"When you are young, you do a lot of stupid things you don't quite comprehend. It's fun, you do, you don't think about the outcome" - Edison Chen on his sex photo scandal.
Yes we have done many silly things in our younger days especially taking risk in doing things that we would frown on in our old age. We are out to prove our worthiness and courage ignoring the serious consequences of our action. "You can do anything, but don't get caught", this phrase is too familiar to the NS (National Service) men in the olden days.
When I first started out as a floor trader, there were numerous time that I nearly busted my account with the "big" positions that I traded relative to my capital outlay. As the Chinese saying goes "don't know how to write the word Die". I was reckless and have taken ridiculous risk in my young days. I have to thank my lucky star to have survive so many close call, or else I would have been out of this business long ago.
It took me a long and painful one year to break even as a floor trader. I have been told many times by other traders "pay to learn", ya, I understand, no lesson in life is free. But, how long do I have to endure? There were many times that I wanted to give up when my account was left with only 10% of the original capital outlay of S$30,000.00.
Where can I go with just a "A" level qualification? How can I compete with those Diploma and Degree holders?
I can't think of any job except being a trader at the Exchange floor that offer me equal opportunity to compete with the brightest. I am neither smart nor having a high IQ, with just average academic performance, I have been offered an opportunity to make it in life. I am really thankful for that.
It's the determination and hard work that pull me through. Learning the lessons of not doing too many "stupid things" in trading is vital to the success of a new trader. I always advise new traders to trade small so that they don't have to pay too much in their learning phase. Learn how to crawl, then walk before attempt to run.
Profit to date take a step back at S$6,426.00. I have added another Topix/Nikkei spread increasing to holding 4 open position. Auto legging using the Pats system platform is giving me some headache with it's unreliable fill, the slippage is frustrating.