So what does it EXACTLY take to be a trader these days?

I have been looking up random stuff on becoming a trader nowadays and it appears that no one can settle over a common conclusion. Some say you would be better off with an MBA, some stand by the MFE, a guy even said that most hedge funds hire PhDs.

All of this is very confusing, (or am I the one looking for that straightjacket solution?).
Any help people?

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