Futures For You by Carley Garner
TRADE, YA BUM!
Iím interested in becoming a professional trader. Can you provide any advice?
Those looking to make a career out of trading for others are facing multiple obstacles. For starters, managing money for others, especially if done on leverage, is a thankless job. When things are good, your clients will always be wondering why they arenít better, and when things are bad...well, you get the idea. Warren Buffett once described it this way: The stock market is a no-called-strike game. You donít have to swing at everything ó you can wait for your pitch. The problem when youíre a money manager is that your fans keep yelling, ďSwing, ya bum!Ē
Aside from the obvious struggles mentioned, actually breaking into the industry can be a daunting task. Many assume that there are millions (billions!) of dollars just waiting to be traded by anyone who feels up to the task, but the truth is, traders must prove themselves first, and this can be challenging. For instance, showing profitable trades in a demo account is a waste of time because there arenít any emotions involved in winning or losing Monopoly money. Accordingly, it wonít get anybodyís attention.