If you want to be a professional trader, let's hear what the chairman of the world's largest exchange has to say.
"When I first came to the Chicago Board of Trade, I didn't know much about the exchange or what I should do. The result of my first trade was better left unsaid."
"After a period of exploration, I gradually learned to distinguish between successful and unsuccessful traders. Then I started to study them and imitate them. I found that spread traders and arbitrage traders were driving luxury cars and living a good life, so I decided to become a spread trader. In short, find some successful traders and then copy them."
"Excellent traders have some qualities: smart, quick to react to numbers. A few months ago, I met David Kite. He was very smart, responsive, sharp, and a bit reckless, these are all the qualities of a good trader."
"But he also had self-discipline, was very cool, and had a bit of 'dominance'. Some traders can handle many things at the same time. He can listen to you, talk to another person, and watch the actions of a third person. In short, you have to be able to multitask and do everything well."
"I found that floor traders have some athletic genes, and most excellent traders have athletic genes."
"Of course, there are some exceptions, my good friend Richard Dennis is one of them, but he still plays tennis often. You have to have a strong desire to compete, and your hand, eye, and heart coordination must be good. You have to have competitive blood in your body."
"We have some American football players, basketball players, and track and field athletes in our company. The best-performing athletes in the trading floor may be tennis players, perhaps because they have higher hand, eye, and heart coordination skills, and have received some psychological training."
"Off-floor and on-floor trading are completely different. Trading off-floor requires more patience and information, and you should trade from a longer-term perspective because it is hard to accumulate small profits constantly. Off-floor trading requires more self-discipline, and if you have enough competitive ability, on-floor trading is relatively simple."
"When I first entered the market, the competition was not so fierce. You just need to enter the floor, find some successful traders, and imitate them. Now, the situation is completely different, the real big players are often those off-floor traders and institutional traders, using sophisticated technology and complex pricing models. They are more able to accurately analyze the market. You may want to go this way."
"If you are ready to enter this industry, I think you should pay attention to the trading methods of those asset management companies. They usually arbitrage between one month and another month, sometimes between European stocks and American stocks. They have this kind of information and skills."
"Amateur traders have a hard time making money. According to research data, traders like Lind-Waldock and others, about 85% to 95% of their customers lose money. First of all, their initial risk capital is too small, averaging about 25,000 US dollars."
"Secondly, they often give up their advantages and trade too frequently. Amateur traders have to pay higher commissions, and the game rules are not fair. If you belong to this kind of trader, you may want to consider options trading, buying 'call options' or 'put options'."
"If you plan to trade, you have to invest all your time. Trading is very tempting because it looks simple. You should find a successful trader, and provide sufficient information, so you can see how others trade. Greenwich, Connecticut, and New York traders are pretty good."