You can't generate positive alpha without a PhD.

so what?

there are lots of hard working businessmen who fail in EVERY type of business

again, there is no statistically possible way that given thousands of trades a year, a trader could be successful year after year. ESPECIALLY considering commissions/slippage.

do the math

don't factor the # of tradersl. factor the # of traders TIMES the # of trades.

you will see that by randomness, you are looking at a MUCH smaller # of successful traders. way less than 1 in 1000
 
PhDs are overrated. there is nothing you can do for your doctorate that you cant do in the private sector and actually get significant funding for the research. the catch is only people with something to offer get the private sector research jobs. have fun paying for your letters :p
 
Quote from whitster:

academics love to hold on to their pet theories, absent a mountain of evidence to the contrary. it's called "cognitive dissonance". they can hide in their ivory towers and pontificate on markets, when they don't really understand the market half as well as your average successful trader.

last i checked, Peter Lynch, Warren Buffett, etc. did not have PhD's. nor does mark bolling
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Whitless Wonders love to hold on to their pet theories, absent a mountain of evidence to the contrary. it's called "cognitive dissonance". they can hide behind their aliases and pontificate on markets, when they don't really understand the market half as well as your average successful trader.

Oh, yeah, you left James Simons, Ed Thorp, Bruce Kovner and D. E. Shaw off your list, which isn't surprising since reductio ad absurdum is your specialty.

And Eric Bolling as a great trader!!?? Obviously you've never been a floor trader or you'd know how money is really made there.
 
People on both sides of the fence should take a chill pill and relax a little bit.

The great thing about the market is that it will give you instant validation of whether you are up to snuff.

If you are right, you make money. If you are wrong, you lose money. It is really that simple.

You can make more sophisticated and complex bets as you learn more, but it still comes down to making or losing money.

Predict a three sigma event ahead of time, play it right, and you're a freaking genius. The guy on the other side of the trade, however, was a moron.

Now, in general, smart people tend to get PhD's, MD's and JD's. Doesn't mean that they make good traders because of those degrees. Just means that they were able to complete that course of study, and in fairness, it takes a good bit of work and some underlying smarts to get selected for the program. But that's it.

Want to know what you are made of? Enter the market. You'll find out real fast.
 
Seriously, You WILL never make it in this trading environment. for the following reasons;

1. TOOOOOOO COCKY.
2. You are Way behind the crowd(the excuse of a PhD to trade a hedge fund that was figured out at least 10 yrs ago and to my knowledge most hedgies dont hire financial guys or at the least cocky assholes.
3. Ive been in the mkt as a professional trader over 10 yrs, trained PHD's from "elite" schools and yes I am talking about MIT,Yale,Harvard etc.....and nothing special. They couldn't figure out "but I did the analysis and why didn't it work out?".
4. Im back in grad school myself for Quant and they are not teaching anything that is not already established in the trading world.
5. How do you know how you are going to react when you wake up and down 2 million---hint you dont until it happens!!! But then again you did the study and it ALWAYS works out....
6. You are an idiot!!!!!!

Seriously if you would love to talk send me a P.M. because you really need to get your ego in line
 
Quote from whitster:

there is a reason why second year college students are called "sophomore". the origins are from the Greek

Soph - wise

More - idiot (as in moron).

they are called sophomores because they are "wise" ie a bit schooled in academic theory but also MORONS because they think they know far more than they do, and they don't understand the difference between WISDOM and KNOWLEDGE

academics who opine on the market are simply salving their ego. most cannot actually TRADE, so they define all edges and success as statistical outliers in a random sequence

your math is SERIOUSLY lacking. if you are truly going to establish the statistics, do it with scalpers.

if i make (on average) 5 trades a day, that is well over 1000 trades a year

do that for 5 years successfully and that is over 5000 trades. if traders were truly only benefiting from randomness, then please consider the relatively probability of this # of individual events leading to positive expectancy, ESPECIALLY considering transaction costs and slippage

it is fallacious to use the # of traders as the variable

the issue is the # of trades.

if you enter one trade a year, and are successful that could obviously be random.

with thousands of trades, there is no way randomness could account for anywhere NEAR the # of successful traders that are out there.

to state it would be statistically unlikely is a gross understatement
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Excellent couldn't have said it better
 
This thread is pointless besides the fact that your a complete stuck up ignorant ass. You are so laughable it's not even funny!

OOOOH, I have a PHD So, I am the smartest.

Oh no! If we don't have a PHD... we are all going to be losers in the market.

Save it and talk about it among the rest of your cash wasting small minded friends.

If you new the first thing about "Capital" you wouldn't be wasting all your money on an education you can get from the local library.

Welcome to the game and I hope you enjoy the punches to the mouth.
 
Quote from WallStGolfer31:

That's why I'm indexed till I get out of the graduate school of business.

You're all blind, and going to eyell at me because I told you, your returns are mostly random.

Using information everyone has access to thinking your "strategy" is working. Oh let me not forget your mad trading skills. As they are the fire that dives the train. NOT


All I can say to the "traders" here is good luck, I hope your misguided random adventure lands you in a net positive, but I can't feel sorry for those who fool themselves.
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are you raising hell around here to get materials for your next article? :eek:
 
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