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College Major for an FX Trader?

  • #41
  • Sep 6, 2006 12:59pm Sep 6, 2006 12:59pm
Quoting merlin
just drop out and start trading!!! LOL

I gotta tell ya merlin, Im in college now...and i gotta agree...haha
I dream, therefore I become.
  • #42
  • Sep 6, 2006 3:12pm Sep 6, 2006 3:12pm
In my opinion, the study of mathematics and physics are the best preparation for trading the forex market. The best trader I know is an engineer, and he approached the study of the market based on an engineering mindset. The forex market is a natural system, and obeys laws of the universe.
  • #43
  • Sep 6, 2006 10:25pm Sep 6, 2006 10:25pm
But like any other job in the financial markets, your employer needs to know that you know things about the Economy or Finance, which can be seen with either of those degrees. Mainly because those things form the basis of what you'll be doing.

I just couldn't see someone hiring me in the FX market, or any market for that matter if I told them I had a degree in physics.

But hey, I could be wrong.

Anyways, thanks for the opinion.
  • #44
  • Sep 6, 2006 11:12pm Sep 6, 2006 11:12pm
Quoting irishdanceking
As I said, my college doesn't offer finance, they only offer accounting and business admin, which stinks. Unless I switch decisions. Ugh
Perhaps you are not at the right college for you? Or perhaps researching the paths of people you admire could provide you with some insight.
good luck.
  • #45
  • Sep 6, 2006 11:32pm Sep 6, 2006 11:32pm
Thanks.

Could accounting be a good enough replacement for Finance?
  • #46
  • Sep 7, 2006 12:10am Sep 7, 2006 12:10am
Quoting irishdanceking
Thanks.

Could accounting be a good enough replacement for Finance?
Not if you anticipate doing anything in the securities markets.
  • #47
  • Sep 7, 2006 1:32pm Sep 7, 2006 1:32pm
So without finance, I'm pretty much screwed right?
  • #48
  • Sep 7, 2006 1:35pm Sep 7, 2006 1:35pm
Quoting irishdanceking
So without finance, I'm pretty much screwed right?
No offense, but, it sounds like you really need to figure out what you want to do first and then decide how to do it. You seem to be going the opposite route, trying to figure out what you can do based on the options you have in front of you.
  • #49
  • Sep 7, 2006 1:46pm Sep 7, 2006 1:46pm
Quoting irishdanceking
Thanks.

Could accounting be a good enough replacement for Finance?
We always considered finance majors were accounting majors who couldn't make it in accounting. That is coming from an accounting major (and someone with a law degree, too).

Truly I would have to say that depending on what type of trading you plan on doing would also determine an appropriate background. For example, one who depends more so on fundamental trading would be inclined to have some type of economic background, i.e., finance, economics, political, etc., and one who works in the techincal area may have more of a scientific background, i.e., computers, mathmatics, engineering, etc.

I don't believe accounting is an exceptional degree that would prepare one for the forex business - but I do believe that one who has an accounting major is just as likely (if not more) to succeed in forex as any other major.
In the world of business I believe that an accounting degree will open the most doors overall - it can translate into many areas.

Now a law degree, on the other hand, which I don't recommend every goes out and gets (overrated) is helpful. Law school is like a boot camp for learning; it was that way for me anyway. Stripped everything down and made me start fresh - I immersed myself for three years and came out impressing myself with what I can do with my mind . . . which I believe is very helpful in forex. Everything I read now is much deeper and has more meaning than it did pre-law . . . which has helped immensely in forex.

The one thing you have right now is time & freedom to trade - if I would have tapped into this as a college/law student, #1 my grades might have suffered and #2 I would gotten to where I am now a heck of a lot faster.

AK
  • #50
  • Sep 7, 2006 2:21pm Sep 7, 2006 2:21pm
Thanks much for the reply!

What do you think would be the most well rounded major for the financial markets in general, considering I don't really know what area of I will be going into?
  • #51
  • Sep 7, 2006 10:50pm Sep 7, 2006 10:50pm
Quoting irishdanceking
Thanks much for the reply!

What do you think would be the most well rounded major for the financial markets in general, considering I don't really know what area of I will be going into?
All I can tell you is that my cousin who graduated from Univ. Of Florida with a Finance degree (bachelor) was hired on the spot by Merrill Lynch as a Financial Analyst at $50K.

That's not bad at all. I graduated in Economics and all I can find are shitty jobs in banks and stuff like that at $35k per year.

IMHO, I think that most employers look at an Economics degree as something too abstract, theoretical and old fashioned.

Finance and Accounting are more straight to the point, directed at something in particular. Economics is a big mumbo jumbo of everything in general, but way too general for it to be applied to the real working world.

I would go with Finance....most jobs in the industry ask for Finance or Accounting degrees anyways, so you know they are looking for that. But Finance definitely opens up more doors for big financial companies when you have good grades.

Good luck

Future
"Lunch ? Lunch Is For Wimps !"
  • #52
  • Sep 7, 2006 10:54pm Sep 7, 2006 10:54pm
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.
Hi

Sorry, I couldn't resist but I have to ask...you are saying that if you know what you are doing with forex, 300-500K per year is peanuts compared with how much you can make with your account.

Ok, so I gotta ask.... ready ?

Do you trade full time ? If yes, do you mind sharing your story (not asking for your secret system or method, don't worry). I just want to be inspired a little bit, and I am sure it will inspire many others who will read.

