Endicott's genuine advice to young people who want to make it as pro traders

qxr1011 said:
i stopped reading here... if we talking about trading for a living 2 years are not enough

i also saw word prop...come-on...

young people - forget about this advice
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honestly that's totally cool. Everyone will have a different opinion just the same as everyone has an opinion about how to trade the markets. I find most of my views differ from the retail minded trading book approach, that's the space I am in. GL.
 
Arnie said:
I think the focus on math is overblown. It implies that markets are exact, like a 5" steel beam at 70 degrees will always hold the exact same load. The markets don't work like that. The patterns repeat, but they are still different. Another thing. You can't ignore fundamentals.
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Math isn't about stringent arithmetic (though 2+2 always = 4). It's about being able to think spacially. Some of the best traders in the world didn't study engineering. However, they all are able to think spatially. What is the impact on X if Y happens. When Y happens really big, does X follow the same pattern than if Y happens not as big?

Spatial thinking isn't the only skill required in trading, which is why so many math geniuses fail at trading. It's really hard to succeed at trading without that spatial thinking. That's the math that is required. And that same math is required in fundamental analysis as you (for example) understand the impact of competitors leaving a market and new capacity being added to fill their demand while there is a risk over over capacity when it's all done.
 
Arnie said:
I think the focus on math is overblown. It implies that markets are exact, like a 5" steel beam at 70 degrees will always hold the exact same load. The markets don't work like that. The patterns repeat, but they are still different. Another thing. You can't ignore fundamentals.
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This is the exact reason engineers fail at trading.
 
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Trading is learned by getting in and trading and losing real money in the real market.--Not by joining a prop firm or moving to a large city.
 
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