It is not uncommon for developing traders to stare at this decision: should I quit?\u00a0 This is true for even traders who go on to become successful, even 7-figure traders.<\/p>\n
I share this because I know that there are readers facing this question.\u00a0 And many wonder whether they can make it, if they start poorly.\u00a0 You can.<\/p>\n
Let me share a recent anecdote from our trading desk.<\/p>\n
Recently, a developing trader at our firm, asked to speak with me about whether he should continue.\u00a0 He was coming near the end of his personal funds.\u00a0 He wanted to know if the firm would help him financially if necessary.\u00a0 More importantly, he asked me whether I thought he should continue.<\/p>\n
I was a bit startled by the question as I never sensed this trader had doubts.\u00a0 If he has them, so many more must.<\/p>\n
This developing trader had asked his mentor whether he should continue.\u00a0 His mentor shared that he showed more promise than all of his past junior traders.\u00a0 But then mentor suggested this developing trader ask me.\u00a0 That I would be honest with trader and would be a good resource given my experience watching traders develop.<\/p>\n
Thxs mentor!\u00a0 Put all the pressure on me.<\/p>\n
I reviewed the developing trader’s results and they had been mostly flat overall.\u00a0 You could see internal pressure to make money infecting certain months and causing progress to wane.\u00a0 Importantly, you could clearly see growth prior to these periods and then the waning.\u00a0 He contributed importantly to his team.\u00a0 He loved trading.\u00a0 He fit in well with the firm culture.\u00a0 He was well positioned to improve with an outstanding trading mentor.<\/p>\n
More for form than substance, I discussed this trader with the partners for agreement to approve firm resources for trader.\u00a0 The partners quickly and unanimously agreed.\u00a0 We assured the trader that he would have financial support from the firm and mapped out a plan for the next 6 months.<\/p>\n
Financial stress is a very real issue that developing traders face.\u00a0 Backstopping from a firm can often make all the difference between success or failure for a trader’s career.\u00a0 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.\u00a0 Full focus breeds their best results.<\/p>\n
Fast forward to this month, and trader is having his best month to date.\u00a0 A month, in fact, that clearly shows he has the ability to succeed and sustain as a professional trader.<\/p>\n
These are the very real discussions that occur at a professional prop firm.\u00a0 These are the very real challenges that developing traders face.\u00a0 Many do find solutions and go on to have lasting and rewarding trading careers.<\/p>\n
So if you are like this trader above, and wondering whether you ought to quit.\u00a0 Do not feel inadequate solely for facing this issue.\u00a0 We face it here as well.\u00a0 And some come through on the other side to become winning traders.<\/p>\n
Happy Thanksgiving to all!<\/p>\n
I welcome your feedback\/questions- mbellafiore@smbcap.com.<\/p>\n
Bella<\/p>\n
*no relevant positons<\/p>\n
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