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College courses for forex

  • #21
  • Dec 4, 2009 10:37am Dec 4, 2009 10:37am
Quoting smittens4212
Off the top of my head I can think of a few MSc programs in finance that delve into trading to varying degrees, but not many undergraduate classes that deal with trading.

Most universities with a business school will offer classes that deal with the foreign exchange market (mine was 'international finance' and the spot market was the smallest portion of the class), but they don't deal with trading that much (if at all). My class was mostly case studies on multinational corporations and properly using forwards, futures, and options to hedge fx...
There is an MSc program at my school Kent State Univ in USA that is top ten in the nation. Im trying to get accepted to it after i graduate but its pretty tough. Grad of the program are often employed by IBs and prop trading firms. We have a very nice trading floor check it out.... http://business.kent.edu/msfe/
  • #22
  • Dec 4, 2009 10:48am Dec 4, 2009 10:48am
My big dream is to go to LSE [need to move London in order to]. I'm writing, so you know I dont despise econ classes at all. However my observation [reading Bloomberg and so on] is that in terms of "life lesson" you get nothing at school.

I think all that stuff gives you mostly kind of knowlidge what to do in what kind of economic circumstances, but give you no information what will be effect of your action. Therefore you need to go live [either you are trader or manager or whatsoever]

In terms of trading lesson I can give you [GBP800 per 15 classes - no diploma points ]

If there are good data release - it is possible that there will be better and better, so buy. If data is worse, then sell. If you buy currency be carefull about against which you trade your favourite, as there may be bad surprise of better release of that you went short, so be carefull.

In terms of tech. If you see higher lows and higher highs, it may continue, then buy. blah blah blah...


no responsibility for your performance and so on.
  • #23
  • Dec 4, 2009 12:14pm Dec 4, 2009 12:14pm
The conclusion from all these replies, are there is no scientific method yet you can earn profits "If you are experienced". That doesn't make sense to me.


Quoting smittens4212
As for your questions about why people would gamble, trade in the face of an overwhelming failure rate, etc... put simply, trading isn't gambling. Gambling is a loser's game with a negative expectancy, and (with the minor exception of very few games where you can beat the house) there's nothing you can do to change it. When it comes to trading, you control your expectancy, and if you can put up a positive expectancy then the sky is the limit. It doesn't change the fact that most people will never reach that level, the prospect of it is so...
Lets shift gears a little bit and get away from addressing the topic of how ignorant people making poor decisions lose money in this ever so alluring market. Out of the people that replied to my question aside from Pearl Jam, what is it exactly that you base your trading on, because it is pretty clear that you haven't gained "forex" knowledge from university. I realize that you have gained conventional financial knowledge from whatever degree you have pursued, but nothing about forex because obviously they are two totally different sectors and the technical analysis is not the same. Therfore, how is it that each of you have gone about making forex trades. There has to be some system you use. Where was this system taught to YOU in particular!!!

This is one of the rare areas of life where there is so little education on it! I thought that in order for someone to learn something whether it be a trade, or profession there was certification available, but this....?ARGH.

Any personal experiences are welcome.
  • #24
  • Dec 4, 2009 6:04pm Dec 4, 2009 6:04pm
Quoting fosho14
The conclusion from all these replies, are there is no scientific method yet you can earn profits "If you are experienced". That doesn't make sense to me.
I believe you are correct in that there is no scientific method that will guarantee you profits.

However, if you are experienced doesn't guarantee a dam thing either.

Please allow me to continue.......

Quoting fosho14
Price,

Your very quick to point out how to not be successful what cannot happen, and what you should not do....
There's a whole lot to be learned about the mechanics of trading, and the experience of working through all of that is vital. Without any experience you are just hoping and dreaming.

I'm gonna stick with the music comparison because it's one we can relate to.

Some guys devote their lives to learning all about music theory and practice their hearts out and it doesn't mean they are gonna have a hit song. But there is a science to it.

Others give it shot with no real experience and Boom, they're at the top of the charts. There is definitely an art to it.

The thing about trading is, it looks so easy. Like anything in life that someone else is good at, it looks easy.

(a nine year old girl on concert stage playing piano like Mozart..... we would never say, "Give me 5 years and I could do that")

Well that's because we know it's not that easy. Golf, Bowling, Car racing.... all the same.

You can study this thing for 10 years and, in the end, it still just comes down to you... and can you do it.


Universities:

If they're going to teach courses it's probably going to be on fundamentals. I mean what University is going to want to turn out a 95% failure rate ?? That just makes the University look like a failure.

So, what to do...

