Your Questions About Successful Traders Make

Chris asks…

4-Year College -vs- 8 month Job Training?

Why does society and so many parents act like the very best thing a high school student can do is go to a 4-year college and get a DEGREE …any degree …as long as it’s a “degree” and you can then call yourself a “college graduate”? The truth of the matter is that many of these college grads will NEVER produce much if anything as a ‘direct result’ of having invested 4 years of their life and a lot of other people’s money (including yours and mine usually). MANY will graduate with no real marketable skills, talents, abilities, experience or insight to enable them to do anything either for an employer or for themselves. The decent job that _some_ of them get will be in spite of and not because of their college degree.

On the other hand, those students smart enough to study a specific trade and get certified in it will have a marketable skill that will be their ticket to the good life. Their success ratio is FAR higher than the typical college grad with a generic non-specific undergrad B.S. or B.A. in something like English; history; sociology; political science; art appreciation; the humanities; etc. Today… a liberal arts education is almost worthless …UNLESS you’re using it as a ticket to a graduate program such as law school, etc.

I am only saying that education is essential to life success and there are MANY paths to getting truly educated other than the ONE path which is most touted in our society. The 4-year college/university system is the WORST choice for some …MANY of our young people and nobody wants to say it …or admit it.

By the way: Before you start making assumptions about me… I am a very successful entrepreneur, a prolifically published author; professional public speaker; producer of numerous info-products and instructional aides; forex trader; web designer; etc. …and I’ve been making money online since before MOST of you ever heard of the Internet… so don’t make the foolish assumptions others have as I continue my rants against the college myth. Yes, I am self-taught in everything I know and I am BIG on education and for me that means showing people the paths to getting truly educated rather than being just another dummy with a degree and no clue as to how to truly succeed in life.

John answers:

I’d earn my BA first, then if I still want that training, do the 8 month program. A liberal arts education is too important to me personally. Http:// Any specific job out there today will be vastly different in 10 or 20 years, if it’s around at all. But, a BA pays dividends througout your life by teaching you to think critically and to communicate.

Mark asks…

David Tepper of Appaloosa management accused of insider trading. His deposition is tomorrow. What will happen?

David Tepper’s Appaloosa fund is scheduled to be deposed on Tuesday. This will be the first time the fund (any SN, for that matter) will answer questions — under oath — about its trading activities in connection with WMI securities.

The stakes for David Tepper and his investors are high indeed. If his representative makes incriminating statements he and his traders will be liable to criminal prosecution. We have all seen the service list for the SN depositions, and it includes the SEC and U.S. Attorneys, who may appear to witness the depositions. You can imagine the anxiety level if someone from Alan Fishman’s office (the U.S. Attorney for the District of New Jersey) appears at this deposition.

Tepper is not just any hedge fund manager (after John Paulson he is the world’s second most successful hedge fund maven), and he is certainly the leader of the SN group. For these reasons he has, as I’ve said before, a bull’s eye on his back — and he knows it. To allow his subordinate to be deposed is potentially disastrous, so I suspect Tuesday will come and go without the deposition.

Owl Creek’s postponement raised suspicions about some compromise between the EC and the SNs. Postponement by Appaloosa will heighten — if not confirm — them. By tomorrow, COB, we’ll know more. Maybe a lot more.

John answers:

O Truth, you are present to those who seek your help, and at one and the same time you answer all,
though they seek your counsel on different matters. You respond clearly. But not everyone hears clearly.
All ask what they wish, but do not always hear the answer they wish.
Your best servant is he who is intent not so much on hearing his petition answered,
as rather on willing whatever he hears from you.

Daniel asks…

Can anyone recommend a website/book on the British Slave Trade (read details)…?

… that gives reasons why different ports became successful in the Slave Trade or reasons why they were overtaken by other ports?

I’ve managed to find a lot of vague details but nothing which really explains the factors.

Do you know of any websites/books that put more detail into:
– Geographic reasons why they succeeded (I know Bristol and Liverpool were close to major rivers which helped them, but can’t find out why London was in any way disadvantaged in this aspect?)
– When Bristol’s port was attacked, Liverpool traders managed to get ahead because they could move past Bristol without being attacked. I can’t find out when this was, just that it happened.
– Bristol’s links with other traders (I have found information on sites which makes reference to these links, but does not say what they were)

Sorry for the tall order, just wondering if anyone has come across a website (or book) with this.

Sorry, missed out the dates: looking at between the years 1698- 1807.

John answers:

THE SLAVE TRADE: The Story of the Atlantic Slave Trade: 1440-1870 is, perhaps, the single most-important work dealing with the slave trade. This masterful work builds on and partially overlaps John Thornton’s AFRICA AND AFRICANS IN THE MAKING OF THE ATLANTIC WORLD, 1400-1800 and Edward William Bovill’s THE GOLDEN TRADE OF THE MOORS. It also provides an essential bridge between those works and Ira Berlin’s MANY THOUSANDS GONE: The First Two Centuries of Slavery in North America & MAROON SOCIETIES:

Sandra asks…

What degrees should I get to be a good investor/trader?

I want to go to college and want to know what major I should go for to be a successful investor/trader. Finance? Accounting? What are good ideas? Is there an investing major?

John answers:

Financial Engineering.
Not all colleges offer this.

Paul asks…

How many people are skilled enough traders to make a living day trading?

I know on the internet everyone is an independent, multi-million dollar day trader who works 2 hours a day and drives a Ferrari, but how many people really do this?

John answers:

The are many people who have the skill to make a living trading securities.

Never heard that “every one on the internet is an independent multi million dollar trader who works 2 hours a day” Successful traders, especially day traders, work than two hours a day, success full time traders are constantly studying the markets and the products traded in those markets.

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