Very few people know it but becoming a trader and stockbroker was not really my initial career choice, and I don’t think it pleased my parents at first. I knew from an early age that I did not want to go to college and had told my parents about this. They were at first very disappointed but then they thought I would find myself a decent blue collar career and maybe go to college later in life.
My high school career counselor had recommended that apply for a welding apprentice program with one of the local unions. It sounded great: 4 years of on the job training with very little classroom and exam work and a decent wage when I was finished. There was even the prospect of specialized training that would lead to a high paying welding diver career with upwards of $150,000 annual income.
For a 16-year-old kid that was an amazing prospect, but fortunately I had one encounter while on a train to NYC. I ended up sitting next to a guy in a very fancy suit and a cell phone and laptop. Bear in mind this was the early 90s where such technology meant that you were pretty important and wealthy.
So, I plain out asked him what he did and how he got into it. It turned out he was a commodities broker at the Chicago Mercantile Exchange and he was traveling to NY for a conference by train because he hated flying.
He didn’t tell me how much he earned, only that 6 figure bonuses were pretty common. 6 figures was as much as I could hope to earn as a welder, so I was immediately hooked on the idea and wanted find out more. I hounded this poor man for about an hour and with all credit to him he entertained my questions and took the time to explain what it was all about.
That set in stone my career choice and when I finished high school and went and applied to probably every single stock and commodity broker on and around Wall Street asking for intern jobs. I eventually got an intern position as an assistant on a prop-trading desk and I was addicted. From the first day I did not want to leave the office and I was always one of the last people to leave, hounding anyone with questions who would have a minute to talk.
This quickly gave me a reputation and within 6 months I was given a small account and I started my 18 months of training. It was a very intense time where I worked 80 hours a week and spent all weekend researching investments. This was easy for me as I after paying rent and eating I simply had no money to do anything else.
All that changed gradually and by the time I was 28 I had gotten my first 6 figure bonus check. The rush that came over me that day was immense, as I imagined what it would have been like to work a dangerous welding job for an entire year just to earn what I was given as a bonus payment.
The moral of this story is that sometimes you just have to go with your heart and that college is not the solution for riches as it is made out to be.
Wall Street has become one of the more famous and exciting places to be a part of in the industry of finance. Many people yearn to learn how to become a Wall Street trader in the hopes of reaching professional status as a trader at the New York Stock Exchange (NYSE).
However, to become a part of a fast-paced and continuously expanding world, one has to undergo years of training and preparation, education, practice and of course, licensing.
In order to become a Wall Street trader, one should get the right education. It is true that there is no specific course that teaches people to become professional traders. However, being educated is still an important factor if you want to survive this industry. You have to be aware how people communicate trade and the basic concepts of marketing. It would be a great help if you apply as an intern in a reputable brokerage or trading firm. Here you would get to learn more about how to transmit trades for clienteles, and how the business industry works, its policies and regulations.
Another important thing to accomplish is getting a license. In order to become a well-established propriety trader, you have to pass the Series 56 Exam. Also, it would also add up to your credibility if you cooperate with certain rules such as submitting background checks and fingerprints to the FBI. Wall Street trading deals with sensitive financial issues, hence people needs to be screened. Passing these requirements will give you a good impression at the industry.
When you are ready, you can start working for someone who has an affiliation at the NYSE. It is not so easy to be a member of NYSE. For one, membership fees can vary from a few dollars to a million, depending on the supply and demand. Therefore, buying your own membership is quite expensive. If you have the money, then you can go on ahead and apply for the membership. But it is always an option to start out by working for someone with a membership. This still qualifies and gives you credibility despite not owning your own membership seat just yet.
Once you are officially in the business of trading, you have to practice. New traders should try a variety of Order Execution Platforms and go through the basics of each system before deciding on one that seems to be the best. Doing this will make you comfortable in performing all aspects of the trade, its regulations, necessary emotions to gain or demonstrate and learning to test effectiveness of strategies.
In order for you to totally succeed in becoming a Wall Street trader, you have to continue to grow. You must have a diversified skill set if you want to survive this industry, and you can only do so if you continue to pursue day trade even after losing some. Also, you have to continue to learn more even when wyou are hitting it big. You must not stop in educating yourself in order for you to be up-to-date with the different changes in the industry.
