AboutPaul Henneman Expertise Stock forecasting and fair market valuations.
Experience
Past/Present clients CBSMarketwatch.com, Hoovers.com, Multexinvestor.com, Bank of NY, numerous hedge funds and institutions, other partners and clients can be viewed at http://www.valuengine.com/about/careers.html
Question Dear sir,
I have a tough decision to make and i need a little guidance, i been trading stock now for quite sometimes but i prefer trading currencies, i was abel to turn $4,000 into $100,000 within matter of months(slow and steady wins the races).
Im 22, I taught myself how to trade by wacthing alot of videos,reading books and talking to broker dealers and using the demos.
Once come Jan.2010 i will have enough capital to start a small trading firm with about 2 employees(nothing big) i want to keep growing and within time i would like to cut out the middle man and become a bank. But to be honest im afraid,not of trading, i know how to trade, im afriad of not having enough knowledge, i know how to create a business plan but im missing the fundamentals, should i get a degree in business or a CFA? And i also want to further my education in trading and i dont have a mentor someone i can go to for this kind of advance advice(i feel like a guy whos about to become a father in a few hours but he fell to read the baby books). And yes i know what you're thinking "you're doing well for yourself at 22, you're better off than most people your age".Yes i know that, but thats doesnt solve my problem, im welling to do anything for the sake of knowlehge(the more you know,the further you'll go") so any advice would be greatly valued. Thank you for wasting your 10mins of time just to help me out i know you'll never get that time back.lol
Colbert Aimee.
Answer Colbert,
Congratulations on the results of your trading so far.
However my first word of advice would be to very careful. Turning 4,000 into 100,000 in four months is definitely not slow and steady. You probably do not realize it, but you are taking incredible risks. This is the nature of the currency markets. People find trading strategies all the time that works great for short periods of time, but suddenly it stops working, and you can lose it all very quickly.
Regarding experience, it would overall be helpful to get a college degree in finance. It will give you a far more well rounded education on finance. However, it won't give you much, if any, information on how to build a trading company, or even how to trade currency or other markets. A graduate degree from a good program will do this, but means even more schooling. To get a college degree, then a masters, would mean about 6 years of school.
If you don't want to wait that long, the next best thing would be to work for someone else. Get a job working at an existing trading firm, preferably a currency trading desk. You will then be working to make money for someone else, but you will see how the business is run, make important contacts, and most importantly if you make any mistakes it is someone elses money.
I wish you the best, please do not hesitate to follow up with me if I can be of any additional service,
Sincerely,
Paul Henneman
President
ValuEngine Inc
www.ValuEngine.com
