Welcome to Traders TV Tuesday and today we have a question from Paul that asks “Do you need to go to school or have a college degree to become a successful stock trader?”
Well, Paul if you're talking about the traditional sense in terms of education which I assume you are, you don't need to go to school back and have a college degree in order to become a successful trader. That's one of the advantages or one of the benefits that people enjoy about stock trading is that you don't even need a high school diploma or degree in order to trade.
Now the thing is about traditional education is that it does make you start thinking a little more creatively it does open your brain weights up to other new concepts and ideas which may help your creative thought process when it comes to trading and may help you think better when it comes to trading but as far as actually getting a degree you don't need a degree in order to start trading.
You don't need a formal education, in fact something from a simple book like by William O’Neil: How to Make Money in Stocks, will do you much better in terms of trading or the financial markets then you will learn in any school or traditional education.
Now I don't discredit school I actually think that education is a huge part but the thing that we learned about school is that it's geared up for the job world, it's geared for you to go out and work for somebody else and make a living on a per hour basis.
That's usually are typically what the school system is set up it’s so that everybody has a nice formal level education as everyone else and the thing about trading is just much different you have different types of terminology that's used just like you do in terms of a doctor they have their own terminology their own systems their own things that go on.
Same thing with trading everything is just different and you have to kind of go into that and immerse yourself into that zone in order to become successful. So your best bet and what you can do in order to start trading more consistently or involve your educational learning is probably pick up a few books.
Even if you're in school and college looking to go get a degree in some sense whether its finance it won't really help you out that much when it comes to trading because trading is a lot different than what they teach in schools at least that the formal level.
Now if you're going to a trading specific school which is usually independent and not a sanctioned University then that’s a whole different ball game and it can be helpful but if you're talking about general College, a general you know University then most other time it’s unnecessary to go to college or school to become a successful stock trader.