Saturday, August 29, 2009

Can I make it as a trader?

"You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You must do the things which you think you cannot do. - Eleanor Roosevelt

A guest visited me few days ago and we chatted about topics regarding trading and his aspiration to become a trader. He revealed a lot about himself and finally, after offering those information, asked me "Can I make it as a trader?"

I told him that he is very pro-active, read a number of books on trading, acquired good knowledge and very keen to become a trader. I can't tell until I see how he trade at least for a few weeks, pinpointing his mistakes and whether he is able to learn from it.

He is risk adverse, very cautious, wish to make big money but don't want to take too much risk and seems reluctant to invest in the hardware. If you don't have the proper tools, it will be tough to compete with the rest out there. I have still yet to find an investment that is low risk, high returns.

I have in the past encouraged a number of booth clerks and order fillers to become a "Local" to trade on the floor. Most were cautious, afraid to take the plunge with many excuses why they can't, mostly financial. They were afraid to lose their job and comfortable income. To those quite close to me, I will show them my trading cards and how much I can make for the day. Their eyes popped out everytime they see the profits I make for the day, sometimes more than their entire month salary.

I told them "If you don't give yourself a chance, an opportunity to prove yourself, when you grow old, probably you will regret and "F" yourself, why? why? why? don't give it a try!", "If you can't make it, go back and look for a job, at least you have given it a good shot, tried your best and if you fail, there is no regret."

"So, what are you waiting for, Christmas?"

The money is good, the money is fantastic, if you can make it. Just learn the skill. It's so easy during those floor days, I told many of my visitors that the floor is full of diamonds and precious stones, it's whether they can see it and pick it up.

Those were the days, it's over.

It's a different ball game now in electronic trading, we are competing now with the best traders as well as banks and hedge funds with the muscle power. They can afford to pay for the best traders, programmers, high tech computers and speed of execution. Everybody is so knowledgeable in the Internet age.

But, there are still plenty of electronic traders who are making good money. The opportunity is still there.

Give yourself a chance. How many lives can you have?

"Only when we are no longer afraid do we begin to live." - Dorothy Thompson

Profit for the special account is S$13,703 after 5 months, well below expectation, I'm a bit disappointed with my own performance for the past 2 months.


kongming said...

Hi Fatt,

It reminds me of the question I asked myself in 1998 : " If you think you can trade, go for it. If you dont try, you can only day dream. How are you going to tell your grandchildren about your dream". I took the big step in jan 1999 and am glad I did.

Fatt, I salute you for being generous in your advices and sharings with those new traders.

Fat88Trader said...

Yes my dear friend,

I feel a sense of happiness if I,m able to touch their lives, the rest is up to them to put in the effort.

And, I have great respect for you too.

You have done well!