What formal education does one need?

C

c.chugani

I would like to know,

my dream one day is to become a full-time professional trader. Even if it means struggling and not making big big bucks - I just love studying the markets and the general lifestyle/workday of a typical trader.

The problem is, I am currently finishing my degree in Marketing. I DO NOT come from a educational background based on Finance. Is it a requisite to be a finance savvy in order to succeed in this type of business?

What kind of training / education does one formally need to become a trader? Would an intern at a reputable investment bank help me learn the basics? Where can I look for resources regarding which online brokers to use, which software platforms to learn, etc. etc? I eventually want to engage in proprietary trading for my own account.

And please, I do not need recommendations as to workshops, 3-day-become-rich-quick programmes or any of that other salesman stuff.

I would really appreciate constructive advice and strong guidance on how to embark on this tough career.

Thanks in advance.
 
Quote from chiguy:

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could you care to elaborate?

I'm really lost on whether I should finish my last year in Marketing and take up another degree in Economics or something..

Where/how can I learn how to trade for and by myself?
 
Going into Wall Street.

I am frequently asked about the best background for the investment business. To start with, I am quite sure what it isn't : majoring in economics and then entering Wall Street. That's like recommending that an aspiring author should go straight from college into writing, or that a future saint should study theology and then enter church administration, or that a budding Cassanova should start with a doctorate in anatomy. In all these matters one needs first to know the world have practical experience. You invest in specific human operations--manufacturing, retailing, banking, technology--a different affair from building theories out of figures.

cont. on link

http://www.optimates.us/wallstreet.htm
 
So is getting a job in Wall Street and learning the ropes as a trainee my best bet?

Does it beat studying charts and developing a strategy on my own?

Also, my major concern is the fact I havent majored in Finance. How tough is it to get into an investment bank WITHOUT your typical Economics degree?
 
Quote from c.chugani:
... I just love studying the markets and the general lifestyle/workday of a typical trader...
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The lifestyle and workday vary greatly depending on whether you are an employee, independent money manager, or individual trader. I don't know very much about becoming employed as a trader, but it sounds extremely competitive and probably involves a lot of luck. To become a money manager, the most common credentials are a BA in economics and an MBA. To be successful as an independent trader, probably the most important factor would be a skill or trade that you can use to support yourself as you teach yourself trading. You learn the most by doing it. The most cost-effective source of trading information is books. I believe mentorship is greatly overrated.

Good luck!
 
Quote from chiguy:

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Wrong.

For those who have graduated from university in a hardcore program...
(Not some country club diploma mill)...
You understand that the ENTIRE point of an advanced education is...

TO CHANGE THE WAY YOU THINK.

University is not about memorizing facts like high school...
It's entirely about CHALLENGING you intellectually...
So you end up thinking at a higher level..
And then you reason at an advanced level for the ** rest of your life **.

The 2 prerequisites for a trader are math and logic.
It doesn't really matter how you master these 2 disciplines...
But you can only do it through an intensive university program.

You cannot do it alone...
Because ONLY a tough university program will PUSH you that far.

Business and finance programs do almost NOTHING...
To take your math and logic reasoning to a higher level.
 
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