Where To Start?

[lambo21]

Hi,
I could really do with some advice , I have just finished an Msc in Finance and I would like to begin trading, as I am a little older (29) than most students and dont have a maths background I've been told that I haven't much hope of getting a job as such, I also read in an earlier thread that paying for training is a bit of a scam, Ive applied to quite a few starter roles but these have been ignored, so I have resolved to get cracking at it myself, I do have some money put buy to get rolling and the Msc allowed me to come to terms with the how markets work including derivatives so my understanding is good, I guess I just need some advice on how to push the boat out, what is the best beginner approach, which brokers to use, that sort of advice would be great.
I have also been toying with the notion of coming to terms with technical analysis, and like someone said in an earlier thread it is frowned upon in university, I suggested that my thesis topic cover it and was shot down immediately, the books seem only to mention it in passing, does anyone have an opinion on this, should I have a look at it?
Thanks for any advice you can offer,
Brendan

 

[Crap Buddist]

I have also been toying with the notion of coming to terms with technical analysis, and like someone said in an earlier thread it is frowned upon in university

What do they say in class about TA ? Seems a bit weird as you dont need a masters to trade . Well maybe you need a good ticket to get in for interviews for JOBS. But then some one has to teach you to trade. ?

Guess it depends on what type of trading, do people just want to be able to buy/sell price cycles to make a profit ? You know this value is cheap, i buy here and sell higher? make a trade ? Like a product/markup/sell type biz.

Ahh yeah, academics generally still have no clue about speculation . maybe its all a bit beneath them or something? They need to study speculation?

 

[Aspire]

The markets are moved by people buying and selling. Therefore you want to understand as much as possible about anything that could influence people's decisions of when/where to buy or sell including technical analysis. All the good traders I know would be lost without some T.A. but yet none of them use anything complicated, just the simple stuff that everyone is looking at.


By the way it matters not one jot if T.A. or anything else is frowned upon at university. Your professors are professors not traders. If they know a lot about trading (And I mean actually trading, not economics, finance etc) and only have a professors salary to live off then what value has their trading advice? And if they don't know much about trading......


Have you thought about applying for a place at a prop firm? A good firm will train you for free and pay you a small amount for the first 6 months of training. By no means are there any guarantees of success but you'll have a much better chance of getting in than you would a trading desk at a bank and risking someone elses money learning to trade has got to be preferable to risking your own.

 

[alexander]

Hi,
I could really do with some advice , I have just finished an Msc in Finance and I would like to begin trading, as I am a little older (29) than most students and dont have a maths background I've been told that I haven't much hope of getting a job as such,

I thought advanced calculus and statistics are prerequisites for the MSc in Finance but who knows, the subprime effect might have hit universities too

Alex

 

[lambo21]

Thanks Alex, I did have to demonstrate I could understand it before they would let me in, its not rocket science, any advice on the trading?

 

[lambo21]

Thank you for the advice Aspire, I will give that a shot, did send a few applications to firms but no response, do you have any names? thanks again, Brendan

 

[lambo21]

What do they say in class about TA ? Seems a bit weird as you dont need a masters to trade . Well maybe you need a good ticket to get in for interviews for JOBS. But then some one has to teach you to trade. ?

Guess it depends on what type of trading, do people just want to be able to buy/sell price cycles to make a profit ? You know this value is cheap, i buy here and sell higher? make a trade ? Like a product/markup/sell type biz.

Ahh yeah, academics generally still have no clue about speculation . maybe its all a bit beneath them or something? They need to study speculation?

They dont say anything about TA , thats the problem! It is not belived in officially as the markets are said to be close to informationnally perfect, the lecturers Ive spoken to dont deny its importance to traders , because TA is frowned upon from the academic above PHDs aren't encouraged in it, therefore it seems to be something that no one knows anything about , maybe if it is ignored for long enough it will go away! Im not convinced, could you reccomend any books?
Thanks,
Brendan

 

[Aspire]

Thank you for the advice Aspire, I will give that a shot, did send a few applications to firms but no response, do you have any names? thanks again, Brendan

By no means an expert on grad programs but League, Marex, Futex might be a good start. They get tons of applications though, so put the effort in and make sure yours looks as impressive as possible.

If you want to learn about technical analysis then the 'bible' is Technical Analysis of The Financial Markets by John Murphy. Not the most gripping read in the world but essential non the less. Read it all, but don't then fall into the trap of thinking trading is just one big T.A. competition. T.A. is just a small part of trading and in my opinion should be kept as simple as possible.