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College Major for an FX Trader?

  • #21
  • Sep 5, 2006 10:07pm Sep 5, 2006 10:07pm
2nd year BBA finance here, I still have to choose between the corporate finance and the investement field, well apparently i'm in the right path to the FX trading career.
Trading is a long and a short story.
  • #22
  • Sep 5, 2006 10:15pm Sep 5, 2006 10:15pm
Ahh, I can't decide, I have all of these opinions but none seem conclusive enough.

I think International Political Economy will make me the most well rounded,, but I don't know much.
  • #23
  • Sep 5, 2006 11:03pm Sep 5, 2006 11:03pm
Personally I don't think any of your choices are going to make the slightest difference whether you'll be successful as a trader or not. PHD economists can't predict with any certainty what is going to happen in the financial markets and finance majors are more concerned with how to structure loans then they are with the direction of the yen. The degrees may be helpful in getting you in the door, but once your there it is a matter of personal fortitude and psychological makeup.

If you want to be a trader then trade. Pull 40 or 50% returns for the next 4 years and there isn't a bank on earth that won't hire you to trade, education or not. Unfortunately that is a lot easier said then done, so make sure you have a good degree with ample opportunities to fall back on.
  • #24
  • Sep 5, 2006 11:04pm Sep 5, 2006 11:04pm
What exactly is a finance major? In an econ major, you basically study fundamentals... what do you do in finance?
  • #25
  • Sep 5, 2006 11:12pm Sep 5, 2006 11:12pm
Quoting Darkstar
Personally I don't think any of your choices are going to make the slightest difference whether you'll be successful as a trader or not. PHD economists can't predict with any certainty what is going to happen in the financial markets and finance majors are more concerned with how to structure loans then they are with the direction of the yen. The degrees may be helpful in getting you in the door, but once your there it is a matter of personal fortitude and psychological makeup.

If you want to be a trader then trade. Pull 40 or 50% returns for the next 4 years and there isn't a bank on earth that won't hire you to trade, education or not. Unfortunately that is a lot easier said then done, so make sure you have a good degree with ample opportunities to fall back on.
It's getting in the door that I'm worried about, once I'm in I think I'll be fine.

What would you suggest for getting in the door?
  • #26
  • Sep 5, 2006 11:31pm Sep 5, 2006 11:31pm
Quoting irishdanceking
It's getting in the door that I'm worried about, once I'm in I think I'll be fine.

What would you suggest for getting in the door?
Couldn't tell ya. Banks don't pay enough to spark my interest.

It might help to look here though: http://jobs.efinancialcareers.com/Trading.htm
  • #27
  • Sep 5, 2006 11:40pm Sep 5, 2006 11:40pm
Really, I read that FX traders( if that is what you are talking about)get paid a lot.

Thanks much for the link, it it much appreciated.
  • #28
  • Sep 5, 2006 11:56pm Sep 5, 2006 11:56pm
Quoting irishdanceking
Really, I read that FX traders( if that is what you are talking about)get paid a lot.

Thanks much for the link, it it much appreciated.
They do ($300-500k) but if your good it's peanuts in comparison to what you can make trading your own account. Plus they make you move to a specific location, work a 60+ hour week, fuss with paperwork, and deal with people. It's just more trouble then its worth.

If I wanted that kind of aggrivation I would start a hedge fund.

Don't get me wrong brother, I'm not telling you to avoid an education. You certainly should take the opportunity if you have it. Just don't make all your future decisions based on the expectation of trading OPM. If you want to be a trader, do it on the side while your going to school for some other career. Wost case scenario, if your trading skills are found lacking (which is a VERY high probability) you can get a nice, well paying job.
  • #29
  • Sep 6, 2006 12:28am Sep 6, 2006 12:28am
Quoting Darkstar
They do ($300-500k) but if your good it's peanuts in comparison to what you can make trading your own account. Plus they make you move to a specific location, work a 60+ hour week, fuss with paperwork, and deal with people. It's just more trouble then its worth.

If I wanted that kind of aggrivation I would start a hedge fund.

