How To Be A Trader
May 23, 2013 at 11:37 PM (QQQ)(DIA)(SPY)(GLD)(TSLA)
To Think Like A Trader Is How To Be A Trader
To be a Trader requires a shift in thinking, because rational thought is immediately required to take a back seat. Most professions leave little room for error, yet a Professional Trader is expected to be wrong 30-40% of the time. Imagine a pilot who missed his landing more than once, or an engineer with structural supports unable to bear the load they were created to carry. Both professionals would quickly find themselves seeking new careers. To be a Trader, is to be wrong repeatedly and still collect a bonus.
According to Bloomberg, Wall Street Traders with 10 years experience earn upwards of $1M annually, while their neurosurgeon contemporaries pull down only $600k and are often required to spend as much as 1/3 of those earnings on malpractice insurance. Why? Because the surgeon is expected to get it right.. every single time. The Trader? Not so much...
How To Be A Trader On Wall Street
A few decades ago when "greed was good" and Gordon Gecko ruled the world, a masters degree on your resume opened the boardroom door at most all trading firms and investment banks. 20 years, 2 bubbles and the greatest recession since the great depression later, things have changed. With economic growth in most countries near standstill and unemployment rates near all time highs, college degrees no longer carry the weight they once did. You will still need a degree to be placed in the "consider" pile, but when the final hiring decision is made, you will need something far greater to garner the hallowed second and third interview.
To be a Trader on Wall Street, the most important thing you can have on your resume is experience. Real world experience, the type which only comes from trading real money. It doesn't matter if it's a retail account with Charles Schwab and you only have $5k of your personal money under management. The sheer fact that you understand trading, have at least one years experience putting on and taking off trades, puts you head and shoulders above the applicant next to you, no matter how high their GPA.
Even if your track record is less than pristine and shows you lost money your first year, at least you have a track record. Experience is priceless. Expect plenty of questions about what you've learned during the past year. Be prepared to give solid answers that show the money you lost to pay for your education was in fact, money well spent. It might go something like this - "I learned not to do this, or this." Believe it or not, your initiative will receive high marks during the initial interview and will go a long way towards getting you back for interview number two.
How To Be A Trader On Main Street
To be a Trader on Main Street means to work for yourself. To be a self-directed trader is to be self-employed where your primary duty is to trade your own account. One only has to turn on the television or radio to see and hear endless commercials for a myriad of courses which guarantee you success in the stock market. You will even see television programs which are often nothing more than thinly veiled infomercials filled with emotional testimonials espousing the apparent ease with which one can reap untold riches by taking a course or attending a seminar.
To clarify the issue, there are I'm sure, more than a few courses and seminars which do teach very valuable information. The information being sold claims to help you make money online by investing in the stock market along with various methods on how to trade options and how to buy commodities such as Gold, Silver, Soybeans etc... Often the information being sold is similar to books you can check out of your local library. In many cases, each class or course simply lays the foundation as to why you really need to buy the next and more important class or course. Be very wary of the "up-sell". It is extremely prevalent in the world of financial education.
If you posses a true desire to be a Trader, to make it your career, let's face it.. you won't learn everything you need to know in a weekend, not in a week, not even a month. Quite frankly, a little bit of information can be a very dangerous thing. We've all heard the dreadful statistics for new Traders and I believe a lack of knowledge is the root cause. Whenever someone asks "How can I become a Trader?", the answer is always the same - "You must learn how to trade."
To be a Trader, there is no other solution. You simply must learn how to trade. Find a firm with a good reputation and excellent references. Next, request a Free Trial to see if what they teach is something you can readily grasp. No one will share proprietary methods or indicators with you for free, well almost no one, but if their goal really is to teach you how to trade, they should be willing to allow you to audit several classes before you write a check.
A quality education is no small investment so be prepared to spend between $5-$10k dollars. Hopefully for this amount of money you will receive weeks, if not months of online training or classroom instruction. Also inquire about access to follow up instruction and ongoing support. Keep in mind this is only the beginning, the journey of a Trader never really ends. As the global economy evolves and markets evolve, your working knowledge will evolve right along with them.
Final Considerations On How To Be A Trader
Whether you decide to be a Trader on Wall Street or a Trader on Main Street, you are embarking on a wonderful journey that truly offers unlimited potential. Read Definition Of A Professional Trader if you need help deciding which type of Trader you want to be. You will also need to determine what type of markets you want to specialize in. There are several to choose from
- Stocks
- Options
- Commodities
- Exchange Traded Funds
- Emini Futures
To help with this decision, be sure to read The Fundamentals Of Emini Futures Trading.
While the sky is the limit, there are also no guarantees. If you do land the job on Wall Street with a salary plus bonuses, that guarantee is only as good as your last string of Trades. To be a Trader is to live a performance based life. Not everyone is prepared for the pressure that comes with the job. Are you?
As you seek your education, be wary of the pitch that guarantees success. No one can guarantee that you will be profitable after taking their course, class, seminar or training program. Hopefully you will be, but the second you hear "Guaranteed", it's time to move on and interview the next firm on your list.
