Advice for a youngster?!

[d08]

Because to be a trader in the modern world you need an education. It does not even matter what type of trading he wants to do, be it global macro, quant or fundamental long/short. He is not going to get exposure to that knowledge on his own.

Additionally, if he wants to manage OPM (either as a PM or a founder), his chances are much better if he goes to a good school. I've been in the business for a little while and have yet to see someone who was able to make it on "the street smarts" alone.

Disagree if he wants to be a trader, you can also learn on your own.
For OPM generally you're right. But did you read his posts, he's already managing OPM without an education. So it's possible, he's doing it.

 

[newwurldmn]

Thank you scalpie, the things that you have mentioned now that I am a father is the reason why I have become hesitant many times to pursue this. Everytime i pursue it. It takes over my life. But it is all I want to do, I enjoy nothing like I enjoy navigating through the markets. My goal this time around is to trade less and be more disciplined.

Of course you love it. Trading stimulates the same parts of your brain as sex and chocolate and gambling.

You are being prudent in your actions since you got your gf pregnant. Stick to that, get a job and trade as a hobby. Who knows where life will take you in 10 years.

 

[Visaria]

. But unfortunately for me most employers do require degrees. And if I don’t make trading work, I don’t want to end up building high rises my whole life.

I hear property development is v lucrative.

 

[athlonmank8]

Why are you going to college?

You want to be a trader, right? As in making your living trading - not some profession where you need some professional designation (i.e. law, accounting, medicine).

So why are you going to college? To be like everyone else, to be as uniform and crystallized in your thinking as everyone else? Do you see how disgustingly conformist that is?

Yet, you want to be in a profession that requires true individuality, and genuine out-the-box thinking, and a contrarian nature. College is the very last place you'll find any of that.

Did you not go to college?

 

[aorneltrades91]

I hear property development is v lucrative.

Yeah it is. But I’m in the construction end of it/ the actual building it. Not the development. Although I still do well. Made over 100k last year with OT. But very tough work and working conditions in the Midwest.

 

[CME Observer]

My situation is kinda similar to yours. I discovered trading in the two years I spent between high school and college doing [insert activity that might identify me]. I blew up a 500 dollar FX account when I was 18 down to like 280 and knew day trading would never be for me. Went back to school and got a degree in math and statistics. I now work on a trading floor where I'm effectively paid to learn the business of trading as well as technical skills that are applicable elsewhere. Go to school. Leverage your education to find people that will educate you further. That's the way to becoming a pro. A college degree is not *necessary* to be a successful trader but it's a prereq for finding a professional outfit who can teach you how to trade. There are a lot of resources on the Internet but the Internet doesn't have hundreds of experienced full time employees who show up every day with a common purpose that includes mentoring you. The Internet has never published a 10K--short of backtesting, the only way to know if what you read online works is to try it. That sounds like an expensive tuition to me.

 

[aorneltrades91]

Did you not go to college?

No dropped out with one year to go 4 years ago bc I got my gf pregnant and had to work full time. I’m going back to finish this semester

 

[Visaria]

by all means you should definitely finish college.

 

[aorneltrades91]

My situation is kinda similar to yours. I discovered trading in the two years I spent between high school and college doing [insert activity that might identity me]. I blew up a 500 dollar FX account when I was 18 down to like 280 and knew day trading would never be for me. Went back to school and got a degree in math and statistics. I now work on a trading floor where I'm effectively paid to learn the business of trading as well as technical skills that are applicable elsewhere. Go to school. Leverage your education to find people that will educate you further. That's the way to becoming a pro. A college degree is not *necessary* to be a successful trader but it's a prereq for finding a professional outfit who can teach you how to trade. There are a lot of resources on the Internet but the Internet doesn't have hundreds of experienced full time employees who show up every day with a common purpose that includes mentoring you. The Internet has never published a 10K--the only way to know if what you read online works is to try it. That sounds like an expensive tuition to me.

Yeah I am going to finish college. I have one year left and am going back next week. As far as the trading. My situation was a bit of on a larger scale. I started off with equities and did well. Then moved on to options and did amazing in the beginning. But lacked and risk management. So blew up. Then moved on to futures and did well day trading that. Then decided to do it full time and the pressure to perform to pay bills got to me and blew that up. Quit for like 8 months then started again. This is the time I did extremely well trading futures and options together full time( while my gf was pregnant) moved back home at the time so there wasn’t much pressure on expenses yet. I was doing so well that I landed a 500k futures trading account from someone and was also managing that. But then as soon as I moved back out and got a place with my gf again. The pressure was back on to perform and earn a minimum every week. Also the guy I was trading for was unrealistic I was earning him about 1% average return a week and he wanted more amd more and would advise/pressure me to increase size. So in the end after a long streak of success life got the best of me and I cracked. I returned to work commercial construction and never looked back. Until now that I am returning to finish my finance degree with a minor in MIS. I’ll have some free time and want to get back into bc I miss it too much

 

[aorneltrades91]

Of course you love it. Trading stimulates the same parts of your brain as sex and chocolate and gambling.

You are being prudent in your actions since you got your gf pregnant. Stick to that, get a job and trade as a hobby. Who knows where life will take you in 10 years.

I did stick to the gf after getting her pregnant for over 3 years. I worked my ass of building high rises all over Chicago so she could be a stay at home mom. That got me nowhere besides being a single dad at age 26. So now I want to finish school and get back into trading something I love. I worked a job I hated for 3 years to provide for someone who couldn’t even appreciate what I was doing already. I’m past that at this point.