Thanks

Future
"Lunch ? Lunch Is For Wimps !"
  • #53
  • Sep 7, 2006 11:37pm Sep 7, 2006 11:37pm
Ok, thanks for the replies.

Would International Political Economy help with a forex job? Heres the link to my colleges ipe course: www.carthage.edu/dept/ipe/require.cfm

Also, what do you think of this Business Admin course? Link: www.carthage.edu/dept/business/require.cfm

Thanks again
  • #54
  • Sep 8, 2006 12:11am Sep 8, 2006 12:11am
have only skim-read most of this thread so apologies if this has already been mentioned. If you want to get a job in a bank as a trader on one of their prop desks then there are only really two ways to go about it.

1. Get a good degree from a top university (regardless of what ppl say, it realy doen't matter what you take) and before you graduate apply for internships every year. If you're smart you'll get in at an entry level most likely getting food for the traders (from experience at ubs fx desk, it's not the same at all desks).

2. Get a job in finance and go for the mba. Then apply for a trading role, many old-school banks still like to go for this approach. You will hardly hear of retai traders ever going to work for a bank because if they're any good, they'll more likely to make more money trading for themselves than if they worked for a bank, regardless of how much the bank wants them.

I know what you're asking is specific to fx trading and most likely spot and therein lies your the hurdle. The majority of prop desks only trade the 'sexy' products which at the moment are still really credit derivatives (and have been for the last few years). You're only goig to be able to trade these at an institutional level and hence will only pick up the skills from wokring in a bank. These guys will pull in 7 figure salaries easily at the moment.

The only other way to get an institutional job trading is to work at a hedge fund as a developer (quant ideal). It's not unheard of to move from IT to trading, although it is easier if you're in the risk managemnt or product control dept, purely becuase you'll understand the products better.
  • #55
  • Sep 8, 2006 1:07am Sep 8, 2006 1:07am
some majors just do not cut it through with forex.. econ is a vast subject.. its so vast people can hardly define it.. that gives u an abstract thing to look at.. which has bleak prospects for a job.. accounting is concrete.. thats y accountants are alwys paid more than economists.. but anyways
do what you think has your interest.. you can do nothing and struggle really hard to become a successful trader.. or you can choose finance and accounting and ease up on the trading when ur done with it.. some traders have no uni or college background but they still mint money.. its all about commitment.. but i am telling you this because i switched FROM econ im doing accounting now.. going for CA afterwards..
hope this helps..
BECAUSE I CAN !
  • #56
  • Sep 8, 2006 4:30am Sep 8, 2006 4:30am
Ok,

This approach is a bit from left field, but go to dental hygiene school. 2 year program.... full of hot chicks. When done, work a day job and set your own hours. Make $35/hour plus benefits and work anywhere you want, whenever you want. Trade the GBP during the European session and sleep while it moves an average of 100 pips daily.

Why do you need to go to college to be a trader anyway? That is a serious question, btw. you talking about trading for yourself or working for the man? just curious.
good luck
  • #57
  • Sep 8, 2006 7:05am Sep 8, 2006 7:05am
I know someone already said this in this thread, but you really need to remember a couple of things.

1. Certain courses MIGHT help with your ability to trade, but, really, mastering the psychological aspect of trading is more important than any degree you can obtain.

2. Getting a JOB in forex is difficult and it doesn't take a degree, it takes a successful track record. If you show someone a year's worth of consistent trades resulting in >15% net increase, you'll get a job. In fact, I was contacted by a trading house out of Switzerland just recently.

If I were you, I would divide the career. Get the degree to obtain a "fall back" job. Get it in something you're truly interested in - don't worry about where it will lead. Then, spend your nights and weekends learning how to trade on your own. Get consistent by the time you finish college and you'll have no trouble finding something. Or, you'll be making so much money on your own that you won't need to go work for someone else.

Quoting irishdanceking
Ok, thanks for the replies.

Would International Political Economy help with a forex job? Heres the link to my colleges ipe course: www.carthage.edu/dept/ipe/require.cfm

Also, what do you think of this Business Admin course? Link: www.carthage.edu/dept/business/require.cfm

Thanks again
  • #58
  • Sep 8, 2006 7:59am Sep 8, 2006 7:59am
Alright, I've kind of changed my mind. Seeing how hard Forex is, I would moreso want a job the financial markets than no job at all.

How does Business Admin with Econ and Accounting mixed in look?

Pretty much my last question.
  • #59
  • Sep 8, 2006 9:03am Sep 8, 2006 9:03am
Quoting squat1962
Ok,

This approach is a bit from left field, but go to dental hygiene school. 2 year program.... full of hot chicks. When done, work a day job and set your own hours. Make $35/hour plus benefits and work anywhere you want, whenever you want. Trade the GBP during the European session and sleep while it moves an average of 100 pips daily.

Why do you need to go to college to be a trader anyway? That is a serious question, btw. you talking about trading for yourself or working for the man? just curious.
good luck
I like this idea, LOL!
  • #60
  • Edited 10:57pm Sep 8, 2006 4:12pm | Edited 10:57pm
I second what others have said. The smart play is go for a degree in something you're really interested in, then learn trading on the side. Learning to make money consistently in FX is goddamn tough as hell. I've been at it for a year now and im still not there.
How you act is more important than how you feel.
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