EP117: Does Having A Finance Degree Matter?

In this episode of Truth About FX, Walter answers whether having a Finance Degree would matter in learning how to trade forex. Is it an advantage or would it hurt you? Walter also talks about “copying” trading system from “trading gurus” and why we can’t be all Tiger Woods or Roger Federer.

Sometimes forex trading is a wild and woolly place to be that’s why he’s here to pose your questions to walter the nick at 4x guy you’ve got questions and walters got the answers here at the truth about fx podcast hey walter a trader writes in and says that i’m a beginner trader and this person has an education in finance at the a been doing a bit of practice

In forex trading which brought up an interesting question my mind which was account of finance degree helped with learning to trade forex or can it hurt you what do you think about that wow i’m really biased and it’s probably not gonna hurt you iii tek my gut is this is to say that it will i think you’re better off in every instance you’re better off adopting a

Approach an approach that fits your beliefs rather than having someone lay them on top of you and tell you this is the way it is and the problem with formalized education is that’s what they do is they say look this is the way it is you know and so you know it’s one of those things where i think you are better off to kind of make your own way but but then the

Other side of it is maybe having a finance degree gives you a framework a way for you to view the markets and maybe it makes sense to you so in that case maybe it is a good thing but i am of the opinion that everybody should dig deep find out what you believe in as a trader and then everything you do you should build your system accordingly and the reason for

That rather than finding someone who’s really good at trading and just copying what they do is because if you find someone who’s really good and you just copy what they do it’s the same reason why we all can’t be tiger woods or whatever you know who’s the the swiss tennis guy federer yeah yeah federer right yeah it’s the reason why we’re all not tiger woods or

Federer when it comes to tennis or golf is because you can’t just find someone and copy what they do and expect it that’s gonna work and it makes a lot of sense yeah so the main thing the main thing is is that yeah they just do what you believe in i think you know a lot of my friends who have been like instant in institutions i have relatives who work for funds

And you know they’re like bank traders or hedge fund or stock traders and they’ll they call me a virgin that’s what they say they say hey walter you’re a virgin kissa kissa you don’t know anything about this and i used to always make fun of guys like in university that we’re getting their mba and stuff i thought what a useless degree but look that’s just my bias

Man i mean i don’t know i think you’re better off just working through your beliefs and and building something from the ground up rather than letting someone tell you what to do but that’s my that’s my take i don’t know do you have any sort of finance background i don’t have any i know i don’t i actually have a biology background so yeah yeah i don’t think you

Need anything yeah yeah it’s not i mean it’s not that yeah i mean the thing is and the other thing is like when you get these licenses and stuff they’re gonna teach you these things too so you kind of have to like you kind of have to pretend like okay yeah yeah all right okay that’s how they macd works and all that you know you get all you these cta and all these

Licenses in different countries you got to kind of you gotta kind of play the game and say this is how it works and you know why these you know why the interest rate numbers and this and that you got to figure all that stuff out but maybe you’re like me maybe you’re just a technical trader and you look for patterns on the charts maybe that’s what makes sense to

You so you don’t really need to know all that other stuff so you know it’s one of those things we had a trader we had a trader in england he was he’s doing really well right and but the problem was he was so new to trading he felt like he needed to know all the other indicators that he didn’t know and to a man every effort to a trader everyone in the room said

To him you know as a small group was like 10 people and every single one of them said no don’t do it you’ve already you know you’ve already got it you’ve already got it don’t go and confuse yourself by learning he said but i want to have a more breadth of knowledge and this and that i said that’s great but don’t do it don’t do it because you’ve confused yourself

We don’t want you don’t need to know about the stochastic in the macd and all this other stuff you’ve got systems that work stick to that become an expert at that don’t worry about that other stuff and that’s kind of the way that i view you know having a formalized degree but obviously you know if it’s important to you and it makes sense and you want to know

About the the fundamentals and all that you’ll get that when you get your finance degree but for me it’s not i don’t think it’s that critical so there you go okay well it’s great to get your opinion in that thanks walter thanks

Transcribed from video
EP117: Does Having A Finance Degree Matter? By Truth About FX