Another criteria is this, will you be able to watch the instructor place Live Trades in Live Markets? Textbooks and videos are important parts of the learning process, but nothing compares to watching the real thing and having the ability to interact with the instructor, ask questions and have him walk you through each and every step. This type of training while a bit rare, is available, priceless, and will shave months off of your learning curve.
If you have specific questions on How To Be A Trader,
please use the comment box below.
Questions?
Call us toll free @ 866-928-3310 during normal business hours.
After Dark - email support@cfrn.net or call 949-42-EMINI
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Reader Comments (20)
Great article. Do you think someone older should not choose the Wall Street path? Do the young guys have the shoe in?
Can you offer an introduction to any Wall Street recruiters?
I'm more interested in learning to trade from home. How long does your course last? Does the Free Trial require a credit card? Will your Emini Indicators work on other platforms?
Is the trading room open Monday?
I don't think the trading room is open but Frank said he was still going to lead morning prayer @ 9AM. Can somebody post the dial in number here? Moderators?
Marc,
Unless you have an invitation or a great track record, the younger guys do have the upper hand here. That said, there's probably some diversity related idea in HR that makes it worth throwing your hat in the ring. Noting ventured...
If you decide to give it a go, please share your progress with us.
Blessings
DeWayne
Steve,
I should have mapped that out before I wrote the post. Let me see what I can offer. Send me an email
Blessings
DeWayne
George,
Great questions. The Free Trial really is free and no you don't need a credit card. The course is 90 days and there is an option to stay with us after the course. Our indicators are coded specifically for the dtPro Platform at this time.
Blessings
DeWayne
Fabian,
Darin is correct. No live trading room or radio show in observance of Memorial Day. We will be back Tuesday morning @ 9:30AM EDT for the live trading room.
The radio of course streams 24/7 and the morning devotional will still be held @ 9AM EDT. For anyone who would like to connect - Dial 1-213-342-3000 Access Code 306798
Blessings
DeWayne
I took the free trial before but I didnt follow through. Ive looked at some other stuff and I guess what you guys do is something I could learn. Do you charge extra for private lessons? If you let me take the free trial again I would really appreciate it. I do want to learn how to trade eminis. I put in my email address so you can contact me. If you will consider it that great. Thank you Dwayne and Micheal in advance. Shawn
Shawn,
If you are serious about learning how to be a trader, we are happy to give you a second chance. Call the office toll free Tuesday 866-928-3310 and Leslie will take care of you. If you want to get a jump on it, email me and I will get you set up right away.
I appreciate your kind comments. At lot of our Partners had the same experience as you. They took the trial and for whatever reason, they didn't sign up. They did some shopping around and figured out that while we aren't perfect, we are definitely the tallest and most handsome men in the emini trading school space.
I'm kidding, my height is average. (lol)
Seriously though, I think some of our most successful Partners do so well because they have seen everything else out there, and were able to determine based on their own experience, that what we offer is the best fit for them as a trader. I hope the same will be true for you.
You may not always like what we tell you, but we will always tell you the truth.
I look forward to seeing you in the live trading room.
Blessings
DeWayne
I signed up for the free trial but I didn't get the link. What should I do?
I just want to say thanks to Burt and Leslie for all the help they gave me. I don't think I would have made it without them. Hope to met you in person someday.
Do women have much chance of getting hired on Wall street?
Mike S,
If you can not find the link in your email, call Burt or Leslie @ 866-928-3310 or Michael @ 949-42-Emini.
Sedona,
I think women have an excellent chance if they can create a track record. Leslie and Robin are both great examples. In fact I would suggest you call Leslie @ 866-928-3310 or Robin @ 702-616-3744 and talk to them about how being a woman has affected there career in a world that is traditionally dominated by men.
Please keep us posted on your journey to Wall Street. Deal?
Blessings
DeWayne
Donatello,
I will pass along your thanks. In fact, allow me to thank you. It's rare these days that people take the time to stop and thank those try to help them. It's seems as though in our society today which is very much "me me me" oriented, an attitude of gratitude is nothing more than a historical footnote. The prevailing sentiment seems to be more one of entitlement.
THANK YOU!
Blessings
DeWayne
Do you guys offer private one on one tutoring? If so how much and how many hours would a trader need before they could quit there job and trade for a living?
Jimmy,
As a CFRN Partner, private sessions are already included. We give you 2 hours of training in live markets every trading day for 3 months. We also do a live session (no trading) every Thursday night for 2-3 hours. You also have access to over 200 hours of Emini Training Videos. I also try to stick around after the radio show for 30 minutes to an hour. During this time I attempt to "De-Mystify the Markets". This session is open to the public as well as Partners.
If you need additional one on one time above and beyond what I've listed, let us know and we will schedule a session for you. During your 3 months of training you have unlimited access to the entire team via telephone and email. To keep it real.... there are only so many hours in a day and we do have a lot of Partners in training at any given time. However, we will never leave any question unanswered. If you are currently a partner and would like to schedule some 1 on 1 training, call 949-42-EMINI.
Blessings
DeWayne
ps/ when I say the entire team, I refer to the team here in the US. One of the best kept secrets in the world of Emini Futures Trading is that we have just opened our first satellite office in of all places... New Delhi. We do plan to issue a press release this week but a little "news leak" is always great fun. Small office with 3 people, but in our quest for world domination... it's a start right? (lol)
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