Yeah, read everything you can get your hands on that you think is going to help. Websites ?? Phssst, this is probably the best one right here.

You'll find a lot of different folks making music in a lot of different ways.

Some common themes that you will see here are:

*Do whatever works for you.

*Risk management .... Money management ....

*I'm not even going to get into systems, methods, time frames, long term/short term.......

*Definitely no one size fits all answer.

Conclusion..... if you still feel that your question hasn't even been answered, it's because I can't tell you the formula for becoming a Rock Star.

But I can tell you this - No one ever gets rich by not fueling an unnatural desire... and neither by quitting.... nor by believing that it can not be done.

Press on if you dare.
  • #25
  • Dec 5, 2009 11:47am Dec 5, 2009 11:47am
Quoting fosho14
Hello, there I am fairly new to the world of forex....
1. Doesn't fit their agenda.
2. Doesn't fit their profit factor.
  • #26
  • Dec 5, 2009 5:49pm Dec 5, 2009 5:49pm
ok... price,

I know that obviously you cannot through some miracle describe every technical approach that you use, and expect me to instantly be successful!!! Clearly what I was asking was how you went about LEARNING it. WHERE you discovered the information. not the procedural way of doing it! Its a very simple question price, and I'm not asking you for a quick formula on how to be rich or looking for an inspirational speech about how to be a rockstar so please stop saying things like that.

Any reccomendations on notable books?
  • #27
  • Dec 5, 2009 6:26pm Dec 5, 2009 6:26pm
Quoting fosho14
ok... price,

I know that obviously you cannot through some miracle describe every technical approach that you use, and expect me to instantly be successful!!!...
There is too much bad information out there on trading in general. Everyones out there to make a quick buck and they all claim to have the holy grail. Forget about learning techinical indicators. They're a waste of time in my opinion. Learn to read price action. Learn from guys that are actually making money consistenly.
  • #28
  • Dec 5, 2009 7:37pm Dec 5, 2009 7:37pm
Is it really a question of education?

It's easy to learn trading. And once you have found the right trading edge (which they are plentiful and free on this site amongst others) the difficulty then comes in the discipline and perseverance to follow this edge.
Something which you can't be taught.

It took me a full year to realise I had this edge already...I just didn't have the right frame of mind to trade it in a disciplined fashion. A sort of trading limbo where I was consistently at B/E.

Just don't shed out loads of money. £500-£2000 is all you really need IMO.
Don't Anticipate
  • #29
  • Dec 5, 2009 7:47pm Dec 5, 2009 7:47pm
Surely for the colleges and university's it also come down to a question of what will the graduates of such a course offer to the community as a whole.

I can't think of one course http://cdn.forexfactory.com/images/icons/icon6.gif that doesn't provide some sort of benefit to society.

What does trading from my home give back?
Don't Anticipate
  • #30
  • Dec 5, 2009 8:57pm Dec 5, 2009 8:57pm
Take a numerate degree, followed by postgraduate research and you'll be fine.
  • #31
  • Dec 5, 2009 9:15pm Dec 5, 2009 9:15pm
Quoting mangored
Is it really a question of education?...
Completely undercapitalized....starting off with anything less than 5k ur just giving the deposit to ur broker
  • #32
  • Dec 5, 2009 10:36pm Dec 5, 2009 10:36pm
Quoting mfoste1
Completely undercapitalized....starting off with anything less than 5k ur just giving the deposit to ur broker
HELLO mangored AND mfoste1

CAN YOU RECOMMEND THE MINIMUM CAPITAL TO START TRADING?
AND WITH WHICH (RELIABLE) BROKER?
AND USING STANDARD, MINI OR MACRO ACCOUNT?
I APPRECIATE YOUR FEEDBACK AS I AM PLANNING TO OPEN A LIVE ACCOUNT SOON.
  • #33
  • Dec 5, 2009 11:15pm Dec 5, 2009 11:15pm
Quoting pj.waterloo
HELLO mangored AND mfoste1

CAN YOU RECOMMEND THE MINIMUM CAPITAL TO START TRADING?
AND WITH WHICH (RELIABLE) BROKER?
AND USING STANDARD, MINI OR MACRO ACCOUNT?
I APPRECIATE YOUR FEEDBACK AS I AM PLANNING TO OPEN A LIVE ACCOUNT SOON.

how familiar are you with equities market, interest rate market, fx market, gold, oil, commodities etc? how long have you traded demo? Have you been successful for 3 consecutive months?

