It is not uncommon for developing traders to stare at this decision: should I quit? This is true for even traders who go on to become successful, even 7-figure traders.
I share this because I know that there are readers facing this question. And many wonder whether they can make it, if they start poorly. You can.
Let me share a recent anecdote from our trading desk.
Recently, a developing trader at our firm, asked to speak with me about whether he should continue. He was coming near the end of his personal funds. He wanted to know if the firm would help him financially if necessary. More importantly, he asked me whether I thought he should continue.
I was a bit startled by the question as I never sensed this trader had doubts. If he has them, so many more must.
This developing trader had asked his mentor whether he should continue. His mentor shared that he showed more promise than all of his past junior traders. But then mentor suggested this developing trader ask me. That I would be honest with trader and would be a good resource given my experience watching traders develop.
Thxs mentor! Put all the pressure on me.
I reviewed the developing trader’s results and they had been mostly flat overall. You could see internal pressure to make money infecting certain months and causing progress to wane. Importantly, you could clearly see growth prior to these periods and then the waning. He contributed importantly to his team. He loved trading. He fit in well with the firm culture. He was well positioned to improve with an outstanding trading mentor.
More for form than substance, I discussed this trader with the partners for agreement to approve firm resources for trader. The partners quickly and unanimously agreed. We assured the trader that he would have financial support from the firm and mapped out a plan for the next 6 months.
Financial stress is a very real issue that developing traders face. Backstopping from a firm can often make all the difference between success or failure for a trader’s career. And it is not just the financial support to pay the bills, but it is the relief to trader that they can now just concentrate on their trading. Full focus breeds their best results.
Fast forward to this month, and trader is having his best month to date. A month, in fact, that clearly shows he has the ability to succeed and sustain as a professional trader.
These are the very real discussions that occur at a professional prop firm. These are the very real challenges that developing traders face. Many do find solutions and go on to have lasting and rewarding trading careers.
So if you are like this trader above, and wondering whether you ought to quit. Do not feel inadequate solely for facing this issue. We face it here as well. And some come through on the other side to become winning traders.
Happy Thanksgiving to all!
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