Trading can be learned alone?

[tonyf]

Certainly doable but I would favour passing CFA level 3 first and not read any investment advice books at all.
It will take you a couple of years to do the CFA and resist trading live until you've passed all levels.
Mentors are like unicorns. Dont waste your time looking for one.
CFA is a bare minimum to join an asset manager here in the UK....

 

[Wheezooo]

Certainly doable but I would favour passing CFA level 3 first and not read any investment advice books at all.
It will take you a couple of years to do the CFA and resist trading live until you've passed all levels.
Mentors are like unicorns. Dont waste your time looking for one.
CFA is a bare minimum to join an asset manager here in the UK....

I read the text for the CFA exam when I was in college - still have the book. Never took it, and I don't see why it would be a pre-requisite, or, for that matter, how it could be helpful.
Good stuff to know - yes, but to trade? The same is true for an MBA.

 

[padutrader]

The only way you can take home the money from the market is thru, a oft repeated cliche .. taking your losses quickly

not really

you can use wide stops and average. in this case trade small.
both work but you should do the same thing for long time so that the probability risk and reward cocktail works out as it eventually will.

 

[tonyf]

I read the text for the CFA exam when I was in college - still have the book. Never took it, and I don't see why it would be a pre-requisite, or, for that matter, how it could be helpful.
Good stuff to know - yes, but to trade? The same is true for an MBA.

I have PhD in Econometrics and the CFA. I would say do the CFA.

 

[Jfranco_2003]

I have PhD in Econometrics and the CFA. I would say do the CFA.

In a few months I will learn econometrics because I will start university, studying economics. You are trading today? And you think that CFA was an important point that help you to the consistency and profitability?

 

[Wheezooo]

@Jfranco_2003

The CFA provides a solid background in Finance and Accounting, both are useful. Econ is garbage espoused by a bunch of non-practitioner pundits. No one with a PhD in Econ will tell you that, but holy shit is it garbage. Theoretical Rube Goldberg nonsense that for some reason went into the dark ages in the 60's, when mathematical finance began and I assume Econ professors didn't want to do the hard work to keep up anymore. Nowadays it's just getting worse. Everything must be PC garbage.

My strongest advice, switch to Finance and pay attention in accounting. Accounting is surprisingly helpful. I leaned on it as much, or more than finance.

 

[imjohn]

Jfranco,

As for learning trading, I didn't get started until beyond 30. By then I had degrees in economics and accounting, followed by a decade of experience in a highly-analytical field. I jumped right into trading, and after a period of initial luck, I became a consistent loser. I then began to take trading seriously, and a couple years later figured out some things that work for me.

I'm certain that all prior experiences shaped who I am, and how I developed my trading. But I don't think what I learned in university, or what I did in my prior profession, was essential learning for a trader.

----
Now, a suggestion to you, you're a teenager about to begin University. Time is on your side. Of course, focus on your studies. But just as important, make as many genuine friends and connections as you can. Enjoy your youth as it's a one-time deal, and if done right, that experience can be worth more than any $ amount you'll make from your future profession. You've professed interest in trading from a young age, so continue to study price behavior and test your ideas. The markets aren't going anywhere and if you're persistent then in due time, you'll learn enough to be ready. Even if you have to learn alone.

 

[tonyf]

In a few months I will learn econometrics because I will start university, studying economics. You are trading today? And you think that CFA was an important point that help you to the consistency and profitability?

Yes, the CFA is much more relevant in my view, and way more accessible. I am always baffled by the number of people spending hours learning advanced coding and algorithms instead of fundamental balance sheet accounting.

I would like to disagree once again with Wheezooo I am afraid regarding his stark views of economics (I am assuming that he means economics when his says "Econ"). I do agree that economics is a social science. Any attempt to confuse it with forecasting certainty is erroneous. Econometrics is just a tool to test economical hypothesis (mostly through a combination of applied stats and game theory). You have A LOT to learn from this field. It will teach you to think on your feet. You will probably tilt towards the end of your studies towards micro or macro. Both lead to wall street but micro will require a thorough understanding of corporate accounts, reporting and legal structure. Which is why I am advising you to run ahead with the CFA. Now the higher levels of the CFA require work experience...but you can get done with the first ones at least.
I say it again - resist trading live all together until you earn level 3. Pay down your student debt instead....
A fun journey ahead of you. All the best.

 

[tonyf]

Jfranco,

As for learning trading, I didn't get started until beyond 30. By then I had degrees in economics and accounting, followed by a decade of experience in a highly-analytical field. I jumped right into trading, and after a period of initial luck, I became a consistent loser. I then began to take trading seriously, and a couple years later figured out some things that work for me.

I'm certain that all prior experiences shaped who I am, and how I developed my trading. But I don't think what I learned in university, or what I did in my prior profession, was essential learning for a trader.

----
Now, a suggestion to you, you're a teenager about to begin University. Time is on your side. Of course, focus on your studies. But just as important, make as many genuine friends and connections as you can. Enjoy your youth as it's a one-time deal, and if done right, that experience can be worth more than any $ amount you'll make from your future profession. You've professed interest in trading from a young age, so continue to study price behavior and test your ideas. The markets aren't going anywhere and if you're persistent then in due time, you'll learn enough to be ready. Even if you have to learn alone.

I second this. Well said.

 

[schizo]

Now with the introduction of AI in the market, it has gotten much more difficult to trade efficiently--especially if you're trading manually. You can still make money for sure. All the old-school Technical Analysis is still useful, but the trading landscape has changed so drastically so fast over the last 10 years, the market dynamics has altered that puts individual traders at a disadvantage.