Tips on how to succeed 4 wannabe Prof. Traders??

Quote from NeoRio1:

You are already headed in the wrong direction. You are asking people to give you vague directions on how to become a profitable trader. The more you listen to other people, read other peoples books and use their methods the more you will fail. Let this comment be the last you ever read seriously about trading advice.

IF YOU DON'T HAVE THE POTENTIAL AND ABILITY TO SERIOUSLY AND OBSESSIVELY FOCUS ON MAKING PROFITABLE STRATEGIES FOR YOURSELF THROUGH INTENSE STUDY THEN YOU WILL FAIL. DID TIGER WOODS BECOME EXTREMELY SUCCESSFUL AT HIS ART BECAUSE HE READ SOME BOOKS OR DID HE PRACTICE AND SACRIFICE HIS ENTIRE INTELLECT TO THE GAME? YOU HAVE TO SACRIFICE YOUR ENTIRE INTELLECT FOR AT LEAST 4-8 HOURS A DAY FOR AT LEAST A COUPLE MONTHS BEFORE YOU ACTUALLY COME UP WITH ANYTHING PROFITABLE. YOU MAY NOT THINK OF YOURSELF AS AN INTELLECTUAL BUT IF YOU WANT TO SUCCEED THEN YOU BETTER TURN INTO ONE.
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very funny but true.
 
You dont need to be ''a boffin'' or ''interlectual' as its called sometimes to become good at trading... lol

The opposite often, as boffins will rely way to much on their normal education and ways that they studied normal subjects, and think that that alone will make them money in trading.


Trading is actually more physical... lol :D

You dont even need to use your brain, but you gta get yourself up early every morning, sit infornt that comuter and watch the screen all day, and even if you dont use your brain you have to atleast use your eyes and just watch the patterns in relation to S&R levels and start from there.
 
Quote from Big Money:

This is tough to answer in a short summary and you will probably not like the answers but here goes. I will start with the bad. First, coming to Elitetrader for advice for questions that have been answered so many times on your first post suggests you took the easy way out instead of reading and doing more research before asking questions. Second, 90% of what you read here is worthless or worse and it is up to you to figure out the difference and separate the wheat from the chaff. All I can say about this is welcome to the real world where as an adult you are pretty much on your own in figuring out what matters and what doesn’t. The fact that 70% of the population is clueless and/or broke should demonstrate this point quite succinctly. So be careful where you are getting your advice because in the end you are responsible for yourself (yes, including my advice). This is the bad news.

First, decide WHY you want to enter this field and if you are willing to do the work to be successful. If you only want to enter trading or investment banking because you can make tons of money you are probably doing this for the wrong reasons. The road to success is very tough and if you don’t love it you probably won’t last long enough to succeed. Another thing to think about is the current events happening now. The job and general Wall Street climate is changing fast and the old ways of doing things are over and things going forward could (and probably will) be much different than they are now. For example, BofA buying Merrill means that those from Merrill used to wall street level bonuses now have their earnings power at least partially set by a regular or a bank holding company which are MUCH more conservative in allocating bonus money. Ask me how I know. I worked for a bank holding company and they are cheap. Period. Will this mean a shift in salary and bonus potential for a trader at the new Merrill (or other firms such as Morgan Stanley which also just became a bank holding company)? I don’t know for sure and neither does anyone else but it would certainly give me something to think about if earnings potential was my only motivation. Maybe things will be back to the status quo in a few years. Only time will tell.

This seems like the best time ever to be an independent, either prop or own your own, or work for a hedge fund of some kind. But these options are not an easy road by any stretch of the imagination. Will you starve to earn you stripes and have a chance at the big money? As others have said the odds are stacked way against you. These are just the tip of the iceberg of the things you need to consider before deciding this is for you. Good luck. You will need it.

BM
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The above, and what NeoRio1 and Sniemec said are the most honest and truthful replies here I think.
 
so what happened here?
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while at the same time setting up and running my own shipping company
 
In my view , IBs and bank traders are crap at trading in the direct sense , if I was going for a MBA Mf nowadays , I would go straight for the Hedges and F the wankers I mean bankers.

Check out IASG hedge rankings - show me how many bank traders there are in top 50 , not 1 I believe .


for the last 3 years

http://www.iasg.com/ReportsTools/RankingReports/tabid/103/Default.asp

Amazing how people still think Banks are great traders.

There's a big difference btwn direct trading and trading by MM and Front running / OTC network BS with billions of depositors $.
 
You might land a job as a Unit Trust manager but as for trading......it doesn't give a damm about what degree you have.
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I am about to start my Masters in Investment & Finance at Exeter Uni. I would appreciate help from users of this forum.
 
Quote from spanish89:

You dont need to be ''a boffin'' or ''interlectual' as its called sometimes to become good at trading... lol

The opposite often, as boffins will rely way to much on their normal education and ways that they studied normal subjects, and think that that alone will make them money in trading.


Trading is actually more physical... lol :D

You dont even need to use your brain, but you gta get yourself up early every morning, sit infornt that comuter and watch the screen all day, and even if you dont use your brain you have to atleast use your eyes and just watch the patterns in relation to S&R levels and start from there.
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Dude your giving us young people a bad rep. First of all why would you be giving advice on something u have no clue about, finishing a finance degree... second, you gotta use ur brain to wipe that crust off ur ass not to mention 'everything else' but you say trading doesnt require using ur brain... third, if ur barely puting 2 meals on the table for yourself(which shouldnt be much food since ur brain doesnt function ur body uses less food for energy) then maybe u dont trade at all. oh and that shipping company... why dont u include the bills of that company/business to ur stated monthly expenses? BTW, the reason people take up trading is to have more then just bills and pocket change, the ones that barely make it, QUIT. OP asked about college and trading profesinally, ya.... STFU and let the experienced traders talk.
 
Quote from NasdaqPlayer:

Dude your giving us young people a bad rep. First of all why would you be giving advice on something u have no clue about, finishing a finance degree... second, you gotta use ur brain to wipe that crust off ur ass not to mention 'everything else' but you say trading doesnt require using ur brain... third, if ur barely puting 2 meals on the table for yourself(which shouldnt be much food since ur brain doesnt function ur body uses less food for energy) then maybe u dont trade at all. oh and that shipping company... why dont u include the bills of that company/business to ur stated monthly expenses? BTW, the reason people take up trading is to have more then just bills and pocket change, the ones that barely make it, QUIT. OP asked about college and trading profesinally, ya.... STFU and let the experienced traders talk.
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LOL

sorry kid but go and learn how to earn before speaking to me!! lol
 
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