief-whatever of that, and some people don't care about titles, but more about the money. Depends on how you're wired, I suppose. Heck, San Francisco has a 'Poop Patrol' where the members make over $184,000 a year in salary and benefits...I know some that would jump at the chance to work there and some that would rather die! I Do know when I pay cash for stuff, no one has ever turned it down because I didn't have a degree!
Even on that you would just be scraping by in S.F.
They can keep that shithole...........
  • #15
  • Edited Oct 1, 2018 7:43am Sep 30, 2018 7:58pm | Edited Oct 1, 2018 7:43am
Quoting moneymaker2
Some people want the prestige of being able to say they are Vice-President of this or Chief-whatever of that, and some people don't care about titles, but more about the money. Depends on how you're wired, I suppose. Heck, San Francisco has a 'Poop Patrol' where the members make over $184,000 a year in salary and benefits...I know some that would jump at the chance to work there and some that would rather die! I Do know when I pay cash for stuff, no one has ever turned it down because I didn't have a degree!
This just goes to show accumulating money doing a lot of other things is very possible...... there isnt a need to climb a ladder within a corporation

Jump into a job, make a lot of money, get out, and invest that money. Working until 65+? Nope that doesn’t have to be your life
  • #16
  • Edited 10:03pm Sep 30, 2018 7:59pm | Edited 10:03pm
Quoting Chart1st
{quote} My friend the profits are enormous if you can figure out how to make money... and then multiply that capital by being a "private" trader ...
When we have become a “private” trader, it means we have “made” it trading forex. At that time, we don’t need to prove anything to anyone and we won’t need outside investments as we will be multiplying our own money ...
(just a thought)
Market is not random but unpredictable
  • #17
  • Edited Oct 1, 2018 8:50am Sep 30, 2018 8:09pm | Edited Oct 1, 2018 8:50am
Quoting 4for4
{quote} When we have become a “private” trader, it means we have “made” it trading forex. At that time, we don’t need to prove anything to anyone and we won’t need outside investments as we will be multiplying our our money ... (just a thought)
True I completely agree, but I just mean what if you have resources at hand already? Lets say your mom, dad, brother, or whatever family member is very successful and they want to invest in you and this forex business because they've seen your results? I'd happily let a close family member write me a XXX,XXX check... if my own personal capital can suffice the extra risk
  • #18
  • Oct 2, 2018 11:19am Oct 2, 2018 11:19am
I can only speak from personal experience but I loved University. It taught me so much more than the subjects studied. Also, I believe it is every child's right to study a subject just for the love of it (as long as they have a certain level of intelligence and have worked hard to earn a place of course), as opposed to knowing what career they are going to follow from the age of 18. University is so much more than just preparing a young person for the world of work.

If someone just wants to make a load of money though, I would advise them not to bother with University. The cynical would say that a lot of HE institutions are just trying to sell you a course, a lot of which will not be of much use. I'm not talking about degrees like Medicine of course, but more the Business Studies side of things.
  • #19
  • Oct 2, 2018 11:30am Oct 2, 2018 11:30am
I never went to college and have no degree but I managed to do just fine in life - working in financial services and earning in the top 5% in the country. Degrees are 2 for a penny nowadays, everyone has them. I have seen many articles interviewing a CEO of a big business and they have stated degrees are not a deciding factor in hiring. Don't be afraid to educate yourself in topics that work on your strengths
  • #20
  • Oct 10, 2018 6:19pm Oct 10, 2018 6:19pm
Quoting TeenyTrader
I can only speak from personal experience but I loved University. It taught me so much more than the subjects studied. Also, I believe it is every child's right to study a subject just for the love of it (as long as they have a certain level of intelligence and have worked hard to earn a place of course), as opposed to knowing what career they are going to follow from the age of 18. University is so much more than just preparing a young person for the world of work. If someone just wants to make a load of money though, I would advise them not to...
Hi Teeny,

Hmmm I can see your perspective about university. Not just for the education, but for the life experience. That's very well put, I'm glad I'm getting to experience this opportunity.

Quoting TeenyTrader
Also, I believe it is every child's right to study a subject just for the love of it (as long as they have a certain level of intelligence and have worked hard to earn a place of course), as opposed to knowing what career they are going to follow from the age of 18. University is so much more than just preparing a young person for the world of work. If someone just wants to make a load of money though, I would advise them not to bother with University.
I also agree that it's every person's right to study a subject just for the love of it, but for a lot of young people right out of high school, they don't have this luxury. They can't take out loans and jump right into university to study a subject just because they find it interesting. A person who gets a liberal arts degree because he/she loves it... well, good luck with that degree lol. You just invested 4+ years and $50,000+ in debt for a degree that won't make you any money... tragic. I think passion is important, but also remember to be realistic.

That's the thing! 99% of people who are enrolled in university are there for one reason... their initial goal is to make money after graduating. It's been conditioned inside their heads since childhood that college is the only way. They have no idea you can achieve this by a lot of other options. College is just one path. Not the only path.
0 traders viewing now