Don't try and start with less than 5k, youll just be wasting ur time and money, the two most valuable things to you. The best broker in the forex world is by far dukascopy, best retail broker in the world...no arguement there. However you need 5k to open an account there, which you shouldnt start trading that much capital unless you have had 6-8 mo trading on demo. with significant success. Trading a real capital account is ENTIRELY different than trading a demo. This is a tough business where ppl try to get rich quick and blow their accounts up. 95% of retail traders fail...

Didnt mean to be discouraging, just realistic
  • #34
  • Dec 6, 2009 1:08am Dec 6, 2009 1:08am
Quoting Pearl Jam
Providing a class on purely technical analysis, which pretty much flies in the face of accepted finance theory, would not be very warmly received by the academic community. 90% of university professors would probably tell you based on the efficient market hypothesis not to waste your time trading currencies (and for the 90%+ people who lose all their money doing it, they would be right) or doing any kind of technical analysis at all. Financial theory doesn't really have anything to say about spot market trading. So like others have said, there's...
Pearl jam if you dont mind me saying I disagree with this post.. as its true for schools that generally dont rank high for finance but if you go to a better school they dont teach the same things... for example harvard teaches that finance is basically a technology for risk control and other stuff but that technology is always improving and in a couple of lectures they teach that the market is and is not efficient and cycles between the two. one of the reasons why harvard has such a large capital base is because they admin of finance there trades the capital and has pulled 30%+ consistently for almost 20 years. they have very good trading classes and econ classes. Now i didnt go to harvard but i know what they do and they offer free classes online that you can watch and download but u dont get the degree unless u pay lol... but there is schools that teach trading new york institute of finance teaches it to and they teach spot markets. basically i would recommend statistics/adv stats/any classes with risk in the title/ i would go econ instead of finance get a good understanding of supply and demand and try to make the link between risk classes and supply and demand.
  • #35
  • Dec 6, 2009 6:55am Dec 6, 2009 6:55am
Quoting mfoste1
Completely undercapitalized....starting off with anything less than 5k ur just giving the deposit to ur broker
I was simply referring to the learning process of trading. Once comfortabley trading 10p/p or 50 cents p/p a trader could then move on to a much larger account.
Don't Anticipate
  • #36
  • Dec 6, 2009 7:56am Dec 6, 2009 7:56am
Quoting mfoste1
how familiar are you with equities market, interest rate market, fx market, gold, oil, commodities etc? how long have you traded demo? Have you been successful for 3 consecutive months?

Don't try and start with less than 5k, youll just be wasting ur time and money, the two most valuable things to you. The best broker in the forex world is by far dukascopy, best retail broker in the world...no arguement there. However you need 5k to open an account there, which you shouldnt start trading that much capital unless you have had 6-8 mo trading on...
Thanks mfoste1 for your valued input. It is better to make it right in the beginning before making oneself discouraging and giving up on fx.

If you may, what would you recommend for naked trading on PA/TA? Any free ebooks or sources? This is what I am focusing on after more than 1 year of fx demoing, testing and studying.

Again, I appreciate your feedback.
  • #37
  • Dec 6, 2009 8:34am Dec 6, 2009 8:34am
Quoting mfoste1
how familiar are you with equities market, interest rate market, fx market, gold, oil, commodities etc? how long have you traded demo? Have you been successful for 3 consecutive months?

Don't try and start with less than 5k, youll just be wasting ur time and money, the two most valuable things to you. The best broker in the forex world is by far dukascopy, best retail broker in the world...no arguement there. However you need 5k to open an account there, which you shouldnt start trading that much capital unless you have had 6-8 mo trading on...
You can employ excellent money managment on a 200 USD account if you use Oanda. There is no such thing as undercapitalization just the wrong broker with to high minimum lot sizes.
  • #38
  • Dec 6, 2009 8:47am Dec 6, 2009 8:47am
Quoting Tjpld
You can employ excellent money managment on a 200 USD account if you use Oanda. There is no such thing as undercapitalization just the wrong broker with to high minimum lot sizes.
Exactly!
Don't Anticipate
  • #39
  • Dec 6, 2009 10:28am Dec 6, 2009 10:28am
The nearest degree I think you'd get would be one on economics or global finance.

Many of the theories taught in economics class such as the efficient market hypothesis for example are probably false and if they were actually true would make profitable Forex trading near impossible. Economics is an art really, and should be considered a science if it were really a science the global credit crisis wouldn't have happened, instead most economists didn't see it coming and didn't have a clue.
  • #40
  • Dec 6, 2009 7:59pm Dec 6, 2009 7:59pm
Can anyone offer any good books for learing how to trade forex??? I wanna learn to trade in my spare time while going to school.

THANKS
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