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Yes, exactly. I used to a quant on the IB as well as money mgmt side of the biz. But a quant is more than just a programmer. He has to know 1) finance theory 2) statistics/optimization/math 3) programming. But for someone with just programming background i guess they can come in as just a...

Well.. it's not that the statistical side of things is so important unless you are a quant fund then it's all statistics! but more traditional fund managers don't use math at all - just stock pickings. so i think good performance will really count there plus an MBA, CFA,etc. even though none...

Hmm... That's hard to say. Performance do count a lot. But you gotta be able to manage size(in hundreds of millions or billions). So, let's say you got your small personal IRA account that got maybe $50K and you double it every year via buying internet stocks(which was very easily done in...

I would tend to agree. But I think different people have different time horizon. Daytraders horizon is only within the day and most don't even hold that long(probably anywhere from 30sec-a few hours at most). But if they are good at it then they are good at it right? It doesn't matter...

Yes, I would agree! Education, though expensive in the U.S., is still very accessible! I went to a top Ivy Leage school that costed around $20K/yr but now has risen to close to $30K/yr but due to scholarships, grants, working part-time etc. I made it through though I still owe not a small amount...

I like to comment some things from those links: Jim Clark........self-made billionaire American businessman; founder of "Netscape"; first Internet billionaire (17, U.S. Navy) Jim Clark DID NOT drop out of anything! HE was a supernerd who got his Phds from Stanford in computer science and...

Interesting set of facts that are pretty well known. And the last link about Larry Ellison commencement speech at Yale is FAKE! Read NOT REAL! Though funny and has been spammed around the net for at least the last few years. Here's my take on this education vs dropping out. Sure, go ahead...

Here's what I've reached in terms of conclusion due to soul-searching. Prop trading isn't for everyone. Trading in general isn't for everyone. Investing isn't for everyone. Speculation isn't for everyone. In fact, the market isn't for everyone including professionals not just retail or...

Yeah, I would totally agree! Prop trading isn't for everyone. Trading in general isn't for everyone. Investing isn't for everyone. Speculation isn't for everyone. In fact, the market isn't for everyone including professionals not just retail or daytraders. Having come from the...

I think that's probably true of ANY competitive sports or activities. Someone once said,"You don't trade stocks! You trade against people!" Markets are afterall made of lots of people buying and selling. So, competitive sports help - not just golf. And not just sports, even chess, poker...

Here's what I think. Trading is NOT a traditional job where education, credentials, and normal kinds of work is needed. Most people in our society have been programmed to believe the reason they are monetarily successful because 1) they worked hard 2) studied hard 3) went to the right school...

One more caveat... The only time and place when a really solid academic/education would be useful in trading is in quant trading. Quant trading on Street or prop firms or hedge funds are real serious operations. They hire only top school Phds(ms or MBAS are excluded). That means usually...

Hmm... Very interesting discussion. Every once in a while, a discussion of this type pops up on this board. Here's my background and personal take on this thing. Yes, I did go to the a top east coast Ivy League school, class valedictorian in hs, won tons of nantioanl competition, got offers...

hi traders! i'm back. Well, I don't think I meant in my first and original post for people to come out and say their actual "numbers" or anything. But maybe some general stats they heard or whatever. Anyhow, i'm over with these numbers thing. But here's what I think: I think many...

daniel, daniel wrote:"If, however, you haven't got the 3 mil already, but instead have, say, $25 and you wanna be making $100k per year, you're gonna have to take some risks. Let's say this is the objective. (making $100k in a year.) If we break it down, it's $2000/week and $400 per day...

vhehn: That was my POINT exactly to Don and his usage of the term "borrow" which I said is NOT what it's about. It's more liek allocation of resources in hopes to share in the success/failures of the enterprise. Bondholders get interest coupon payments and hopefully principal back. Equity are...

Don: I hope you realizing i'm NOT in any remote sense of the word attacking you aka Hitman style. LOL. I'm just trying to clarify the various issues as so it were with a fine tooth comb. By doing that one realize the multi-facet nature of anything. It has been personally enlightening to...

Don, Uh-huh. Again, I'm confounded. What you are stating is just the obvious facts of how capital markets work. They exist for allocation of resources(in this case capital). All equity markets and debt markets are in sense to facilitate borrowing for corporations. So, in a sense, everytime...

HUH? Warren Buffet does NOT borrow money for his multi-billion dollar funds/LP. Those are his investors. You are saying apples and oranges here. As usual, I'm always civil in my discussion and trying to pinpoint the very exact nature of things. Kind of like a detailed analysis/educated debate...

Don, Hmm.. I'm not sure if I understand your pointt here. You wrote:"Would it really matter to these people if they paid 72.50 or 72.70 on a stock they plan on holding for 3 months?? Of course not. Do they care about market access, lower costs, use of intra day capital,? Of course...