Three Traders by Don Bright What makes them successful? What makes them fail? Here’s how these three made it through the good times and the bad. When things are good, we often forget what the bad times were like until they hit again. When the bad times do hit, it’s those who are diligent, persistent, and flexible who thrive. Impatience has no place. In past articles I examined the differences between professional, proprietary traders, and customers of a retail brokerage firm. This time, I would like to take you through the real-life experiences of three traders I know. You’ll see what it takes to survive. DILIGENCE I met a gentleman in Denver three years ago, in 1999. He was in business for himself reselling frequent flyer tickets from the airlines, and was looking for something more challenging (and rewarding). He and I hit it off, and we stayed in touch. He was well-educated and very intelligent (which can be a positive or a negative in a new trader!). He was 32 and had $25,000 in starting capital. He started trading around August that year, and immediately started making a little money employing basic techniques such as opening-only plays, market-on-close imbalances, and momentum. By year-end, he had made a profit of approximately $25,000. This is a great achievement for a brand-new trader, since it usually takes a year or longer to become proficient in trading at this level. Not only that, he started trading near the end of the bull rally and made a considerable amount during the market correction of 2000. He surrounded himself with successful people and gained the confidence necessary to put his trading strategies in action. |
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