Education and Career Advice

I'm 26-years-old and have been making a living for the last 6 years as a professional poker player. In that time I have also completed a History degree and am now looking at career options. I'd like to go into trading for a company but have found that i'm going to have to bulk up my CV if I'm to stand any chance.

I'm considering starting a 1-year post-graduate degree called 'Money, Banking and Finance' which will set me back £6,500. (See link for more info: https://www.courses.hull.ac.uk/programmes/1011/565648.html) I'm also considering signing up to a training programme designed specifically for poker players. (See link for more info: http://www.fifthstreettrading.com/) The cost would be $3,500 for the first 6 months and $50/month thereafter. I've spoken with the main instructor and he believes that, under his guidance, being a break-even/marginally profitable trader on a live account in 12 months is a very realistic goal and that prospective employers would be very impressed by such a CV. He would also help by writing letters of recommendation etc. This feels like a very solid plan, but I wouldn't feel entirely comfortable going ahead with it until i have received an objective view.

Any advice would be much appriciated. Also, if you have any questions, please post them and I will refer the training instructor to the thread.

I wouldn't do either especially paying for any course to learn to trade. Most are scams. I really don't understand why anybody would pay for training when there is so many free information on the net and if a system works why anybody would want to sell their system instead of using it for themselves.

You might want to look into this:
http://www.proptraders.net/

You don't think I need some sort of academic qualification? Whilst I'd preferably like to go into trading, I'd also like to keep my options open. All of the graduate jobs that have interested me have required a degree in something money- or numbers-related.

The training company have never suggested I need them in order to become a successful trader. They state that they'll accelerate my learning progress. What I'd basically be paying for is to have a mentor to give 1-on-1 lessons, group lessons (e.g. Sunday analysis) and to be on-hand throughout the day whilst I'm looking at the charts and considering trades. He also shares all of his trades with the group. $3,500 seems like a fair price for such a service. Am I wrong?

I'd be willing to bet he doesn't share all his trades with the group. What you'll get is a few hand picked trades that went well with all the losing trades not being mentioned. Why not ask him for 3 or 5 years trading accounts and see what excuse you get. If he's been a trader for 20 years this should be no problem but I'll bet he hasn't been and he may not even trade live at all. In any case ask him for proof that he's a profitable trader before you give him your money.

You don't need any academic qualifications to be a trader. Maybe learn C++ and/or statistics to be an algo/quant trader but a year probably won't cut it if you are starting form scratch. The banking and finance course you are looking at would be good for a job at a bank but most bank won't hire from a no named uni and the 6 years poker playing history would be a pretty big killer on the CV.

I would target the job you want and have a good talk with their HR to assess your chance of getting in and how much the MSc would help before you sink £6.5k investment plus a year into it.

As to training, can only say again that most are scams if not all are scam. Have a look around this website and decide for yourself.

A good track record in poker and a genuine interest in financial markets Is a great start if you want a shot at prop trading. I know that prop firms often recognize the similarities between trading and poker.

If you think a uni degree will give you a better chance of getting your foot in the door, I disagree.
Your focus will be better placed by learning the game inside out.

If you wanted to trade for a bank or fund, its unlikely they will look at you with no degree. But the odds are against you at 26 and considering prop desks are not as big as they used to be.

Good luck!

A great subject to learn is Financial Econometrics - formalizes nearly everything you can think of in a trading idea. A few examples:

(1) GARCH - clustered volatility and volatility forecasting

(2) Non-linear threshold models - switching in an out of ranges and trends

(3) Cointegration - pairs trading

Chris Brooks at the ICMA centre may be able to give you some advice. He's written a best-selling introductory book on financial econometrics, and his colleague Carol Alexander is the chair of PRMIA.

OK thanks a lot everyone.

My advice is choose a college course that you are passionate about. If it's the case, then pretty sure you will have a successful career. But above all else, it's the Lord's purpose that prevails.