Your Questions About Successful Traders

Michael asks…

who was the most successful of the turtle traders from back in the 80’s ?

John answers:

Donatello. He was my favorite Ninja turtle.

David asks…

Out of all forex traders, what percentage are successful and can someone reference their answer. thx?

John answers:

There really isn’t a metric for that.
But, from what I hear on the varying websites about this issue, more than equity and options traders. This could largely be due to the differences in Market hours though.

Nancy asks…

Do you have to go to Business school to be a successful trader on wall street?

I ‘m thinking about becoming a trader, but I want to go to engineering school.
Particularly Civil Engineering school.

John answers:

NO you do not have to go to business school to be a successful trader, in fact you do not need a college education to be a trader.

A trader is some one who has above average intelligence, good at math, has an out going personality and most importantly – not wrapped too tight.

My best trader had just high school education, but they worked on the floor of several exchanges ad was very successful at whatever products they traded; another trader was a concert pianist, my best sales rep was a chemist. He also was a great trader and lots of fun at happy hour.

So in the investment world education may not be that important but life some education is very important.

Do your thing, be the best you can be and if you want to be a trader, just work a little harder at it and you can do it. Good Luck

Ken asks…

Can you be a successful proprietary trader or in investment banking in general in other cities than New York?

Specifically in Houston.

John answers:

Top 3:

California – San Francisco
California – Los Angeles
Illinois – Chicago

http://www.investopedia.com/financial-edge/0710/Top-States-For-Investment-Bankers.aspx#axzz1ogLYgTnr

As far as proprietary trading goes, this can be done from anywhere; although, the fastest transaction would be at centers in places like New York =P.

Charles asks…

Who is the the most successful stock trader ever and few of his known strategy?

John answers:

READ: Reminiscences Of A Stock Operator. (The story of Jesse Livermore)

You can read all about his successful strategies (and the not so successful). Many consider this the best book about stock trading ever written.

BTW: If there were strategies that were transferable to other people…… Don’t you think everyone would be using them??????? Eventually you’ll learn that the only strategies that ever work are the ones you create for yourself. A major part of a successful strategy is psychology and risk management…. Not something that’s easily transferable.

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