Don't get me wrong brother, I'm not telling you to avoid an education. You certainly should take the opportunity if you have it. Just don't make all your future decisions based on the expectation of trading OPM. If you want to be a trader, do it on the side while your going to school for some other career. Wost case scenario, if your trading skills are found lacking (which is a VERY high probability) you can get a nice, well paying job.
Darkstar, great way to sum it all up. Wonder how long it will be until there is a major available in college for forex traders. Dont know how much that will help though as there is no better education for a trader than time in the market. I suggest keep trading and earn a degree in a field of interest. This way, as a student you should have time to learn how to trade and persue a degree. Kind of like killing two birds with one stone I guess.
  • #30
  • Sep 6, 2006 12:46am Sep 6, 2006 12:46am
The thing that struck me from reading the Market Wizards books is the varying backgrounds of traders. Everything from a high school education up to almost a PhD in Mathematics. There's not one route to success, is there?

The things that I can see in my own background that are useful are my math and programming education along with 2 or 3 econ courses in college a million years ago. But then again, I haven't made it yet so I may not know what I'm talking about.

Squid
  • #31
  • Sep 6, 2006 1:55am Sep 6, 2006 1:55am
Quoting moutekitrader
Wonder how long it will be until there is a major available in college for forex traders.
There is. It's called Psychology.
Mr. Trend
  • #32
  • Sep 6, 2006 8:20am Sep 6, 2006 8:20am
What does psychology have to do with the Forex?
  • #33
  • Sep 6, 2006 8:24am Sep 6, 2006 8:24am
Quoting Darkstar
Plus they make you move to a specific location, work a 60+ hour week, fuss with paperwork, and deal with people. It's just more trouble then its worth.
Sorry for the double post, but technically you don't have to go where they want you to go, you are the one who consents to move to the job site when you apply.
  • #34
  • Sep 6, 2006 8:36am Sep 6, 2006 8:36am
Quoting stockwet
2. Another job in the finance industry - Yes, you need to have a finance degree. Unless you're planning on getting a master's or doctorate in Economics, don't plan on landing a killer job in the financial services field with just a BA or BS in economics.

Apologies to stockwet, but this is flat out wrong. I know plenty of Econ majors that go on to have very successful jobs in the world of finance. I have a friend who graduated with an economics major and took a position at Goldman Sachs in Chicago last January. Many others move into the investment banking world. There are countless finance companies who will give economics majors just as many interviews as they will finance majors.

Again, don't underestimate a degree in economics; many econ majors float out into the world of finance.
  • #35
  • Sep 6, 2006 10:05am Sep 6, 2006 10:05am
Thanks much for the advice.

Ya, I was thinking that, don't they include some Finance courses and such in Economics?
  • #36
  • Sep 6, 2006 10:24am Sep 6, 2006 10:24am
just drop out and start trading!!! LOL
Relax and be happy.
  • #37
  • Sep 6, 2006 11:09am Sep 6, 2006 11:09am
lol


I think I'll need my education in the future,
  • #38
  • Sep 6, 2006 11:49am Sep 6, 2006 11:49am
Quoting irishdanceking
What does psychology have to do with the Forex?
A lot. It sounds like you might be completely new to trading in general. Read up on some forums around here and books... Open your first live account. You'll find out real quickly just how important psychology is to trading.
Mr. Trend
  • #39
  • Sep 6, 2006 12:16pm Sep 6, 2006 12:16pm
It sounds like you want some more definitive answers. Here's my take.

Required:
- No college courses are required to be successful at Forex trading.

Helpful:
- Finance and economics are both helpful. I used both as I tried to work through developing my system and continue to use principles from each discipline.

Not Entirely Helpful:
- I'm sure I'll get plenty of disputes on this, but no, I do not think a psychology degree or course is helpful. Getting yourself psychologically prepared with the right self discipline is not, in my experience, what these courses are all about. With that said, psychology is IMMENSELY important to trading, but, not the theoretical kind of psychology you would learn in college. We're talking about the kind of stuff born out of experience and self analysis.

For a finance job:
Well, we can see that that is debatable. However, it's also irrelevant to this forum. Go talk to someone in the financial services field what they think. (As I said, I have a focus in finance and was a venture capitalist - I gave my opinion about what it takes to get a top job in the industry. Find some more opinions, though, because a sampling of one or two is fairly useless.)
  • #40
  • Sep 6, 2006 12:30pm Sep 6, 2006 12:30pm
Thanks for all the replies everyone.

I didn't necessarily care about the degree for the trading aspect of it, I knew that I would understand it and get the hang of it once in the job.

I desire the degree only to get me the job.

Although I'm new to the forex market, I'm not that new to the rest of the financial markets.

I came here for the Forex trader advice, the financial market advice was just on the side to see what everyone would say.
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