I haven't posted since I started the new job because, quite frankly, I haven't had anything market-related to post up here and this is a trading journal/blog after all, so I try to keep the content focused on trading. The job and school are going fine although I'm in serious need of some sleep since I'm only getting 5 hrs of sleep every night. So what does this have to do with trading? Nothing yet, so I'll move on to the topic of this post: TUITION.
I logged in to my school's online portal yesterday to pay the tuition for the summer quarter (almost $8,000), and was curious to see how much cash I've dropped at this school. I ran a quick report and the total came out to over $60,000 that I've already paid! And I was at another school for my first year so this figure doesn't even take that $20K+ into account. I have 9 more classes to go after summer so that's another $18,000 in tuition. Just doing some rough math, the total tuition cost for my Bachelor's in Information Systems comes out to over $100,000. And what does this piece of paper get someone who's fresh out of college? In this economy, they'd be lucky to even get a job. If they were able get a job straight out of college, I think it would pay $35-50K. Lets do the math here: Over $100K and several years of education would get an IS major $35-50K. Then WHY do new traders expect to make six-figures their first year when all they've invested in tuition is a few grand in losses, and a few hundred bucks in charting software and some books? Maybe it's because they equate trading to gambling and hope to win big. If you're gonna trade professionally, that attitude simply can't work. Treat it like a profession and the chances of you actually becoming a professional trader increase exponentially. Btw, I'm saying this to myself more than anyone else so please don't get the wrong idea that I'm preaching or something. This Blog is first a journal for myself, and then the world.
Perhaps this post will help a new trader put things in perspective, and manage expectations - it sure did for me.