Of course, as you go along this path, there is one thing that you have to arm yourself with, and that is, a great network and Internet connection. Nothing is transacted these days without the help of the Internet, and stocks are greatly bought and sold through the Internet. Even when you train hard and work hard to be a better trader, you cannot compete with others if you do not have the right equipment.
You should be sure to have a good Hosted PBX system that allows data traffic to be manageable and organized. Stock watching and trading is all about real-time stock changes. For you to have the advantage in buying and selling stocks, you have to be able to keep up with the data traffic that these transactions cause. Hence, regular Internet connections might not cut it, if you want to always win in your stock management.
Be Secured With Home and Contents Insurance
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When you are a self-made man as I am, you will understand why I am someone who tries very hard to do things on our own. I climbed my way in Wall Street and succeeded as a stock broker and trader, in my own right, through my own sweat and blood. My own dedication and aspiration to rise from the crisis and become a successful man is my main motivation for reaching the success I have right now. I was able to do everything on my own.
Now that I have almost everything I worked hard for, I will make sure that I won’t lose them. I continue to invest and expand my finances, while I also slowly invest in other assets, like my new home.
It is every man’s dream to have a house of their own, and it is not an easy thing to achieve. Certainly not, you do not for extra efforts to make it happen.
As much effort as you put into having a house of your own, should be the same effort you make to make sure nothing bad ever happens, and that if heavens forbid something does happen, at the very least, your home and all its valuable contents, are insured.
This is the reason why you should consider getting home insurance, specifically, a home and contents insurance.
This type of insurance will protect your home and your possessions, as any loss or damage to insured materials will be paid for, provided that the loss and damage are within the agreed upon terms between you and your insurance company.
I first had an insurance agreement with MetLife. You can visit their site at www.metlife.com. However, after an incident in my home that involved damages to my kitchen area, I claimed for the insurance, only for them to tell me that the reason for the damages is not under the agreed upon terms.
Fine print is always there when it comes to these businesses, so you should be careful in choosing an insurance company to trust. Good thing, I found Aussie Insurance Critic, and I have never had any trouble with my insurances.
So again, make sure to protect your hard earn assets, and protect them while you still have them. Regret will not bring back what you’ll lose if you do not act now.
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One of the many things I do as a bachelor who has earned a lot of money through playing with stocks, is to go out and party at places.
I am no history genius so I have no idea when partying and clubbing started. But I do know that clubs and party hubs are not just places for fun and dancing, not just for music and body-bumping, not just about alcohol and head banging, but also a place where you could actually find someone you could make a genuine connection with; someone you could spend your lifetime with.
My friends and I have different reasons for going to clubs and parties. One just wants to lose it and get drunk and go wild on the dance floor. The others want to get rid of the stress from work and feel young and carefree every once in a while. Then, there are a few of my friends, me included, who go out in clubs to search for someone to love.
Some people think having a relationship with someone you met at a bar or a club could only mean that the relationship would not last. I thought that one too so I never really took the dating thing seriously whenever it was with someone I met while clubbing.
People think that just because someone is rich, love comes easily. It’s exactly just as hard for others, too. I mean, it gets complicated because of the fact that someone you fall for might just be after your money. While that would be fun and acceptable at a certain age, it drains you a little and makes you sad as you age by, because nobody sees you for who you are, but only for the money you have.
Of course, this is not a generalization of girls. Nor is this a judgement call. It is just how things have been for me. It’s not even entirely the woman’s fault why we do not work out.
All I want is someone to love but because of how busy I could be, my real partners tend to give up on it because of the fact that I spend more time earning than actually investing on our relationship. On the other hand, those who are not really in love and are just with me for the money, tend to steal from me or cheat on me.
It’s really sad how my love life has been but it does not mean I regret the life I live. I earn money, I can travel whenever and wherever I want, I can part if I want to, and have no obligation outside myself, my work and my parents.
I also know that someday I will be able to find the perfect woman for me.
But for now, I will continue to party and live my life because I can.