Would you like a career in trading? Apprenticeships have become popular. Internships have too. I used to take interns and apprentices, but it got too busy. So I had to find a new technological way of doing it instead – more on that later.
But for those looking for a career trading what are the options? First you can apply to absolutely every bank possible and hope you have the skills they are looking for. Quick thinking is important. Of course an ease with numbers. A calm mind under pressure is vital too.
What people don’t realise is that to be a good trader, also important is to think differently to how most people think, and to be able to fight your instincts. Is this you?
For instance traders need to be able to see a loss and take it. Not be frozen. They need to be able to do the uncomfortable. They need to be able to see the upside, that in a small loss, at least it is small. The comfortable thing, the public does is hold on and freeze and hope and pray.
My apprentices, indeed trading apprentices generally, need to see learning as a positive experience, not a chore. The process is the goal to a good apprentice.
They need to see profits just the way they see losses – something out of a process of doing ones job; knowing that doing it right they will make profits.
Trading mentees need to be patient. They need to be willing to learn at weekends, and genuinely want to succeed in small bite size steps. They need to be people who are not quitters. Persistence is the secret to all skills.
Trading apprentices need to be able when they are making money to keep calm and drive their advantage home, and again not freeze and admire their good works, but move to the next opportunity.
Traders need to understand rules and follow them with emotional detachment. So who have these skills? The first thing is to be aware of what is needed, and the second then to practice them. You may practice on a demo account.
The Chairman of the world’s largest derivatives exchange once told me that he would train apprentices by making them take quick small losses, like a boxer taking jabs, so they got used to it. Because the worst thing was a fear of small losses, so that they did nothing and got big losses.
So there you are. Want to be a trader?
Check out www.alpeshpatel.com/go first if you have not already.
By the way, want to know how email mentoring works? See this below – and notice the time-stamps…
Thank you. Still on demo and in profit by £376.08 +7.5% Thought once I am in profit by 20% on a £5000 fund I would go live. I have actioned one trade where you add on a unit to the same trade and move your stop to the entry price on each move up. I need to trade more like this before going live. Is this plan okay?
From: Alpesh Patel [mailto:email@example.com]
Sent: Monday, August 24, 2015 4:41 PM
To: ‘Jan Lewis’ <firstname.lastname@example.org>
Subject: RE: FX Pips Predator Mentoring Email 4a: Running Profits
Yes indeed. Never ever ever rush. Brilliant stuff. Keep small sizes, so no loss ever hurts you. You should look at a loss and think ‘small’ its fine’ don’t think instead ‘wish I traded larger, would have made more’. Greed kills. Rushing kills in the market.