“I think that a physical science degree is as good if not better than a financial degree because it trains you to be analytical. If there is anything I am really good at, it’s being a researcher. I’m not a particularly good trader.” – Steve Lescarbeau

I found it ironic that Lescarbeau doesn’t consider himself a good trader, despite the fact that Schwager later notes that Lescarbeau has the most impressive returns of anyone Schwager had interviewed.

I like Lescarbeau’s point that having a physical science degree taught him to be analytical. I have a similar background and can absolutely see the relation. Also, similar to Lescarbeau, I am finding that I prefer doing the research to actually trading. Trading makes me very nervous, but research is relaxing for me. This is a big part of the reason I have shifted my focus to system trading.

“The same qualities that make you a successful person in whatever you’re doing are going to make you successful in trading. You have to be very decisive, extremely disciplined, relatively smart, and above all, totally independent.” – Steve Lescarbeau

I like to think that I have all of those qualities, yet I never think of myself as very successful. I probably just haven’t gotten there yet.

“I may take partial profits on a position, or not go fully long on a buy signal, but I will never hold after a sell signal.” – Steve Lescarbeau (more…)