Advice on trading qualification (CMT)

[clone003]

Hi,

Is anyone here who has experienced CMT examination ? I am interested in pursing CMT designation, but have just started yet.

How difficult is level 1? I was now wondering whether I've got enough preparation to catch up for the exam this fall (November). (haven't got the books)

The reason of doing it is simple, I want to solidify my understanding in trading and improve my trading profit, and the qualification also helps to enhance my employability in this area, (better to having more than having non)

I have done a master degree in Finance and also did some trades after learning some TA myself in the past few months, so the terms and syllabus appeared in the MTA required reading list is not completely new to me.

 

[BizTechTrader]

The CMT level 1 is fairly easy. I studied for over 120 hours and was able to test into the top 90% or better in all categories. I imagine you could study for half of that time and still pass fine.

As far as the usefulness of the exam. I have noticed some serious improvement in my position, swing, and day trading, both after the level 1 and level 2 exams. Everything seems to have a more sophisticated edge now.

 

[j b]

I'd be amazed if this improved your employability.

 

[songcon]

I'd be amazed if this improved your employability.

Why do you have reservation about the CMT program would help one to improve his chance in getting trading jobs?

For me, it helps me a great deal in knowing the game that I'm playing - at least for now.

 

[anley]

I'd be amazed if this improved your employability.

Agreed, I'd doubt many firms have even heard of it, I haven't.

If you want an education in trading, start trading (small), that's the best place to start.

So if I was an employer and started asking you trading related questions and you gave good answers, answers that only somebody with real market experience could give, I'd be far more impressed rather than some exam.

 

[BizTechTrader]

The level 3 portion of the exam deals exclusively with trading strategy and decision-making ability. It's a written exam unlike the first two.

 

[j b]

Why do you have reservation about the CMT program would help one to improve his chance in getting trading jobs?

For me, it helps me a great deal in knowing the game that I'm playing - at least for now.

Partly because technical analysis is regarded by many as being on the same level as astrology.

Also as mentioned above, it's not exactly a well known/common qualification. If you want to go down the bank/HF route, the best qualification is a good degree from a high-ranking university. If you want get into a prop firm, they'll be more interested in PNL than qualifications (unless you're putting money down, but that's probably not what you're after...)

 

[BizTechTrader]

I can attest that prop firms do care about PNL, and that large banks do not. Unfortunately I wish it were the other way around.

 

[ajayrathinam]

Thanks for advice..

 

[Unreal]

Sorry PNL stand for profit and loss? verifyable statements. I read some prop firms are looking for people from any backround without experience how does that work?

 

[BizTechTrader]

Sorry PNL stand for profit and loss? verifyable statements. I read some prop firms are looking for people from any backround without experience how does that work?

Probably not very well? If you want to get an idea about what its like to be a prop trader, and inside a prop company, read One Good Trade by Bellafiore and his company, SMB

 

[natureboy]

I took the cmt 1 in 2009. They didn't report % scores in categories, they just told me I passed. Getting a job as an analyst is tough, easier if you already put out an alert service or have a record - similar to getting hired at prop shop, your performance carries more clout than the designation.

The IFTA is more prestigious it appears, with a TA certification that is harder to achieve than the CMT. Hurry and get CMT practice tests, as they are being discontinued.

The CMT process definitely increased my knowledge of TA, and the MTA library and webinars are extremely valuable.

 

[nicktids]

I did the UK version from the STA (society of Technical Analysts) giving me an mSTA qualification.

The expericence was good I already had a strong understanding of TA but the course helped set out how to go about giving advice looking at all time frames and how to put this information down on paper to explain to others. Also along with teaching you about technical analysis charting patterns and indicators.

Found it very useful for me, and has helped with my trading and report writing but how it is seen in the industry, if your going for a TA only job then its needed otherwise people say "well done good for you" and it doesn't really count at all to have.

 

[songcon]

Partly because technical analysis is regarded by many as being on the same level as astrology.

I do have a short presentation on TA. If you give me your e-mail I will send it to you, with the help of a friend who is familiar with technical analysis you would have a chance to see this branch of astrology is very helpful and fruitful.

Regards