How do you make it on Wall Street? Some feedback:
Dear Mr. Covel, My name is [Name] and I just finished reading “The Complete TurtleTrader” for the second time. I recently graduated college as a psychology major but I am determined to work in the finance/investment world. Therefore, two quotes from page 15 and 16 really spoke to me:
“I think it’s far more important to know what Freud thinks about death wishes than what Milton Friedman thinks about deficit spending.” “Go down to Wall Street today after work with the hot-shot traders all earning $500,000 a year at the big banks and you’ll find very few who talk about Freud being the ticket to making millions.”
I’m writing this email to get your advice. I’ve applied to many big investment firms and haven’t even gotten a call back. I’ve even applied to Vanguard as a lowly Client Relationship specialist just to get my foot in the door. I did get a call back from them, but it’s been two months.
How can I secure the career I desire? It seems as if nobody recognizes the importance of psychology in finance. I’ve read well over 100 investment books in the past two years, I’ve beaten the market and I’ve even started an investment/personal finance website. I’ve included this in my cover letters and there’s STILL nothing. Right now I plan to go at it on my own and take my Series 65 soon, but I wonder if there’s a better way.
Because your work really affected me and it seems as if you (and Richard Dennis) understand how I feel, what should I do?
Thanks a lot. I appreciate your time, keep up the amazing work!
But you missed a big issue. The role of entrepreneur in investing, trading. Trading has a few stories of working for someone else, but the real way to freedom and success in the space is DIY. I would recommend a non-trading book: Linchpin by Seth Godin. 50 pages in I suspect you might see the flaw in your pursuit.
PS. Only one Turtle story.